Search results for: option pricing

Authors: Mohammad Azam

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This work is an endeavor to empirically investigate the Gross Domestic Product-Growth as mediating variable between various factors and portfolio returns using a broad sample of 522 financial and non-financial firms enlisted on Pakistan Stock Exchange between January-1993 and June-2022. The study employs the Structural Equation modeling and Ordinary Least Square regression to determine the findings before and during the Covid-19 epidemiological situation, which has not received due attention by researchers. The analysis reveals that market and investment factors are redundant, whereas size and value show significant results, whereas Gross Domestic Product-Growth performs significant mediating impact for the whole time frame. Using before Covid-19 period, the results reveal that market, value, and investment are redundant, but size, profitability, and Gross Domestic Product-Growth are significant. During the Covid-19, the statistics indicate that market and investment are redundant, though size and Gross Domestic Product-Growth are highly significant, but value and profitability are moderately significant. The Ordinary Least Square regression shows that market and investment are statistically insignificant, whereas size is highly significant but value and profitability are marginally significant. Using the Gross Domestic Product-Growth augmented model, a slight growth in R-square is observed. The size, value and profitability factors are recommended to the investors for Pakistan Stock Exchange. Conclusively, in the Pakistani market, the Gross Domestic Product-Growth indicates a feeble moderating effect between risk-premia and portfolio returns.

Keywords: asset pricing puzzle, mediating role of GDP-growth, structural equation modeling, COVID-19 pandemic, Pakistan stock exchange

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Authors: Richard McGregor, Carmen Reaiche, Stephen Boyle

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Cyber threats are a relatively recent phenomenon and offer cyber insurers a dynamic and intelligent peril. As individuals en mass become increasingly digitally dependent, Personal Cyber Insurance (PCI) offers an attractive option to mitigate cyber risk at a personal level. This abstract proposes a literature review that conceptualises a framework for siting Personal Cyber Insurance (PCI) within the context of cyberspace. The lack of empirical research within this domain demonstrates an immediate need to define the scope of PCI to allow cyber insurers to understand personal cyber risk threats and vectors, customer awareness, capabilities, and their associated needs. Additionally, this will allow cyber insurers to conceptualise appropriate frameworks allowing effective management and distribution of PCI products and services within a landscape often in-congruent with risk attributes commonly associated with traditional personal line insurance products. Cyberspace has provided significant improvement to the quality of social connectivity and productivity during past decades and allowed enormous capability uplift of information sharing and communication between people and communities. Conversely, personal digital dependency furnish ample opportunities for adverse cyber events such as data breaches and cyber-attacksthus introducing a continuous and insidious threat of omnipresent cyber risk–particularly since the advent of the COVID-19 pandemic and wide-spread adoption of ‘work-from-home’ practices. Recognition of escalating inter-dependencies, vulnerabilities and inadequate personal cyber behaviours have prompted efforts by businesses and individuals alike to investigate strategies and tactics to mitigate cyber risk – of which cyber insurance is a viable, cost-effective option. It is argued that, ceteris parabus, the nature of cyberspace intrinsically provides characteristic peculiarities that pose significant and bespoke challenges to cyber insurers, often in-congruent with risk attributes commonly associated with traditional personal line insurance products. These challenges include (inter alia) a paucity of historical claim/loss data for underwriting and pricing purposes, interdependencies of cyber architecture promoting high correlation of cyber risk, difficulties in evaluating cyber risk, intangibility of risk assets (such as data, reputation), lack of standardisation across the industry, high and undetermined tail risks, and moral hazard among others. This study proposes a thematic overview of the literature deemed necessary to conceptualise the challenges to issuing personal cyber coverage. There is an evident absence of empirical research appertaining to PCI and the design of operational business models for this business domain, especially qualitative initiatives that (1) attempt to define the scope of the peril, (2) secure an understanding of the needs of both cyber insurer and customer, and (3) to identify elements pivotal to effective management and profitable distribution of PCI - leading to an argument proposed by the author that postulates that the traditional general insurance customer journey and business model are ill-suited for the lineaments of cyberspace. The findings of the review confirm significant gaps in contemporary research within the domain of personal cyber insurance.

Keywords: cyberspace, personal cyber risk, personal cyber insurance, customer journey, business model

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Authors: Connor Dunlop, Bassim Abbassi, Richard G. Zytner

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Life cycle assessment (LCA) is a powerful tool established by the International Organization for Standardization (ISO) that can be used to assess the environmental impacts of a product or process from cradle to grave. Many studies utilize the LCA methodology within the site remediation field to compare various decontamination methods, including bioremediation, soil vapor extraction or excavation, and off-site disposal. However, with the authors' best knowledge, limited information is available in the literature on a sustainability tool that could be used to help with the selection of the optimal remediation technology. This tool, based on the LCA methodology, would consider site conditions like environmental, economic, and social impacts. Accordingly, this project was undertaken to develop a tool to assist with the selection of optimal sustainable technology. Developing a proper tool requires a large amount of data. As such, data was collected from previous LCA studies looking at site remediation technologies. This step identified knowledge gaps or limitations within project data. Next, utilizing the data obtained from the literature review and other organizations, an extensive LCA study is being completed following the ISO 14040 requirements. Initial technologies being compared include bioremediation, excavation with off-site disposal, and a no-remediation option for a generic gasoline-contaminated site. To complete the LCA study, the modelling software SimaPro is being utilized. A sensitivity analysis of the LCA results will also be incorporated to evaluate the impact on the overall results. Finally, the economic and social impacts associated with each option will then be reviewed to understand how they fluctuate at different sites. All the results will then be summarized, and an interactive tool using Excel will be developed to help select the best sustainable site remediation technology. Preliminary LCA results show improved sustainability for the decontamination of a gasoline-contaminated site for each technology compared to the no-remediation option. Sensitivity analyses are now being completed on on-site parameters to determine how the environmental impacts fluctuate at other contaminated gasoline locations as the parameters vary, including soil type and transportation distances. Additionally, the social improvements and overall economic costs associated with each technology are being reviewed. Utilizing these results, the sustainability tool created to assist in the selection of the overall best option will be refined.

