Search results for: best and worst optimal solutions
6789 Exact Solutions of a Nonlinear Schrodinger Equation with Kerr Law Nonlinearity
Authors: Muna Alghabshi, Edmana Krishnan
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A nonlinear Schrodinger equation has been considered for solving by mapping methods in terms of Jacobi elliptic functions (JEFs). The equation under consideration has a linear evolution term, linear and nonlinear dispersion terms, the Kerr law nonlinearity term and three terms representing the contribution of meta materials. This equation which has applications in optical fibers is found to have soliton solutions, shock wave solutions, and singular wave solutions when the modulus of the JEFs approach 1 which is the infinite period limit. The equation with special values of the parameters has also been solved using the tanh method.Keywords: Jacobi elliptic function, mapping methods, nonlinear Schrodinger Equation, tanh method
Procedia PDF Downloads 3156788 Licensing in a Hotelling Model with Quadratic Transportation Costs
Authors: Fehmi Bouguezzi
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This paper studies optimal licensing regimes in a linear Hotelling model where firms are located at the end points of the city and where the transportation cost is not linear but quadratic. We study for that a more general cost function and we try to compare the findings with the results of the linear cost. We find the same optimal licensing regimes. A per unit royalty is optimal when innovation is not drastic and no licensing is better when innovation is drastic. We also find that no licensing is always better than fixed fee licensing.Keywords: Hotelling model, technology transfer, patent licensing, quadratic transportation cost
Procedia PDF Downloads 3496787 Optimization of Strategies and Models Review for Optimal Technologies-Based on Fuzzy Schemes for Green Architecture
Authors: Ghada Elshafei, A. Elazim Negm
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Recently, Green architecture becomes a significant way to a sustainable future. Green building designs involve finding the balance between comfortable homebuilding and sustainable environment. Moreover, the utilization of the new technologies such as artificial intelligence techniques are used to complement current practices in creating greener structures to keep the built environment more sustainable. The most common objectives are green buildings should be designed to minimize the overall impact of the built environment on ecosystems in general and particularly on human health and on the natural environment. This will lead to protecting occupant health, improving employee productivity, reducing pollution and sustaining the environmental. In green building design, multiple parameters which may be interrelated, contradicting, vague and of qualitative/quantitative nature are broaden to use. This paper presents a comprehensive critical state of art review of current practices based on fuzzy and its combination techniques. Also, presented how green architecture/building can be improved using the technologies that been used for analysis to seek optimal green solutions strategies and models to assist in making the best possible decision out of different alternatives.Keywords: green architecture/building, technologies, optimization, strategies, fuzzy techniques, models
Procedia PDF Downloads 4766786 Multi-Objective Optimization of Run-of-River Small-Hydropower Plants Considering Both Investment Cost and Annual Energy Generation
Authors: Amèdédjihundé H. J. Hounnou, Frédéric Dubas, François-Xavier Fifatin, Didier Chamagne, Antoine Vianou
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This paper presents the techno-economic evaluation of run-of-river small-hydropower plants. In this regard, a multi-objective optimization procedure is proposed for the optimal sizing of the hydropower plants, and NSGAII is employed as the optimization algorithm. Annual generated energy and investment cost are considered as the objective functions, and number of generator units (n) and nominal turbine flow rate (QT) constitute the decision variables. Site of Yeripao in Benin is considered as the case study. We have categorized the river of this site using its environmental characteristics: gross head, and first quartile, median, third quartile and mean of flow. Effects of each decision variable on the objective functions are analysed. The results gave Pareto Front which represents the trade-offs between annual energy generation and the investment cost of hydropower plants, as well as the recommended optimal solutions. We noted that with the increase of the annual energy generation, the investment cost rises. Thus, maximizing energy generation is contradictory with minimizing the