Search results for: transaction costs economics
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 2875

Search results for: transaction costs economics

895 Cryptic Diversity: Identifying Two Morphologically Similar Species of Invasive Apple Snails in Peninsular Malaysia

Authors: Suganiya Rama Rao, Yoon-Yen Yow, Thor-Seng Liew, Shyamala Ratnayeke

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Invasive snails in the genus Pomacea have spread across Southeast Asia including Peninsular Malaysia. Apart from significant economic costs to wetland crops, very little is known about the snails’ effects on native species, and wetland function through their alteration of macrophyte communities. This study was conducted to establish diagnostic characteristics of Pomacea species in the Malaysian environment using genetic and morphological criteria. Snails were collected from eight localities in northern and central regions of Peninsular Malaysia. The mitochondrial COI gene of 52 adult snails was amplified and sequenced. Maximum likelihood analysis was used to analyse species identity and assess phylogenetic relationships among snails from different geographic locations. Shells of the two species were compared using geometric morphometric analysis and covariance analyses. Shell height accounted for most of the observed variation between P. canaliculata and P. maculata, with the latter possessing a smaller mean ratio of shell height: aperture height (p < 0.0001) and shell height to shell width (give p < 0.0001). Genomic and phylogenetic analysis demonstrated the presence of two monophyletic taxa, P. canaliculata and P. maculata, in Peninsular Malaysia samples. P. maculata co-occurred with P. canaliculata in 5 localities, but samples from 3 localities contained only P. canaliculata. This study is the first to confirm the presence of two of the most invasive species of Pomacea in Peninsular Malaysia using a genomic approach. P. canaliculata appears to be the more widespread species. Despite statistical differences, both quantitative and qualitative morphological characteristics demonstrate much interspecific overlap and intraspecific variability; thus morphology alone cannot reliably verify species identity. Molecular techniques for distinguishing between these two highly invasive Pomacea species are needed to understand their specific ecological niches and develop effective protocols for their management.

Keywords: Pomacea canaliculata, Pomacea maculata, invasive species, phylog enetic analysis, geometric morphometric analysis

Procedia PDF Downloads 263
894 Short Teaching Sessions for Emergency Front of Neck Access

Authors: S. M. C. Kelly, A. Hargreaves, S. Hargreaves

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Introduction: The Can’t intubate, Can’t ventilate emergency scenario is one which has been shown to be managed badly in the past. Reasons identified included gaps in knowledge of the procedure and the emergency equipment used. We aimed to show an increase in confidence amongst anesthetists and operating department practitioners in the technique following a short tea trolley style teaching intervention. Methods: We carried out the teaching on a one-to-one basis. Two Anaesthetists visited each operating theatre during normal working days. One carried out the teaching session and one took over the intra‐operative care of the patient, releasing the listed anaesthetist for a short teaching session. The teaching was delivered to mixture of students and healthcare professionals, both anaesthetists and anaesthetic practitioners. The equipment includes a trolley, an airway manikin, size 10 scalpel, bougie and size 6.0 tracheal tube. The educator discussed the equipment, performed a demonstration and observed the participants performing the procedure. We asked each person to fill out a pre and post teaching questionnaire, stating their confidence with the procedure. Results: The teaching was delivered to 63 participants in total, which included 21 consultant anaesthetists, 23 trainee doctors and 19 anaesthetic practitioners. The teaching sessions lasted on average 9 minutes (range 5– 15 minutes). All participants reported an increase in confidence in both the equipment and technique in front of neck access. Anaesthetic practitioners reported the greatest increase in confidence (53%), with trainee anaesthetists reporting 27% increase and consultant anaesthetists 22%. Overall, confidence in the performance of emergency front of neck access increased by 31% after the teaching session. Discussion: Short ‘Trolley style’ teaching improves confidence in the equipment and technique used for the emergency front of neck access. This is true for students and for consultant anaesthetists. This teaching style is quick with minimal running costs and is relevant for all anesthetic departments.