Keywords: life cycle assessment, site remediation, sustainability tool, contaminated sites

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Authors: Olanrewaju Aladeitan, Obiageli Phina Anaghara-Uzor

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Despite the abundance of natural gas deposits in Nigeria and the immense potential, this presents both for the domestic and export oriented revenue, there exists an imbalance in the preference for export as against the development and optimal utilization of natural gas for the domestic industry. Considerable amounts of gas are still being wasted by flaring in the country to this day. Although the government has set in place initiatives to harness gas at the flare and thereby reduce volumes flared, the gas producers would rather direct the gas produced to the export market whereas gas apportioned to the domestic market is often marred by the low domestic gas price which is often discouraging to the gas producers. The exported fraction of gas production no doubt yields healthy revenues for the government and an encouraging return on investment for the gas producers and for this reason export sales remain enticing and preferable to the domestic sale of gas. This export pull impacts negatively if left unchecked, on the domestic market which is in no position to match the price at the international markets. The issue of gas price remains critical to the optimal development of the domestic gas industry, in that it comprises the basis for investment decisions of the producers on the allocation of their scarce resources and to what project to channel their output in order to maximize profit. In order then to rebalance the domestic industry and streamline the market for gas, the Gas Aggregation Company of Nigeria, also known as the Strategic Aggregator was proposed under the Nigerian Gas Master Plan of 2008 and then established pursuant to the National Gas Supply and Pricing Regulations of 2008 to implement the domestic gas supply obligation which focuses on ramping-up gas volumes for domestic utilization by mandatorily requiring each gas producer to dedicate a portion of its gas production for domestic utilization before having recourse to the export market. The 2008 Regulations further stipulate penalties in the event of non-compliance. This study, in the main, assesses the adequacy of the legal framework for the Nigerian Gas Industry, given that the operational laws are structured more for oil than its gas counterpart; examine the legal basis for the Strategic Aggregator in the light of the Domestic Gas Supply and Pricing Policy 2008 and the National Domestic Gas Supply and Pricing Regulations 2008 and makes a case for a review of the pivotal role of the Aggregator in the Nigerian Gas market. In undertaking this assessment, the doctrinal research methodology was adopted. Findings from research conducted reveal the reawakening of the Federal Government to the immense potential of its gas industry as a critical sector of its economy and the need for a sustainable domestic natural gas market. A case for the review of the ownership structure of the Aggregator to comprise a balanced mix of the Federal Government, gas producers and other key stakeholders in order to ensure the effective implementation of the domestic supply obligations becomes all the more imperative.

Keywords: domestic supply obligations, natural gas, Nigerian gas sector, strategic gas aggregator

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Authors: Liliana M. Marinelli, Cristina T. Varanese

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In the last few years, students from higher education have difficulties in grasping mathematical concepts which support physical matters, especially those in the first years of this education. Classical Physics teaching turns to be complex when students are not able to make use of mathematical tools which lead to the conceptual structure of Physics. When derivation and integration rules are not used or developed in parallel with other disciplines, the physical meaning that we attempt to convey turns to be complicated. Due to this fact, it could be of great use to see the Classical Mechanics from an axiomatic approach, where the correspondence rules give physical meaning, if we expect students to understand concepts clearly and accurately. Using the Minkowski point of view adapted to a two-dimensional space and time where vectors, matrices, and straight lines (worked from an affine space) give mathematical and physical rigorosity even when it is more abstract. An interesting option would be to develop the disciplinary contents from an axiomatic version which embraces the Classical Mechanics as a particular case of Relativistic Mechanics. The observation about the increase in the difficulties stated by students in the first years of education allows this idea to grow as a possible option to improve performance and understanding of the concepts of this subject.

Keywords: axioms, classical physics, physical concepts, relativity

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Authors: Lucila T. Magalong

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The hotel industry has been using their corporate image and reputation to maintain service quality, customer satisfaction, and customer loyalty and to leverage themselves against competitors and facilitate their growth strategies. With the increasing pressure to perform, hotels have even created hybrid service strategy to fight in the niche markets across pricing and level-off service parameters.

Keywords: corporate image, hotel industry, service quality, customer expectations

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Authors: Robin Molinier

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Industrial symbiosis (I.S) rely on two basic modes of cooperation between organizations that are infrastructure/service sharing and resource substitution (the use of waste materials, fatal energy and recirculated utilities for production). The former consists in the intensification of use of an asset and thus requires to compare the incremental investment cost to be incurred and the stand-alone cost faced by each potential participant to satisfy its own requirements. In order to investigate the way such a cooperation mode can be implemented we formulate a game theoretic model integrating the grassroot investment decision and the ex-post access pricing problem. In the first period two actors set cooperatively (resp. non-cooperatively) a level of common (resp. individual) infrastructure capacity oversizing to attract ex-post a potential entrant with a plug-and-play offer (available capacity, tariff). The entrant’s requirement is randomly distributed and known only after investments took place. Capacity cost exhibits sub-additive property so that there is room for profitable overcapacity setting in the first period under some conditions that we derive. The entrant willingness-to-pay for the access to the infrastructure is driven by both her standalone cost and the complement cost to be incurred in case she chooses to access an infrastructure whose the available capacity is lower than her requirement level. The expected complement cost function is thus derived, and we show that it is decreasing, convex and shaped by the entrant’s requirements distribution function. For both uniform and triangular distributions optimal capacity level is obtained in the cooperative setting and equilibrium levels are determined in the non-cooperative case. Regarding the latter, we show that competition is deterred by the first period investor with the highest requirement level. Using the non-cooperative game outcomes which gives lower bounds for the profit sharing problem in the cooperative one we solve the whole game and describe situations supporting sharing agreements.