investment cost. Moreover, we have noted that the solutions of Pareto Front are grouped according to the number of generator units (n). The results also illustrate that the costs per kWh are grouped according to the n and rise with the increase of the nominal turbine flow rate. The lowest investment costs per kWh are obtained for n equal to one and are between 0.065 and 0.180 €/kWh. Following the values of n (equal to 1, 2, 3 or 4), the investment cost and investment cost per kWh increase almost linearly with increasing the nominal turbine flowrate while annual generated. Energy increases logarithmically with increasing of the nominal turbine flowrate. This study made for the Yeripao river can be applied to other rivers with their own characteristics.Keywords: hydropower plant, investment cost, multi-objective optimization, number of generator units
Procedia PDF Downloads 1586785 Optimal Tracking Control of a Hydroelectric Power Plant Incorporating Neural Forecasting for Uncertain Input Disturbances
Authors: Marlene Perez Villalpando, Kelly Joel Gurubel Tun
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In this paper, we propose an optimal control strategy for a hydroelectric power plant subject to input disturbances like meteorological phenomena. The engineering characteristics of the system are described by a nonlinear model. The random availability of renewable sources is predicted by a high-order neural network trained with an extended Kalman filter, whereas the power generation is regulated by the optimal control law. The main advantage of the system is the stabilization of the amount of power generated in the plant. A control supervisor maintains stability and availability in hydropower reservoirs water levels for power generation. The proposed approach demonstrated a good performance to stabilize the reservoir level and the power generation along their desired trajectories in the presence of disturbances.Keywords: hydropower, high order neural network, Kalman filter, optimal control
Procedia PDF Downloads 2986784 Finite Time Blow-Up and Global Solutions for a Semilinear Parabolic Equation with Linear Dynamical Boundary Conditions
Authors: Xu Runzhang, Yang Yanbing, Niu Yi, Zhang Mingyou, Liu Yu
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For a class of semilinear parabolic equations with linear dynamical boundary conditions in a bounded domain, we obtain both global solutions and finite time blow-up solutions when the initial data varies in the phase space H1(Ω). Our main tools are the comparison principle, the potential well method and the concavity method. In particular, we discuss the behavior of the solutions with the initial data at critical and high energy level.Keywords: high energy level, critical energy level, linear dynamical boundary condition, semilinear parabolic equation
Procedia PDF Downloads 4366783 Optimal Power Exchange of Multi-Microgrids with Hierarchical Coordination
Authors: Beom-Ryeol Choi, Won-Poong Lee, Jin-Young Choi, Young-Hak Shin, Dong-Jun Won
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A Microgrid (MG) has a major role in power system. There are numerous benefits, such as ability to reduce environmental impact and enhance the reliability of a power system. Hence, Multi-MG (MMG) consisted of multiple MGs is being studied intensively. This paper proposes the optimal power exchange of MMG with hierarchical coordination. The whole system architecture consists of two layers: 1) upper layer including MG of MG Center (MoMC) which is in charge of the overall management and coordination and 2) lower layer comprised of several Microgrid-Energy Management Systems (MG-EMSs) which make a decision for own schedule. In order to accomplish the optimal power exchange, the proposed coordination algorithm is applied to MMG system. The objective of this process is to achieve optimal operation for improving economics under the grid-connected operation. The simulation results show how the output of each MG can be changed through coordination algorithm.Keywords: microgrids, multi-microgrids, power exchange, hierarchical coordination
Procedia PDF Downloads 3726782 Annual and Seasonal Variations in Air Quality Index of the National Capital Region, India
Authors: Surinder Deswal, Vineet Verma