Keywords: airway teaching, can't intubate can't ventilate, cricothyroidotomy, front-of-neck

Procedia PDF Downloads 150
893 Phytoremediation-A Plant Based Cleansing Method to Obtain Quality Medicinal Plants and Natural Products

Authors: Hannah S. Elizabeth, D. Gnanasekaran, M. R. Manju Gowda, Antony George

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Phytoremediation a new technology of remediating the contaminated soil, water and air using plants and serves as a green technology with environmental friendly approach. The main aim of this technique is cleansing and detoxifying of organic compounds, organo-phosphorous pesticides, heavy metals like arsenic, iron, cadmium, gold, radioactive elements which cause teratogenic and life threatening diseases to mankind and animal kingdom when consume the food crops, vegetables, fruits, cerals, and millets obtained from the contaminated soil. Also, directly they may damage the genetic materials thereby alters the biosynthetic pathways of secondary metabolites and other phytoconstituents which may have different pharmacological activities which lead to lost their efficacy and potency as well. It would reflect in mutagenicity, drug resistance and affect other antagonistic properties of normal metabolism. Is the technology for real clean-up of contaminated soils and the contaminants which are potentially toxic. It reduces the risks produced by a contaminated soil by decreasing contaminants using plants as a source. The advantages are cost-effectiveness and less ecosystem disruption. Plants may also help to stabilize contaminants by accumulating and precipitating toxic trace elements in the roots. Organic pollutants can potentially be chemically degraded and ultimately mineralized into harmless biological compounds. Hence, the use of plants to revitalize contaminated sites is gaining more attention and preferred for its cost-effective when compared to other chemical methods. The introduction of harmful substances into the environment has been shown to have many adverse effects on human health, agricultural productivity, and natural ecosystems. Because the costs of growing a crop are minimal compared to those of soil removal and replacement, the use of plants to remediate hazardous soils is seen as having great promise.

Keywords: cost effective, eco-friendly, phytoremediation, secondary metabolites

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892 How Rational Decision-Making Mechanisms of Individuals Are Corrupted under the Presence of Others and the Reflection of This on Financial Crisis Management Situations

Authors: Gultekin Gurcay

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It is known that the most crucial influence of the psychological, social and emotional factors that affect any human behavior is to corrupt the rational decision making mechanism of the individuals and cause them to display irrational behaviors. In this regard, the social context of human beings influences the rationality of our decisions, and people tend to display different behaviors when they were alone compared to when they were surrounded by others. At this point, the interaction and interdependence of the behavioral finance and economics with the area of social psychology comes, where intentions and the behaviors of the individuals are being analyzed in the actual or implied presence of others comes into prominence. Within the context of this study, the prevalent theories of behavioral finance, which are The Prospect Theory, The Utility Theory Given Uncertainty and the Five Axioms of Choice under Uncertainty, Veblen’s Hidden Utility Theory, and the concept of ‘Overreaction’ has been examined and demonstrated; and the meaning, existence and validity of these theories together with the social context has been assessed. Finally, in this study the behavior of the individuals in financial crisis situations where the majority of the society is being affected from the same negative conditions at the same time has been analyzed, by taking into account how individual behavior will change according to the presence of the others.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

Procedia PDF Downloads 240
891 Layouting for Phase II of New Priok Project Using Adaptive Port Planning Frameworks