Keywords: capacity, cooperation, industrial symbiosis, pricing

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Authors: Chhavi Saxena

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FinFETs can be a replacement for bulk-CMOS transistors in many different designs. Its low leakage/standby power property makes FinFETs a desirable option for memory sub-systems. Memory modules are widely used in most digital and computer systems. Leakage power is very important in memory cells since most memory applications access only one or very few memory rows at a given time. As technology scales down, the importance of leakage current and power analysis for memory design is increasing. In this paper, we discover an option for low power interconnect synthesis at the 32nm node and beyond, using Fin-type Field-Effect Transistors (FinFETs) which are a promising substitute for bulk CMOS at the considered gate lengths. We consider a mechanism for improving FinFETs efficiency, called variable supply voltage schemes. In this paper, we’ve illustrated the design and implementation of FinFET based 4x4 SRAM cell array by means of one bit 7T SRAM. FinFET based 7T SRAM has been designed and analysis have been carried out for leakage current, dynamic power and delay. For the validation of our design approach, the output of FinFET SRAM array have been compared with standard CMOS SRAM and significant improvements are obtained in proposed model.

Keywords: FinFET, 7T SRAM cell, leakage current, delay

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Authors: Vânia Costa, Nuno De Sá Teixeira, Ana C. Santos, Eduardo Santos

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Financial literacy and numeracy have been regarded as paramount for rational household decision making in the increasing complexity of financial markets. However, financial decisions are often made under sub-optimal circumstances, including cognitive overload. The present study aims to clarify how financial literacy and numeracy, taken as relevant expert knowledge for financial decision-making, modulate possible effects of cognitive load. Participants were required to perform a choice between a sure loss or a gambling pertaining a financial investment, either with or without a competing memory task. Two experiments were conducted varying only the content of the competing task. In the first, the financial choice task was made while maintaining on working memory a list of five random letters. In the second, cognitive load was based upon the retention of six random digits. In both experiments, one of the items in the list had to be recalled given its serial position. Outcomes of the first experiment revealed no significant main effect or interactions involving cognitive load manipulation and numeracy and financial literacy skills, strongly suggesting that retaining a list of random letters did not interfere with the cognitive abilities required for financial decision making. Conversely, and in the second experiment, a significant interaction between the competing mnesic task and level of financial literacy (but not numeracy) was found for the frequency of choice of a gambling option. Overall, and in the control condition, both participants with high financial literacy and high numeracy were more prone to choose the gambling option. However, and when under cognitive load, participants with high financial literacy were as likely as their illiterate counterparts to choose the gambling option. This outcome is interpreted as evidence that financial literacy prevents intuitive risk-aversion reasoning only under highly favourable conditions, as is the case when no other task is competing for cognitive resources. In contrast, participants with higher levels of numeracy were consistently more prone to choose the gambling option in both experimental conditions. These results are discussed in the light of the opposition between classical dual-process theories and fuzzy-trace theories for intuitive decision making, suggesting that while some instances of expertise (as numeracy) are prone to support easily accessible gist representations, other expert skills (as financial literacy) depend upon deliberative processes. It is furthermore suggested that this dissociation between types of expert knowledge might depend on the degree to which they are generalizable across disparate settings. Finally, applied implications of the present study are discussed with a focus on how it informs financial regulators and the importance and limits of promoting financial literacy and general numeracy.

Keywords: decision making, cognitive load, financial literacy, numeracy

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Authors: F. O. Adeosun, I. O. Orubuloye, O. O. Babalola

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Although caesarean section has greatly improved obstetric care throughout the world, in developing countries there is a great aversion to caesarean section. This study was carried out to examine the rate at which pregnant women with pre-eclampsia choose caesarean section over natural birth. A cross-sectional study was conducted among 500 pre-eclampsia antenatal clients seen at the States University Teaching Hospitals in the last one year. The sample selection was purposive. Information on their educational background, beliefs and attitudes were collected. Data analysis was presented using simple percentages. Out of 500 women studied, 38% favored caesarean section while 62% were against it. About 89% of them understood what caesarean section is, 57.3% of those who understood what caesarean section is will still not choose it as an option. Over 85% of the women believed caesarean section is done for medical reasons. If caesarean section is given as an option for childbirth, 38% would go for it, 29% would try religious intervention, 5.5% would not choose it because of fear, while 27.5% would reject it because they believe it is culturally wrong. Majority of respondents (85%) who favored caesarean delivery are aware of the risk attached to choosing virginal birth but go an extra mile in sourcing funds for a caesarean session while over 64% cannot afford the cost of caesarean delivery. It is therefore pertinent to encourage research in prediction methods and prevention of occurrence, since this would assist patients to plan on how to finance treatment.