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Air Quality Index (AQI) is used as a tool to indicate the level of severity and disseminate the information on air pollution to enable the public to understand the health and environmental impacts of air pollutant concentration levels. The annual and seasonal variation of criteria air pollutants concentration based on the National Ambient Air Quality Monitoring Programme has been conducted for a period of nine years (2006-2014) using the AQI system. AQI was calculated using IND-AQI methodology and Maximum Operator Concept is applied. An attempt has been made to quantify the variations in AQI on an annual and seasonal basis over a period of nine years. Further, year-wise frequency of occurrence of AQI in each category for all the five stations is analysed, which presents in depth analysis of trends over the period of study. The best air quality was observed in the Noida residential area, followed by Noida industrial area during the study period; whereas, Bulandshahar industrial area and Faridabad residential area were observed to have the worst air quality. A shift in the worst air quality from winter to summer season has also been observed during the study period. Further, the level of Respirable Suspended Particulate Matter was found to be above permissible limit at all the stations. The present study helps in enhancing public awareness and calls for the need of immediate measures to be taken to counter-effect the cause of the increasing level of air pollution.Keywords: air quality index, annual trends, criteria pollutants, seasonal variation
Procedia PDF Downloads 2816781 An Ant Colony Optimization Approach for the Pollution Routing Problem
Authors: P. Parthiban, Sonu Rajak, N. Kannan, R. Dhanalakshmi
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This paper deals with the Vehicle Routing Problem (VRP) with environmental considerations which is called Pollution Routing Problem (PRP). The objective is to minimize the operational and environmental costs. It consists of routing a number of vehicles to serve a set of customers, and determining fuel consumption, driver wages and their speed on each route segment, while respecting the capacity constraints and time windows. In this context, we presented an Ant Colony Optimization (ACO) approach, combined with a Speed Optimization Algorithm (SOA) to solve the PRP. The proposed solution method consists of two stages. Stage one is to solve a Vehicle Routing Problem with Time Window (VRPTW) using ACO and in the second stage a SOA is run on the resulting VRPTW solutions. Given a vehicle route, the SOA consists of finding the optimal speed on each arc of the route in order to minimize an objective function comprising fuel consumption costs and driver wages. The proposed algorithm tested on benchmark problem, the preliminary results show that the proposed algorithm is able to provide good solutions.Keywords: ant colony optimization, CO2 emissions, combinatorial optimization, speed optimization, vehicle routing
Procedia PDF Downloads 3226780 Fairness in Grading of Work-Integrated Learning Assessment: Key Stakeholders’ Challenges and Solutions
Authors: Geraldine O’Neill
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Work-integrated learning is a valuable learning experience for students in higher education. However, the fairness of the assessment process has been identified as a challenge. This study explored solutions to this challenge through interviews with expert authors in the field and workshops across nine different disciplines in Ireland. In keeping with the use of a participatory and action research methodology, the key stakeholders in the process, the students, educators, and practitioners, identified some solutions. The solutions included the need to: clarify the assessments’ expectations; enhance the flexibility of the competencies, reduce the number of competencies; use grading scales with lower specificity; support practitioner training, and empower students in the assessment process. The results are discussed as they relate to interactional, procedural, and distributive fairness.Keywords: competencies, fairness, grading scales, work-integrated learning
Procedia PDF Downloads 1256779 Analysis on Prediction Models of TBM Performance and Selection of Optimal Input Parameters
Authors: Hang Lo Lee, Ki Il Song, Hee Hwan Ryu
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An accurate prediction of TBM(Tunnel Boring Machine) performance is very difficult for reliable estimation of the construction period and cost in preconstruction stage. For this purpose, the aim of this study is to analyze the evaluation process of various prediction models published since 2000 for TBM performance, and to select the optimal input parameters for the prediction model. A classification system of TBM performance prediction model and applied methodology are proposed in this research. Input and output parameters applied for prediction models are also represented. Based on these results, a statistical analysis is performed using the collected data from shield TBM tunnel in South Korea. By performing a simple regression and residual analysis utilizinFg statistical program, R, the optimal input parameters are selected. These results are expected to be used for development of prediction model of TBM performance.Keywords: TBM performance prediction model, classification system, simple regression analysis, residual analysis, optimal input parameters