Authors: Mustarakh Gelfi, Poonam Taneja, Tiedo Vellinga, Delon Hamonangan

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The initial masterplan of New Priok in the Port of Tanjung Priok was developed in 2012 is being updated to cater to new developments and new demands. In the new masterplan (2017), Phase II of development will start from 2035-onwards, depending on the future conditions. This study is about creating a robust masterplan for Phase II, which will remain functional under future uncertainties. The methodology applied in this study is scenario-based planning in the framework of Adaptive Port Planning (APP). Scenario-based planning helps to open up the perspective of the future as a horizon of possibilities. The scenarios are built around two major uncertainties in a 2x2 matrix approach. The two major uncertainties for New Priok port are economics and sustainability awareness. The outcome is four plausible scenarios: Green Port, Business As Usual, Moderate Expansion, and No Expansion. Terminal needs in each scenario are analyzed through traffic analysis and identifying the key cargos and commodities. In conclusion, this study gives the wide perspective for Port of Tanjung Priok for the planning Phase II of the development. The port has to realize that uncertainties persevere and are very likely to influence the decision making as to the future layouts. Instead of ignoring uncertainty, the port needs to make the action plans to deal with these uncertainties.

Keywords: Indonesia Port, port's layout, port planning, scenario-based planning

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890 RPM-Synchronous Non-Circular Grinding: An Approach to Enhance Efficiency in Grinding of Non-Circular Workpieces

Authors: Matthias Steffan, Franz Haas

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The production process grinding is one of the latest steps in a value-added manufacturing chain. Within this step, workpiece geometry and surface roughness are determined. Up to this process stage, considerable costs and energy have already been spent on components. According to the current state of the art, therefore, large safety reserves are calculated in order to guarantee a process capability. Especially for non-circular grinding, this fact leads to considerable losses of process efficiency. With present technology, various non-circular geometries on a workpiece must be grinded subsequently in an oscillating process where X- and Q-axis of the machine are coupled. With the approach of RPM-Synchronous Noncircular Grinding, such workpieces can be machined in an ordinary plung grinding process. Therefore, the workpieces and the grinding wheels revolutionary rate are in a fixed ratio. A non-circular grinding wheel is used to transfer its geometry onto the workpiece. The authors use a worldwide unique machine tool that was especially designed for this technology. Highest revolution rates on the workpiece spindle (up to 4500 rpm) are mandatory for the success of this grinding process. This grinding approach is performed in a two-step process. For roughing, a highly porous vitrified bonded grinding wheel with medium grain size is used. It ensures high specific material removal rates for efficiently producing the non-circular geometry on the workpiece. This process step is adapted by a force control algorithm, which uses acquired data from a three-component force sensor located in the dead centre of the tailstock. For finishing, a grinding wheel with a fine grain size is used. Roughing and finishing are performed consecutively among the same clamping of the workpiece with two locally separated grinding spindles. The approach of RPM-Synchronous Noncircular Grinding shows great efficiency enhancement in non-circular grinding. For the first time, three-dimensional non-circular shapes can be grinded that opens up various fields of application. Especially automotive industries show big interest in the emerging trend in finishing machining.

Keywords: efficiency enhancement, finishing machining, non-circular grinding, rpm-synchronous grinding

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889 A New Binder Mineral for Cement Stabilized Road Pavements Soils

Authors: Aydın Kavak, Özkan Coruk, Adnan Aydıner

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Long-term performance of pavement structures is significantly impacted by the stability of the underlying soils. In situ subgrades often do not provide enough support required to achieve acceptable performance under traffic loading and environmental demands. NovoCrete® is a powder binder-mineral for cement stabilized road pavements soils. NovoCrete® combined with Portland cement at optimum water content increases the crystallize formations during the hydration process, resulting in higher strengths, neutralizes pH levels, and provides water impermeability. These changes in soil properties may lead to transforming existing unsuitable in-situ materials into suitable fill materials. The main features of NovoCrete® are: They are applicable to all types of soil, reduce premature cracking and improve soil properties, creating base and subbase course layers with high bearing capacity by reducing hazardous materials. It can be used also for stabilization of recyclable aggregates and old asphalt pavement aggregate, etc. There are many applications in Germany, Turkey, India etc. In this paper, a few field application in Turkey will be discussed. In the road construction works, this binder material is used for cement stabilization works. In the applications 120-180 kg cement is used for 1 m3 of soil with a 2 % of binder NovoCrete® material for the stabilization. The results of a plate loading test in a road construction site show 1 mm deformation which is very small under 7 kg/cm2 loading. The modulus of subgrade reaction increase from 611 MN/m3 to 3673 MN/m3.The soaked CBR values for stabilized soils increase from 10-20 % to 150-200 %. According to these data weak subgrade soil can be used as a base or sub base after the modification. The potential reduction in the need for quarried materials will help conserve natural resources. The use of on-site or nearby materials in fills, will significantly reduce transportation costs and provide both economic and environmental benefits.