Keywords: caesarean section, choice, cost, pre eclampsia, prediction methods

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Authors: Eumsin Payan

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The article desires the Association of Southeast Asian Nations (ASEAN) to take interest in the policies and give importance to India over other powerful countries in the World, including powerful countries in Asia, comprising of: People’s Republic of China (PRC), Russia, and India countries with the ability to drive the Asian continent, specifically, the ASEAN Economic Community (AEC). (Japan was incapable of stepping up to become the leader of ASEAN due to the fact that Japan has created “wounds” from military history with too many countries in Asia, including wounds from the Greater East Asia War, combining with economic problems Japan is currently facing and also several natural disasters, therefore Japan is not considered a good option of our era.) China appears to be an option that stands out, which could be seen through countless published articles in the general public. However, this article desires to propose India as an option to develop and drive the relationship between ASEAN countries in the future development of Computer Science Technology and allow India to be the leader in driving the Asian Economy in place of China and the United States. As for Russia, its location is distant and apart from South East Asia. Moreover, Russia does not give as much importance to ASEAN. In this light, the author perceives that India already has the “Look East” policy. Therefore, it would be simple for ASEAN to look back at India by simply starting cooperation through policies related to collaboration in the areas of computer science. In effect, this will continuously adjust and improve the relationship towards cooperation in the areas of economics, society, and culture. Referring to the above, the author suggests a word that could be used to call the relationship between India and ASEAN, INSEAN or IN-SEAN. Hereinafter, the author hopes that Thailand, in the position of one in the five founders of ASEAN, could become the leader or be the entity that pushes forward the ASEAN policies that will increase the importance of looking towards India. India is an emerging giant that has the ability to step up in Asia. With the proficient use of English, India is able to pass on the knowledge and drive the ASEAN’s Economic relationship better than China or Russia, as faced with higher language barriers. Moreover, India has cultivated democratic civilization from the colonization of the British Empire, similar to other nations of Southeast Asia, which are familiar with various heritage cultures that the British has brought them. The most important aspect in the author’s perspective is the fact that India is not aggressive and that they have courtesy. Through developing policies of the East through the “Look East” policy, it enabled India to establish a more smooth relationship with Asian countries comparing to China. China has imposed harsh policies towards democracy to the land above the South China Sea, which directly affect the ASEAN countries. From the above reasons, India, therefore, is an appropriate option in the establishment of a closer relationship with ASEAN, as the author has proposed relationship as INSEAN or IN-SEAN.

Keywords: IN-SEAN, INSEAN, look west policy, look east policy, ASEAN, India

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Authors: E. Channol, O. Collet, N. Kostyuchyk, T. Mesbah, Quoc Hoang Long Nguyen

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In this paper, a pricing model is proposed for co-integrated commodities extending Larsson model. The futures formulae have been derived and tests have been performed with non-constant volatility. The model has been applied to energy commodities (gas, CO2, energy) and soft commodities (corn, wheat). Results show that non-constant volatility leads to more accurate short term prices, which provides better evaluation of value-at-risk and more generally improve the risk management.

Keywords: co-integration, soft commodities, risk management, value-at-risk

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Authors: Taisier A. Zoubi, Feras Salama, Mahmud Hossain, Yass A. Alkafaji

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The purpose of this study is to examine the equity pricing of other comprehensive income when earnings are disaggregated into several components. Our findings indicate that other comprehensive income can better explain variation in stock returns when net income is reported in a disaggregated form. Additionally, we found that disaggregating both net income and other comprehensive income can explain more of the variation in the stock returns than the two summary components of comprehensive income. Our results survive a series of robustness checks.

Keywords: market valuation, other comprehensive income, value-relevance, incremental information content

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Authors: Md. Mizanur Rahman, Chu Chi Ming, Mohd Suffian Bin Misaran

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Chimney is an important part of the industries to remove waste heat from the processes side to the atmosphere. The increased demand of energy helps to restart to think about the efficiency of chimney as well as to find out a valid option to replace forced draft chimney system from industries. In this study natural draft chimney model is air flow rate; exit air temperature and pressure losses are studied through modification with wire mesh screen and compare the results with without wire mesh screen chimney model. The heat load is varies from 0.1 kW to 1kW and three different wire mesh screens that have pore size 0.15 mm2, 0.40 mm2 and 4.0 mm2 respectively are used. The experimental results show that natural draft chimney model with wire mesh screens significantly restored the flow losses compared to the system without wire mesh screen. The natural draft chimney model with 0.40 mm2 pore size wire mesh screen can minimize the draft losses better than others and able to enhance velocity about 54 % exit air temperature about 41% and pressure loss decreased by about 20%. Therefore, it can be decided that the wire mesh screens significantly minimize the draft losses in the natural draft chimney and 0.40 mm2 pore size screen will be a suitable option.

Keywords: natural draft dhimney, wire mesh screen, natural draft flow, mechanical engineering