Procedia PDF Downloads 3096778 Multivalued Behavior for a Two-Level System Using Homotopy Analysis Method
Authors: Angelo I. Aquino, Luis Ma. T. Bo-ot
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We use the Homotopy Analysis Method (HAM) to solve the system of equations modeling the two-level system and extract results which will pinpoint to turbulent behavior. We look at multi-valued solutions as indicative of turbulence or turbulent-like behavior. We take dierent specic cases which result in multi-valued velocities. The solutions are in series form and application of HAM ensures convergence in some region.Keywords: multivalued solutions, homotopy analysis method, two-level system, equation
Procedia PDF Downloads 5946777 Modeling and Analysis of Laser Sintering Process Scanning Time for Optimal Planning and Control
Authors: Agarana Michael C., Akinlabi Esther T., Pule Kholopane
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In order to sustain the advantages of an advanced manufacturing technique, such as laser sintering, minimization of total processing cost of the parts being produced is very important. An efficient time management would usually very important in optimal cost attainment which would ultimately result in an efficient advanced manufacturing process planning and control. During Laser Scanning Process Scanning (SLS) procedures it is possible to adjust various manufacturing parameters which are used to influence the improvement of various mechanical and other properties of the products. In this study, Modelling and mathematical analysis, including sensitivity analysis, of the laser sintering process time were carried out. The results of the analyses were represented with graphs, from where conclusions were drawn. It was specifically observed that achievement of optimal total scanning time is key for economic efficiency which is required for sustainability of the process.Keywords: modeling and analysis, optimal planning and control, laser sintering process, scanning time
Procedia PDF Downloads 986776 Nature-Based Solutions: An Intelligent Method to Enhance Urban Resilience in Response to Climate Change
Authors: Mario Calabrese, Francesca Iandolo, Pietro Vito, Raffaele D'Amore, Francesco Caputo
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This article presents a synopsis of Nature-Based Solutions (NBS), a fresh and emerging concept in mitigating and adapting to climate change. It outlines a classification of NBS, from the least intrusive to the most advanced engineering, and provides illustrations of each. Moreover, it gives an overview of the 'Life Metro Adapt' initiative, which dealt with the climatic challenges faced by the Milan Metropolitan City and encouraged the development of climate change adaptation methods using alternative, nature-focused solutions. Lastly, the article emphasizes the necessity of raising awareness about environmental issues to ensure that NBS becomes a regular practice today and can be refined in the future.Keywords: nature-based solutions, urban resilience, climate change adaptation, life metro adapt initiative
Procedia PDF Downloads 1136775 Satellite Solutions for Koshi Floods
Authors: Sujan Tyata, Alison Shilpakar, Nayan Bakhadyo, Kushal K. C., Abhas Maskey
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The Koshi River, acknowledged as the "Sorrow of Bihar," poses intricate challenges characterized by recurrent flooding. Within the Koshi Basin, floods have historically inflicted damage on infrastructure, agriculture, and settlements. The Koshi River exhibits a highly braided pattern across a 48 km stretch to the south of Chatara. The devastating flood from the Koshi River, which began in Nepal's Sunsari District in 2008, led to significant casualties and the destruction of agricultural areas.The catastrophe was exacerbated by a levee breach, underscoring the vulnerability of the region's flood defenses. A comprehensive understanding of environmental changes in the area is unveiled through satellite imagery analysis. This analysis facilitates the identification of high-risk zones and their contributing factors. Employing remote sensing, the analysis specifically pinpoints locations vulnerable to levee breaches. Topographical features of the area along with longitudinal and cross sectional profiles of the river and levee obtained from digital elevation model are used in the hydrological analysis for assessment of flood. To mitigate the impact of floods, the strategy involves the establishment of reservoirs upstream. Leveraging satellite data, optimal locations for water storage are identified. This approach presents a dual opportunity to not only alleviate flood risks but also catalyze the implementation of pumped storage hydropower initiatives. This holistic approach addresses environmental challenges while championing sustainable energy solutions.Keywords: flood mitigation, levee, remote sensing, satellite imagery analysis, sustainable energy solutions