Keywords: soil, stabilization, cement, binder, Novocrete, additive

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888 Feasibility Study on the Application of Waste Materials for Production of Sustainable Asphalt Mixtures

Authors: Farzaneh Tahmoorian, Bijan Samali, John Yeaman

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Road networks are expanding all over the world during the past few decades to meet the increasing freight volumes created by the population growth and industrial development. At the same time, the rate of generation of solid wastes in the society is increasing with the population growth, technological development, and changes in the lifestyle of people. Thus, the management of solid wastes has become an acute problem. Accordingly, there is a need for greater efficiency in the construction and maintenance of road networks, in reducing the overall cost, especially the utilization of natural materials such as aggregates. An efficient means to reduce construction and maintenance costs of road networks is to replace natural (virgin) materials by secondary, recycled materials. Recycling will also help to reduce pressure on landfills and demand for extraction of natural virgin materials thus ensuring sustainability. Application of solid wastes in asphalt layer reduces not only environmental issues associated with waste disposal but also the demand for virgin materials which will subsequently result in sustainability. Therefore, this research aims to investigate the feasibility of the application of some of the waste materials such as glass, construction and demolition wastes, etc. as alternative materials in pavement construction, particularly flexible pavements. To this end, various combination of different waste materials in certain percentages is considered in designing the asphalt mixture. One of the goals of this research is to determine the optimum percentage of all these materials in the mixture. This is done through a series of tests to evaluate the volumetric properties and resilient modulus of the mixture. The information and data collected from these tests are used to select the adequate samples for further assessment through advanced tests such as triaxial dynamic test and fatigue test, in order to investigate the asphalt mixture resistance to permanent deformation and also cracking. This paper presents the results of these investigations on the application of waste materials in asphalt mixture for production of a sustainable asphalt mix.

Keywords: asphalt, glass, pavement, recycled aggregate, sustainability

Procedia PDF Downloads 236
887 Optimizing Pavement Construction Procedures in the Southern Desert of Libya

Authors: Khlifa El Atrash, Gabriel Assaf

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Libya uses a volumetric analysis in designing asphalt mixtures, which can also be upgraded in hot, arid weather. However, in order to be effective, it should include many important aspects which are materials, environment, and method of construction. However, the quality of some roads was below a satisfactory level. This paper examines the factors that contribute to low quality of road performance in Libya. To evaluate these factors, a questionnaire survey and a laboratory comparative study were performed for a few mixes under-represented of temperature and traffic load. In laboratory, rutting test conducted on two different asphalt mixture, these mixes included, an asphalt concrete mix using local aggregate and asphalt binder B(60/70) at the optimum Marshall asphalt content, another mixes designed using Superpave design procedure with the same materials and performance asphalt binder grade PG (70-10). In the survey, the questionnaire was distributed to 55 engineers and specialists in this field. The interview was conducted to a few others, and the factors that were leading to poor performance of asphalt roads were listed as; 1) Owner Experience and technical staff 2) Asphalt characteristics 3) Updating and development of Asphalt Mix Design methods 4) Lack of data collection by authorization Agency 5) Construction and compaction process 6) Mentoring and controlling mixing procedure. Considering and improving these factors will play an important role to improve the pavement performances, longer service life, and lower maintenance costs. This research summarized some recommendations for making asphalt mixtures used in hot, dry areas. Such asphalt mixtures should use asphalt binder which is less affected by pavement temperature change and traffic load. The properties of the mixture, such as durability, deformation, air voids, and performance, largely depend on the type of materials, environment, and mixing method. These properties, in turn, affect the pavement performance.