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Authors: Hatem Abou-Senna

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Interstate 4 (I-4) is a primary east-west transportation corridor between Tampa and Daytona cities, serving commuters, commercial and recreational traffic. I-4 is known to have severe recurring congestion during peak hours. The congestion spans about 11 miles in the evening peak period in the central corridor area as it is considered the only non-tolled limited access facility connecting the Orlando Central Business District (CBD) and the tourist attractions area (Walt Disney World). Florida officials had been skeptical of tolling I-4 prior to the recent legislation, and the public through the media had been complaining about the excessive toll facilities in Central Florida. So, in search for plausible mitigation to the congestion on the I-4 corridor, this research is implemented to evaluate the effectiveness of different toll pricing alternatives that might divert traffic from I-4 to the toll facilities during the peak period. The network is composed of two main diverging limited access highways, freeway (I-4) and toll road (SR 417) in addition to two east-west parallel toll roads SR 408 and SR 528, intersecting the above-mentioned highways from both ends. I-4 and toll road SR 408 are the most frequently used route by commuters. SR-417 is a relatively uncongested toll road with 15 miles longer than I-4 and $5 tolls compared to no monetary cost on 1-4 for the same trip. The results of the calibrated Orlando PARAMICS network showed that percentages of route diversion vary from one route to another and depends primarily on the travel cost between specific origin-destination (O-D) pairs. Most drivers going from Disney (O1) or Lake Buena Vista (O2) to Lake Mary (D1) were found to have a high propensity towards using I-4, even when eliminating tolls and/or providing real-time information. However, a diversion from I-4 to SR 417 for these OD pairs occurred only in the cases of the incident and lane closure on I-4, due to the increase in delay and travel costs, and when information is provided to travelers. Furthermore, drivers that diverted from I-4 to SR 417 and SR 528 did not gain significant travel-time savings. This was attributed to the limited extra capacity of the alternative routes in the peak period and the longer traveling distance. When the remaining origin-destination pairs were analyzed, average travel time savings on I-4 ranged between 10 and 16% amounting to 10 minutes at the most with a 10% increase in the network average speed. High propensity of diversion on the network increased significantly when eliminating tolls on SR 417 and SR 528 while doubling the tolls on SR 408 along with the incident and lane closure scenarios on I-4 and with real-time information provided. The toll roads were found to be a viable alternative to I-4 for these specific OD pairs depending on the user perception of the toll cost which was reflected in their specific travel times. However, on the macroscopic level, it was concluded that route diversion through toll reduction or elimination on surrounding toll roads would only have a minimum impact on reducing I-4 congestion during the peak period.

Keywords: congestion pricing, dynamic feedback assignment, microsimulation, paramics, route diversion

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Authors: Vinícius L. L. Morrone, David Douek, Helder M. F. Pereira, Bernadete L. M. Grandolpho

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This work aimed to identify the relationships between the level of consumer environmental awareness and their search for sustainable properties, as well as to understand the main sustainability structures considered by these consumers during the decision process. Additionally, the paper looked up to the influence environmental awareness and financial status have over the disposition of buyers to pay more for sustainable properties. To achieve these objectives, 318 questionnaires were answered electronically, after being sent to the Green Building Brazil email basis, as to other Real Estate developers client basis. From all the questionnaires answered, 71 were discarded, leaving a total amount of 247 admitted questionnaires to be analyzed. The responses were evaluated based on the theory of consumer decision making, especially on the influence factors of this process. The data were processed using a PLS model, using the R software. The results have shown that the level of consumer environmental awareness effectively affects the consumer’s will of acquiring a sustainable property or, at least, a property with some environmental friendly structures. The consumer’s environmental awareness also positively impacts the importance consumers give to individual environmental friendly structures. Also, as a consumer value to those individual structures raises, it is also observed a raise in his will to buy a sustainable property. Additionally, the impact of consumer’s environmental awareness and financial status over the willingness to pay more for a property with those attributes. The results indicate that there was no relationship between consumers' environmental awareness and their willingness to pay more for a sustainable property. On the other hand, the financial status and the family income of the consumers showed a positive relation with the willingness to pay more for a sustainable property. This indicates that consumers with better financial conditions, which according to the analysis do not necessarily have a greater environmental awareness, are those who are willing to pay more for a sustainable property. Thus, this study indicates that, even if the environmental awareness impact positively the demand for sustainable structures and properties, this impact is not price reflected, due to the price elasticity of the consumption, especially for a category of lower income consumers. This paper adds to the literature in the way it projects some guidelines to the consumer’s decision process in the Real Estate market in emerging economies, as well as it presents some drivers to pricing decisions.

Keywords: consumer behavior, environmental awareness, real estate pricing, sustainable buildings

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Authors: Piyush Bajpai, Sneha Pandey

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Mumbai’s Dhobighat, 150 year old largest open laundry in the world, is the true live-work place and only source of income for some of Mumbai’s highest density ‘urban poor’ residents. The regeneration of Dhobighat, due to its ultra prime location and complex socio-political culture has been a complex issue. This once flourishing urban industrial core has been degrading for the past several decades mainly due to the decline of the open laundry business, the site’s over burdened infrastructure and conflicting socio-political and economic forces. The phenomena of ‘exaptation’ or ‘co-option’ has been observed by evolutionary biologists as a process responsible for producing highly tenacious and resilient offsprings within a species. The reddish egret uses its wings to cast shadow in shallow waters to attract small fish and hunt them. An unrelated feature used opportunistically to produce a very favorable result. How can this idea of co-option be applied to resolve the complex issue of Dhobighat’s regeneration? Our paper proposes a new methodology/approach for the regeneration of Dhobighat through the lens of evolutionary biology. Forces and systems (social, political, economic, cultural and ecological) that seem conflicting or unrelated by nature are opportunistically transformed into symbiotic and complimentary relationships that produce an inclusive, resilient and holistic solution for the regeneration of Dhobighat.