Procedia PDF Downloads 646774 Toward a Measure of Appropriateness of User Interfaces Adaptations Solutions
Authors: Abderrahim Siam, Ramdane Maamri, Zaidi Sahnoun
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The development of adaptive user interfaces (UI) presents for a long time an important research area in which researcher attempt to call upon the full resources and skills of several disciplines. The adaptive UI community holds a thorough knowledge regarding the adaptation of UIs with users and with contexts of use. Several solutions, models, formalisms, techniques, and mechanisms were proposed to develop adaptive UI. In this paper, we propose an approach based on the fuzzy set theory for modeling the concept of the appropriateness of different solutions of UI adaptation with different situations for which interactive systems have to adapt their UIs.Keywords: adaptive user interfaces, adaptation solution’s appropriateness, fuzzy sets
Procedia PDF Downloads 4886773 Optimal Closed-loop Input Shaping Control Scheme for a 3D Gantry Crane
Authors: Mohammad Javad Maghsoudi, Z. Mohamed, A. R. Husain
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Input shaping has been utilized for vibration reduction of many oscillatory systems. This paper presents an optimal closed-loop input shaping scheme for control of a three dimensional (3D) gantry crane system including. This includes a PID controller and Zero Vibration shaper which consider two control objectives concurrently. The control objectives are minimum sway of a payload and fast and accurate positioning of a trolley. A complete mathematical model of a lab-scaled 3D gantry crane is simulated in Simulink. Moreover, by utilizing PSO algorithm and a proposed scheme the controller is designed to cater both control objectives concurrently. Simulation studies on a 3D gantry crane show that the proposed optimal controller has an acceptable performance. The controller provides good position response with satisfactory payload sway in both rail and trolley responses.Keywords: 3D gantry crane, input shaping, closed-loop control, optimal scheme, PID
Procedia PDF Downloads 4146772 Heteromolecular Structure Formation in Aqueous Solutions of Ethanol, Tetrahydrofuran and Dimethylformamide
Authors: Sh. Gofurov, O. Ismailova, U. Makhmanov, A. Kokhkharov
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The refractometric method has been used to determine optical properties of concentration features of aqueous solutions of ethanol, tetrahydrofuran and dimethylformamide at the room temperature. Changes in dielectric permittivity of aqueous solutions of ethanol, tetrahydrofuran and dimethylformamide in a wide range of concentrations (0÷1.0 molar fraction) have been studied using molecular dynamics method. The curves depending on the concentration of experimental data on excess refractive indices and excess dielectric permittivity were compared. It has been shown that stable heteromolecular complexes in binary solutions are formed in the concentration range of 0.3÷0.4 mole fractions. The real and complex part of dielectric permittivity was obtained from dipole-dipole autocorrelation functions of molecules. At the concentrations of C = 0.3 / 0.4 m.f. the heteromolecular structures with hydrogen bonds are formed. This is confirmed by the extremum values of excessive dielectric permittivity and excessive refractive index of aqueous solutions.Keywords: refractometric method, aqueous solution, molecular dynamics, dielectric constant
Procedia PDF Downloads 2626771 Adaptive Optimal Controller for Uncertain Inverted Pendulum System: A Dynamic Programming Approach for Continuous Time System
Authors: Dao Phuong Nam, Tran Van Tuyen, Do Trong Tan, Bui Minh Dinh, Nguyen Van Huong
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In this paper, we investigate the adaptive optimal control law for continuous-time systems with input disturbances and unknown parameters. This paper extends previous works to obtain the robust control law of uncertain systems. Through theoretical analysis, an adaptive dynamic programming (ADP) based optimal control is proposed to stabilize the closed-loop system and ensure the convergence properties of proposed iterative algorithm. Moreover, the global asymptotic stability (GAS) for closed system is also analyzed. The theoretical analysis for continuous-time systems and simulation results demonstrate the performance of the proposed algorithm for an inverted pendulum system.Keywords: approximate/adaptive dynamic programming, ADP, adaptive optimal control law, input state stability, ISS, inverted pendulum