Keywords: volumetric analysis, pavement performances, hot climate, traffic load, pavement temperature, asphalt mixture, environment, design and construction

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886 The Integrated Methodological Development of Reliability, Risk and Condition-Based Maintenance in the Improvement of the Thermal Power Plant Availability

Authors: Henry Pariaman, Iwa Garniwa, Isti Surjandari, Bambang Sugiarto

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Availability of a complex system of thermal power plant is strongly influenced by the reliability of spare parts and maintenance management policies. A reliability-centered maintenance (RCM) technique is an established method of analysis and is the main reference for maintenance planning. This method considers the consequences of failure in its implementation, but does not deal with further risk of down time that associated with failures, loss of production or high maintenance costs. Risk-based maintenance (RBM) technique provides support strategies to minimize the risks posed by the failure to obtain maintenance task considering cost effectiveness. Meanwhile, condition-based maintenance (CBM) focuses on monitoring the application of the conditions that allow the planning and scheduling of maintenance or other action should be taken to avoid the risk of failure prior to the time-based maintenance. Implementation of RCM, RBM, CBM alone or combined RCM and RBM or RCM and CBM is a maintenance technique used in thermal power plants. Implementation of these three techniques in an integrated maintenance will increase the availability of thermal power plants compared to the use of maintenance techniques individually or in combination of two techniques. This study uses the reliability, risks and conditions-based maintenance in an integrated manner to increase the availability of thermal power plants. The method generates MPI (Priority Maintenance Index) is RPN (Risk Priority Number) are multiplied by RI (Risk Index) and FDT (Failure Defense Task) which can generate the task of monitoring and assessment of conditions other than maintenance tasks. Both MPI and FDT obtained from development of functional tree, failure mode effects analysis, fault-tree analysis, and risk analysis (risk assessment and risk evaluation) were then used to develop and implement a plan and schedule maintenance, monitoring and assessment of the condition and ultimately perform availability analysis. The results of this study indicate that the reliability, risks and conditions-based maintenance methods, in an integrated manner can increase the availability of thermal power plants.

Keywords: integrated maintenance techniques, availability, thermal power plant, MPI, FDT

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885 An Investigation of the Relevant Factors of Unplanned Readmission within 14 Days of Discharge in a Regional Teaching Hospital in South Taiwan

Authors: Xuan Hua Huang, Shu Fen Wu, Yi Ting Huang, Pi Yueh Lee

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Background: In Taiwan, the Taiwan healthcare care Indicator Series regards the rate of hospital readmission as an important indicator of healthcare quality. Unplanned readmission not only effects patient’s condition but also increase healthcare utilization rate and healthcare costs. Purpose: The purpose of this study was explored the effects of adult unplanned readmission within 14 days of discharge at a regional teaching hospital in South Taiwan. Methods: The retrospectively review design was used. A total 495 participants of unplanned readmissions and 878 of non-readmissions within 14 days recruited from a regional teaching hospital in Southern Taiwan. The instruments used included the Charlson Comorbidity Index, and demographic characteristics, and disease-related variables. Statistical analyses were performed with SPSS version 22.0. The descriptive statistics were used (means, standard deviations, and percentage) and the inferential statistics were used T-test, Chi-square test and Logistic regression. Results: The unplanned readmissions within 14 days rate was 36%. The majorities were 268 males (54.1%), aged >65 were 318 (64.2%), and mean age was 68.8±14.65 years (23-98years). The mean score for the comorbidities was 3.77±2.73. The top three diagnosed of the readmission were digestive diseases (32.7%), respiratory diseases (15.2%), and genitourinary diseases (10.5%). There were significant relationships among the gender, age, marriage, comorbidity status, and discharge planning services (χ2: 3.816-16.474, p: 0.051~0.000). Logistic regression analysis showed that old age (OR = 1.012, 95% CI: 1.003, 1.021), had the multi-morbidity (OR = 0.712~4.040, 95% CI: 0.559~8.522), had been consult with discharge planning services (OR = 1.696, 95% CI: 1.105, 2.061) have a higher risk of readmission. Conclusions: This study finds that multi-morbidity was independent risk factor for unplanned readmissions at 14 days, recommended that the interventional treatment of the medical team be provided to provide integrated care for multi-morbidity to improve the patient's self-care ability and reduce the 14-day unplanned readmission rate.