Keywords: urban regeneration, exaptation, resilience, Dhobighat, Mumbai

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Authors: Natanya Meyer, Johann Landsberg

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Unemployment among the youth is a significant problem in South Africa. Large corporations and the public sector simply cannot create enough jobs. Too many youths in South Africa currently do not consider entrepreneurship as an option in order to become independent. Unlike the youth of the Netherlands, South African youth prefer to find employment in the public or private sector. The Netherlands has a much lower unemployment rate than South Africa and the Dutch are generally very entrepreneurial. From early on entrepreneurship is considered a desirable career option in the Netherlands. The purpose of this study was to determine whether there is a difference in the perceptions of some Dutch and South African students in terms of unemployment and entrepreneurship. Questionnaires were distributed to students at the North West University's Vaal Triangle campus in Vanderbijlpark in Gauteng, South Africa and the Technical University of Delft in the Netherlands. A descriptive statistical analysis approach was followed and the means for the independent questions were calculated. The results demonstrate that the Dutch students are not as concerned about unemployment after completion of their studies as this is not as significant a problem as it is in South Africa. Both groups had positive responses towards the posed questions, but the South African group felt more strongly about the issues. Both groups of students felt that there was a need for more practical entrepreneurship training. The South African education system should focus on practical entrepreneurship training from a young age.

Keywords: entrepreneurship development, entrepreneurship development programmes, entrepreneurship intention, Netherlands, South Africa, unemployment

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Authors: Igna Brajević Gizdić, Gorka Vuletić

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Introduction: Addiction is a chronic brain relapsing disorder. Opioid Substitution Therapy (OST) using buprenorphine as a medical treatment option shows as a promising option for achieving and maintaining abstinence in opioid-addicted patients. This research aimed to determine and evaluate the quality of life (QoL) in opiate-addicted patients after five years of buprenorphine therapy. Method: The total sample included 44 buprenorphine-maintained opiate addicts in outpatient treatment. The participants were administered the QoL questionnaire (WHOQOL-BREF) at two-time points (T1 and T2) with an interval of at least five years. WHOQOL-BREF contains a total of 26 questions. The first two questions, related to overall QoL and general health status, and the remaining questions (3–26), which represented four domains—physical, psychological, social, and environmental health—were evaluated separately. Results: The results indicated no significant differences in overall self-assessed QoL nor in individual domains after five years (T2) of abstinence with OST buprenorphine- maintenance. Conclusion: These findings indicated no improvement in QoL of buprenorphine-maintenance opiate addicts in outpatient treatment. However, this might be due to the smaller sample size and participants' overall high scores in QoL at T1. This study suggests the importance of expectations when considering the QoL and general health of buprenorphine-maintenance opiate addicts in outpatient treatment.

Keywords: abstinence, addicts, buprenorphine, opioid substitution therapy, quality of life

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Authors: Jianlin Wang, Jiajia Zhao

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This paper applies the theory and empirical method to examine the relationship between electricity price and coal price, as well as electricity and industry output, for China during Jan 1999-Dec 2012. Our results indicate that there is no any causality between coal price and electricity price under other factors are controlled. However, we found a bi-directional causality between electricity consumption and industry output. Overall, the electricity price set by China’s NDRC is inefficient, which lead to the electricity supply shortage after 2004. It is time to reform electricity price system for China’s reformers.

Keywords: electricity price, coal price, power supply, China

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Authors: Athina Thanou, Eirini Eleni Tsiropoulou, Symeon Papavassiliou

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The problem of museum visitor experience and congestion management – in various forms - has come increasingly under the spotlight over the last few years, since overcrowding can significantly decrease the quality of visitors’ experience. Evidence suggests that on busy days the amount of time a visitor spends inside a crowded house museum can fall by up to 60% compared to a quiet mid-week day. In this paper we consider the aforementioned problem, by treating museums as evolving social systems that induce constraints. However, in a cultural heritage space, as opposed to the majority of social environments, the momentum of the experience is primarily controlled by the visitor himself. Visitors typically behave selfishly regarding the maximization of their own Quality of Experience (QoE) - commonly expressed through a utility function that takes several parameters into consideration, with crowd density and waiting/visiting time being among the key ones. In such a setting, congestion occurs when either the utility of one visitor decreases due to the behavior of other persons, or when costs of undertaking an activity rise due to the presence of other persons. We initially investigate how visitors’ behavioral risk attitudes, as captured and represented by prospect theory, affect their decisions in resource sharing settings, where visitors’ decisions and experiences are strongly interdependent. Different from the majority of existing studies and literature, we highlight that visitors are not risk neutral utility maximizers, but they demonstrate risk-aware behavior according to their personal risk characteristics. In our work, exhibits are organized into two groups: a) “safe exhibits” that correspond to less congested ones, where the visitors receive guaranteed satisfaction in accordance with the visiting time invested, and b) common pool of resources (CPR) exhibits, which are the most popular exhibits with possibly increased congestion and uncertain outcome in terms of visitor satisfaction. A key difference is that the visitor satisfaction due to CPR strongly depends not only on the invested time decision of a specific visitor, but also on that of the rest of the visitors. In the latter case, the over-investment in time, or equivalently the increased congestion potentially leads to “exhibit failure”, interpreted as the visitors gain no satisfaction from their observation of this exhibit due to high congestion. We present a framework where each visitor in a distributed manner determines his time investment in safe or CPR exhibits to optimize his QoE. Based on this framework, we analyze and evaluate how visitors, acting as prospect-theoretic decision-makers, respond and react to the various pricing policies imposed by the museum curators. Based on detailed evaluation results and experiments, we present interesting observations, regarding the impact of several parameters and characteristics such as visitor heterogeneity and use of alternative pricing policies, on scalability, user satisfaction, museum capacity, resource fragility, and operation point stability. Furthermore, we study and present the effectiveness of alternative pricing mechanisms, when used as implicit tools, to deal with the congestion management problem in the museums, and potentially decrease the exhibit failure probability (fragility), while considering the visitor risk preferences.