Procedia PDF Downloads 1956770 Comparing Numerical Accuracy of Solutions of Ordinary Differential Equations (ODE) Using Taylor's Series Method, Euler's Method and Runge-Kutta (RK) Method
Authors: Palwinder Singh, Munish Sandhir, Tejinder Singh
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The ordinary differential equations (ODE) represent a natural framework for mathematical modeling of many real-life situations in the field of engineering, control systems, physics, chemistry and astronomy etc. Such type of differential equations can be solved by analytical methods or by numerical methods. If the solution is calculated using analytical methods, it is done through calculus theories, and thus requires a longer time to solve. In this paper, we compare the numerical accuracy of the solutions given by the three main types of one-step initial value solvers: Taylor’s Series Method, Euler’s Method and Runge-Kutta Fourth Order Method (RK4). The comparison of accuracy is obtained through comparing the solutions of ordinary differential equation given by these three methods. Furthermore, to verify the accuracy; we compare these numerical solutions with the exact solutions.Keywords: Ordinary differential equations (ODE), Taylor’s Series Method, Euler’s Method, Runge-Kutta Fourth Order Method
Procedia PDF Downloads 3586769 Heat Transfer Enhancement Due to the Optimal Porosity in Plate Heat Exchangers with Sinusoidal Plates
Authors: Hossein Shokouhmand, Seyyed Mostafa Saadat
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In this paper, the effect of thermal dispersion on the performance of plate heat exchangers (PHEs) with sinusoidal plates is investigated. In this regard, the PHE is considered as a porous medium. The important property of a porous medium is porosity that is defined as the total fluid volume divided by the total volume occupied by the solid and fluid. A 2D array of parallel sinusoidal plates with laminar periodically developed forced convection and single-phase constant property flows and conduction in a homogenous solid phase in two directions is considered. The array of flows is counter and the flows heat capacities are equal. Numerical study of conjugate heat transfer and axial conduction in the solid phase with different plate thicknesses showed that there is an optimal porosity in which the efficiency of heat transfer is up to 4% more than the time when the porosity is near one. It is shown that the optimal porosity at zero angle of inclination depends both on Reynolds number and the aspect ratio. The optimal porosity increased while either the Reynolds number or waviness of plates increased.Keywords: plate heat exchanger, optimal porosity, efficiency, aspect ratio
Procedia PDF Downloads 4056768 Sustainable Separation of Nicotine from Its Aqueous Solutions
Authors: Zoran Visak, Joana Lopes, Vesna Najdanovic-Visak
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Within this study, the separation of nicotine from its aqueous solutions, using inorganic salt sodium chloride or ionic liquid (molten salt) ECOENG212® as salting-out media, was carried out. Thus, liquid-liquid equilibria of the ternary solutions (nicotine+water+NaCl) and (nicotine+water+ECOENG212®) were determined at ambient pressure, 0.1 MPa, at three temperatures. The related phase diagrams were constructed in two manners: by adding the determined cloud-points and by the chemical analysis of phases in equilibrium (tie-line data). The latter were used to calculate two important separation parameters - partition coefficients of nicotine and separation factors. The impacts of the initial compositions of the mother solutions and of temperature on the liquid-liquid phase separation and partition coefficients were analyzed and discussed. The results obtained clearly showed that both investigated salts are good salting-out media for the efficient and sustainable separation of nicotine from its solutions with water. However, when compared, sodium chloride exhibited much better separation performance than the ionic liquid.Keywords: nicotine, liquid-liquid separation, inorganic salt, ionic liquid
Procedia PDF Downloads 3136767 Improved Multi–Objective Firefly Algorithms to Find Optimal Golomb Ruler Sequences for Optimal Golomb Ruler Channel Allocation
Authors: Shonak Bansal, Prince Jain, Arun Kumar Singh, Neena Gupta