Keywords: museum resource and visitor management, congestion management, propsect theory, cyber physical social systems

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Authors: Dimitrios J. Dimitriou

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Considering a worldwide tendency, air transports are growing very fast and many changes have taken place in planning, management and decision making process. Given the complexity of airport operation, the best use of existing capacity is the key driver of efficiency and productivity. This paper deals with the evaluation framework for the ground access at airports, by using a set of mode choice indicators providing key messages towards airport’s ground access performance. The application presents results for a sample of 12 European airports, illustrating recommendations to define policy and improve service for the air transport access chain.

Keywords: airport ground access, air transport chain, airport access performance, airport policy

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Authors: Demisash, Abate Getnet, Gudisa, Ababo Geleta, Daba, Berhane Olani

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As consumption trends of fish are rising in Ethiopia, assessment of the environmental performance of Fisheries becomes vital. Hence, Cleaner Production Assessment was conducted on Lake Tana No.1 Fish Supply Association. This paper focuses on determining the characteristics, quantity, and setting up cleaner production options for the site with the experimental investigation. The survey analysis showed that illegal waste dumping in Lake Tana is common practice in the area, and some of the main reasons raised were they have no option than doing this for dis-charging fish wastes. Quantifying a fish waste by examination of records at the point of generation resulted in a generation rate of 72,822.61 kg per year, which is a significant amount of waste and needs management system. The result of the proximate analysis showed high free fat content of about 12.33%, and this was a good candidate for the production of biodiesel that has been set as an option for fish waste utilization. Among the different waste management options, waste reduction by product optimization, which involves biodiesel production, was chosen as a potential method. Laboratory scale experiments were performed to produce a renewable energy source from the wastes. The resulting biodiesel was characterized and found to have a density of 0.756kg/L, viscosity 0.24p, and 153°C flashpoints, which shows the product has values in compliance with the American Society for Testing and Materials (ASTM) standards.

Keywords: biodiesel, cleaner production, renewable energy, waste management

Procedia PDF Downloads 151

Authors: Aniket S. Joshi, Aditya R. Mane, Arjun Tukaram

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In the 21st century, in the era of e-world, people are continuously getting updated by daily information such as weather conditions, news, stock exchange market updates, new projects, cricket updates, sports and other such applications. In the busy situation, they want this information on the little use of keyboard, time. Today in order to get such information user have to repeat same mouse and keyboard actions which includes time and inconvenience. In India due to rural background many people are not much familiar about the use of computer and internet also. Also in small clinics, small offices, and hotels and in the airport there should be a system which retrieves daily information with the minimum use of keyboard and mouse actions. We plan to design application based project that can easily retrieve information with minimum use of keyboard and mouse actions and make our task more convenient and easier. This can be possible with an image processing application which takes real time hand gestures which will get matched by system and retrieve information. Once selected the functions with hand gestures, the system will report action information to user. In this project we use real time hand gesture movements to select required option which is stored on the screen in the form of RSS Feeds. Gesture will select the required option and the information will be popped and we got the information. A real time hand gesture makes the application handier and easier to use.

Keywords: hand detection, hand tracking, hand gesture recognition, HSV color model, Blob detection

Procedia PDF Downloads 290

Authors: S. J. M. Mohd Saleh, S. Guo

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Composite materials have become an important option for the primary structure of aircraft due to their design flexibility and ability to improve the overall performance. At present, the option for composite usage in aircraft component is largely based on experience, knowledge, benchmarking and partly market driven. An inevitable iterative design during the design stage and validation process will increase the development time and cost. This paper aims at presenting the correlation between laminate and composite thin-wall beam structure, which contains the theoretical and numerical investigations on stiffness estimation of composite aerostructures with applications to aircraft wings. Classical laminate theory and thin-walled beam theory were applied to define the correlation between 1-dimensional composite laminate and 2-dimensional composite beam structure, respectively. Then FE model was created to represent the 3-dimensional structure. A detailed study on stiffness matrix of composite laminates has been carried out to understand the effects of stacking sequence on the coupling between extension, shear, bending and torsional deformation of wing box structures for 1-dimensional, 2-dimensional and 3-dimensional structures. Relationships amongst composite laminates and composite wing box structures of the same material have been developed in this study. These correlations will be guidelines for the design engineers to predict the stiffness of the wing box structure during the material selection process and laminate design stage.

Keywords: aircraft design, aircraft structures, classical lamination theory, composite structures, laminate theory, structural design, thin-walled beam theory, wing box design

Procedia PDF Downloads 233

Authors: Kingsley Okoro Nwannennaya

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The 21st century seems to have been eclipsed by social conflict, giving vent to a mentality construct that accepts conflict as inextricable part of the social system. This is justified by the escalation of conflict in all the zones of the world. We therefore, query whether a peaceful society is a mere illusion? It is in an attempt to give lucid answer to this question that the researcher began critical investigations on various peace building and conflict management models. Here the researcher discovered that these models as good as they may be have not addressed the root of conflicts which revolves on the social structure in place in any society. Hence the current social structure is organized around class system, which gave birth to competition, greed, selfishness, power struggle etc. and also promotes mono-culture based on Euro-American traditions. This placed some cultures on a disadvantageous position, with conflict as its outgrowth. However, the researcher being interested to finding a peace building and conflict management model that will address this gap discovered that Taoism has the seed that can offer the world the desired peace. This tradition anchors on the principles of Tao, Yin-yang and Wu-wei. Basic to the trio concepts are the idea of Pluralism, non-interference, non-action and flowing with the order of nature. This paper, having adopted, historical and sociological methods of investigations opines that if Taoist tradition shall be adopted as a peace building model, the desired peace of our dream shall soon become a reality.