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Recently nature–inspired algorithms have widespread use throughout the tough and time consuming multi–objective scientific and engineering design optimization problems. In this paper, we present extended forms of firefly algorithm to find optimal Golomb ruler (OGR) sequences. The OGRs have their one of the major application as unequally spaced channel–allocation algorithm in optical wavelength division multiplexing (WDM) systems in order to minimize the adverse four–wave mixing (FWM) crosstalk effect. The simulation results conclude that the proposed optimization algorithm has superior performance compared to the existing conventional computing and nature–inspired optimization algorithms to find OGRs in terms of ruler length, total optical channel bandwidth and computation time.Keywords: channel allocation, conventional computing, four–wave mixing, nature–inspired algorithm, optimal Golomb ruler, lévy flight distribution, optimization, improved multi–objective firefly algorithms, Pareto optimal
Procedia PDF Downloads 3226766 Predictive Models of Ruin Probability in Retirement Withdrawal Strategies
Authors: Yuanjin Liu
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Retirement withdrawal strategies are very important to minimize the probability of ruin in retirement. The ruin probability is modeled as a function of initial withdrawal age, gender, asset allocation, inflation rate, and initial withdrawal rate. The ruin probability is obtained based on the 2019 period life table for the Social Security, IRS Required Minimum Distribution (RMD) Worksheets, US historical bond and equity returns, and inflation rates using simulation. Several popular machine learning algorithms of the generalized additive model, random forest, support vector machine, extreme gradient boosting, and artificial neural network are built. The model validation and selection are based on the test errors using hyperparameter tuning and train-test split. The optimal model is recommended for retirees to monitor the ruin probability. The optimal withdrawal strategy can be obtained based on the optimal predictive model.Keywords: ruin probability, retirement withdrawal strategies, predictive models, optimal model
Procedia PDF Downloads 746765 A Multivariate 4/2 Stochastic Covariance Model: Properties and Applications to Portfolio Decisions
Authors: Yuyang Cheng, Marcos Escobar-Anel
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This paper introduces a multivariate 4/2 stochastic covariance process generalizing the one-dimensional counterparts presented in Grasselli (2017). Our construction permits stochastic correlation not only among stocks but also among volatilities, also known as co-volatility movements, both driven by more convenient 4/2 stochastic structures. The parametrization is flexible enough to separate these types of correlation, permitting their individual study. Conditions for proper changes of measure and closed-form characteristic functions under risk-neutral and historical measures are provided, allowing for applications of the model to risk management and derivative pricing. We apply the model to an expected utility theory problem in incomplete markets. Our analysis leads to closed-form solutions for the optimal allocation and value function. Conditions are provided for well-defined solutions together with a verification theorem. Our numerical analysis highlights and separates the impact of key statistics on equity portfolio decisions, in particular, volatility, correlation, and co-volatility movements, with the latter being the least important in an incomplete market.Keywords: stochastic covariance process, 4/2 stochastic volatility model, stochastic co-volatility movements, characteristic function, expected utility theory, verication theorem
Procedia PDF Downloads 1526764 Leadership, A Toll to Support Innovations and Inventive Education at Universities
Authors: Peter Balco, Miriam Filipova
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The university education is generally concentrated on acquiring theoretical as well as professional knowledge. The right mix of these knowledges is key in creating innovative as well as inventive solutions. Despite the understanding of their importance by the professional community, these are promoted with problems and misunderstanding. The reason for the failure of many non-traditional, innovative approaches is the ignorance of Leadership in the process of their implementation, ie decision-making. In our paper, we focused on the role of Leadership in the educational process and how this knowledge can support decision-making, the selection of a suitable, optimal solution for practice.Keywords: leadership, soft skills, innovation, invention, knowledge
Procedia PDF Downloads 1896763 Revolutionary Solutions for Modeling and Visualization of Complex Software Systems