Keywords: critical option, oriental traditions, peace initiative, taoism

Procedia PDF Downloads 417

Authors: S. Doyle, G. A. Aggidis

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Wave energy converter technologies continue to show good progress in worldwide research. One of the most researched technologies, the Oscillating Water Column (OWC), is arguably one of the most popular categories within the converter technologies due to its robustness, simplicity and versatility. However, the versatility of the OWC is still largely untapped with most deployments following similar trends with respect to applications and operating systems. As the competitiveness of the energy market continues to increase, the demand for wave energy technologies to be innovative also increases. For existing wave energy technologies, this requires identifying areas to diversify for lower costs of energy with respect to applications and synergies or integrated systems. This paper provides a review of all OWCs systems integrated into alternative applications in the past and present. The aspects and variation in their design, deployment and system operation are discussed. Particular focus is given to the Multi-OWCs (M-OWCs) and their great potential to increase capture on a larger scale, especially in synergy applications. It is made clear that these steps need to be taken in order to make wave energy a competitive and viable option in the renewable energy mix as progression to date shows that stand alone single function devices are not economical. Findings reveal that the trend of development is moving toward these integrated applications in order to reduce the Levelised Cost of Energy (LCOE) and will ultimately continue in this direction in efforts to make wave energy a competitive option in the renewable energy mix.

Keywords: wave energy converter, oscillating water column, ocean energy, renewable energy

Procedia PDF Downloads 134

Authors: Oriyomi M. Okeyinka, David A. Oloke, Jamal M. Khatib

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Large quantities of solid wastes being generated worldwide from sources such as household, domestic, industrial, commercial and construction demolition activities, leads to environmental concerns. Utilization of these wastes in making building construction materials can reduce the magnitude of the associated problems. When these waste products are used in place of other conventional materials, natural resources and energy are preserved and expensive and/or potentially harmful waste disposal is avoided. Recycling which is regarded as the third most preferred waste disposal option, with its numerous environmental benefits, stand as a viable option to offset the environmental impact associated with the construction industry. This paper reviews the results of laboratory tests and important research findings, and the potential of using these wastes in building construction materials with focus on sustainable development. Research gaps, which includes; the need to develop standard mix design for solid waste based building materials; the need to develop energy efficient method of processing solid waste use in concrete; the need to study the actual behavior or performance of such building materials in practical application and the limited real life application of such building materials have also been identified. Therefore a research is being proposed to develop an environmentally friendly, lightweight building block from recycled waste paper, without the use of cement, and with properties suitable for use as walling unit. This proposed research intends to incorporate, laboratory experimentation and modeling to address the identified research gaps.

Keywords: recycling, solid wastes, construction, building materials

Procedia PDF Downloads 386

Authors: Jongbae Lee, Seongsoo Lee

Abstract:

Modern sensors often embed small-size digital controller for sensor control, value calibration, and signal processing. These sensors require digital data communication with host microprocessors, but conventional digital communication protocols are too heavy for price reduction. SAE J2716 SENT (single edge nibble transmission) protocol transmits direct digital waveforms instead of complicated analog modulated signals. In this paper, a SENT interface is designed in Verilog HDL (hardware description language) and implemented in FPGA (field-programmable gate array) evaluation board. The designed SENT interface consists of frame encoder/decoder, configuration register, tick period generator, CRC (cyclic redundancy code) generator/checker, and TX/RX (transmission/reception) buffer. Frame encoder/decoder is implemented as a finite state machine, and it controls whole SENT interface. Configuration register contains various parameters such as operation mode, tick length, CRC option, pause pulse option, and number of nibble data. Tick period generator generates tick signals from input clock. CRC generator/checker generates or checks CRC in the SENT data frame. TX/RX buffer stores transmission/received data. The designed SENT interface can send or receives digital data in 25~65 kbps at 3 us tick. Synthesized in 0.18 um fabrication technologies, it is implemented about 2,500 gates.

Keywords: digital sensor interface, SAE J2716, SENT, verilog HDL

Procedia PDF Downloads 304

Authors: Allyne Topaz

Abstract:

Intraoral dehiscence compromises free fibula flaps following mandibular reconstruction. Salivary contamination risks thrombosis of microvascular anastomosis and hardware infection. The superficial temporal artery islandized flap (STAIF) offers an efficient, non-microsurgical reconstructive option for regaining intraoral competency for a time sensitive complication. Methods: The STAIF flap is based on the superficial temporal artery coursing along the anterior hairline. The flap is mapped with assistance of the doppler probe. The width of the skin paddle is taken based on the ability to close the donor site. The flap is taken down to the level of the zygomatic arch and tunneled into the mouth. Results: We present a case of a patient who underwent mandibular reconstruction with a free fibula flap after a traumatic shotgun wound. The patient developed repeated intraoral dehiscence following failed local buccal and floor of mouth flaps leading to salivary contamination of the flap and hardware. The intraoral dehiscence was successfully salvaged on the third attempt with a STAIF flap. Conclusions: Intraoral dehiscence creates a complication requiring urgent attention to prevent loss of free fibula flap after mandibular reconstruction. The STAIF is a non-microsurgical option for restoring intraoral competency. This robust, axially vascularized skin paddle may be split for intra- and extra-oral coverage, as needed and can be an important tool in the reconstructive armamentarium.

Keywords: free fibula flap, intraoral dehiscence, mandibular reconstruction, superficial temporal artery islandized flap

Procedia PDF Downloads 133