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Existing software modeling and visualization approaches using UML are outdated, which are outcomes of reductionism and the superposition principle that the whole of a system is the sum of its parts, so that with them all tasks of software modeling and visualization are performed linearly, partially, and locally. This paper introduces revolutionary solutions for modeling and visualization of complex software systems, which make complex software systems much easy to understand, test, and maintain. The solutions are based on complexity science, offering holistic, automatic, dynamic, virtual, and executable approaches about thousand times more efficient than the traditional ones.Keywords: complex systems, software maintenance, software modeling, software visualization
Procedia PDF Downloads 4016762 The Generalized Lemaitre-Tolman-Bondi Solutions in Modeling the Cosmological Black Holes
Authors: Elena M. Kopteva, Pavlina Jaluvkova, Zdenek Stuchlik
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In spite of the numerous attempts to close the discussion about the influence of cosmological expansion on local gravitationally bounded systems, this question arises in literature again and again and remains still far from its final resolution. Here one of the main problems is the problem of obtaining a physically adequate model of strongly gravitating object immersed in non-static cosmological background. Such objects are usually called ‘cosmological’ black holes and are of great interest in wide set of cosmological and astrophysical areas. In this work the set of new exact solutions of the Einstein equations is derived for the flat space that generalizes the known Lemaitre-Tolman-Bondi solution for the case of nonzero pressure. The solutions obtained are pretending to describe the black hole immersed in nonstatic cosmological background and give a possibility to investigate the hot problems concerning the effects of the cosmological expansion in gravitationally bounded systems, the structure formation in the early universe, black hole thermodynamics and other related problems. It is shown that each of the solutions obtained contains either the Reissner-Nordstrom or the Schwarzschild black hole in the central region of the space. It is demonstrated that the approach of the mass function use in solving of the Einstein equations allows clear physical interpretation of the resulting solutions, that is of much benefit to any their concrete application.Keywords: exact solutions of the Einstein equations, cosmological black holes, generalized Lemaitre-Tolman-Bondi solutions, nonzero pressure
Procedia PDF Downloads 4236761 Optimal Control of Volterra Integro-Differential Systems Based on Legendre Wavelets and Collocation Method
Authors: Khosrow Maleknejad, Asyieh Ebrahimzadeh
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In this paper, the numerical solution of optimal control problem (OCP) for systems governed by Volterra integro-differential (VID) equation is considered. The method is developed by means of the Legendre wavelet approximation and collocation method. The properties of Legendre wavelet accompany with Gaussian integration method are utilized to reduce the problem to the solution of nonlinear programming one. Some numerical examples are given to confirm the accuracy and ease of implementation of the method.Keywords: collocation method, Legendre wavelet, optimal control, Volterra integro-differential equation
Procedia PDF Downloads 3886760 Assessment of Carbon Dioxide Separation by Amine Solutions Using Electrolyte Non-Random Two-Liquid and Peng-Robinson Models: Carbon Dioxide Absorption Efficiency
Authors: Arash Esmaeili, Zhibang Liu, Yang Xiang, Jimmy Yun, Lei Shao
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A high pressure carbon dioxide (CO2) absorption from a specific gas in a conventional column has been evaluated by the Aspen HYSYS simulator using a wide range of single absorbents and blended solutions to estimate the outlet CO2 concentration, absorption efficiency and CO2 loading to choose the most proper solution in terms of CO2 capture for environmental concerns. The property package (Acid Gas-Chemical Solvent) which is compatible with all applied solutions for the simulation in this study, estimates the properties based on an electrolyte non-random two-liquid (E-NRTL) model for electrolyte thermodynamics and Peng-Robinson equation of state for the vapor and liquid hydrocarbon phases. Among all the investigated single amines as well as blended solutions, piperazine (PZ) and the mixture of piperazine and monoethanolamine (MEA) have been found as the most effective absorbents respectively for CO2 absorption with high reactivity based on the simulated operational conditions.Keywords: absorption, amine solutions, Aspen HYSYS, carbon dioxide, simulation
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