Keywords: unplanned readmission, comorbidities, Charlson comorbidity index, logistic regression

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884 The Transformation of Architecture through the Technological Developments in History: Future Architecture Scenario

Authors: Adel Gurel, Ozge Ceylin Yildirim

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Nowadays, design and architecture are being affected and underwent change with the rapid advancements in technology, economics, politics, society and culture. Architecture has been transforming with the latest developments after the inclusion of computers into design. Integration of design into the computational environment has revolutionized the architecture and new perspectives in architecture have been gained. The history of architecture shows the various technological developments and changes in which the architecture has transformed with time. Therefore, the analysis of integration between technology and the history of the architectural process makes it possible to build a consensus on the idea of how architecture is to proceed. In this study, each period that occurs with the integration of technology into architecture is addressed within historical process. At the same time, changes in architecture via technology are identified as important milestones and predictions with regards to the future of architecture have been determined. Developments and changes in technology and the use of technology in architecture within years are analyzed in charts and graphs comparatively. The historical process of architecture and its transformation via technology are supported with detailed literature review and they are consolidated with the examination of focal points of 20th-century architecture under the titles; parametric design, genetic architecture, simulation, and biomimicry. It is concluded that with the historical research between past and present; the developments in architecture cannot keep up with the advancements in technology and recent developments in technology overshadow the architecture, even the technology decides the direction of architecture. As a result, a scenario is presented with regards to the reach of technology in the future of architecture and the role of the architect.

Keywords: computer technologies, future architecture, scientific developments, transformation

Procedia PDF Downloads 191
883 Reclamation of Molding Sand: A Chemical Approach to Recycle Waste Foundry Sand

Authors: Mohd Moiz Khan, S. M. Mahajani, G. N. Jadhav

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Waste foundry sand (total clay content 15%) contains toxic heavy metals and particulate matter which make dumping of waste sand an environmental and health hazard. Disposal of waste foundry sand (WFS) remains one of the substantial challenges faced by Indian foundries nowadays. To cope up with this issue, the chemical method was used to reclaim WFS. A stirrer tank reactor was used for chemical reclamation. Experiments were performed to reduce the total clay content from 15% to as low as 0.9% in chemical reclamation. This method, although found to be effective for WFS reclamation, it may face a challenge due to the possibly high operating cost. Reclaimed sand was found to be satisfactory in terms of sand qualities such as total clay (0.9%), active clay (0.3%), acid demand value (ADV) (2.6%), loss on igniting (LOI) (3 %), grain fineness number (GFN) (56), and compressive strength (60 kPa). The experimental data generated on chemical reactor under different conditions is further used to optimize the design and operating parameters (rotation speed, sand to acidic solution ratio, acid concentration, temperature and time) for the best performance. The use of reclaimed sand within the foundry would improve the economics and efficiency of the process and reduce environmental concerns.

Keywords: chemical reclamation, clay content, environmental concerns, recycle, waste foundry sand

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882 Clinical Advice Services: Using Lean Chassis to Optimize Nurse-Driven Telephonic Triage of After-Hour Calls from Patients

Authors: Eric Lee G. Escobedo-Wu, Nidhi Rohatgi, Fouzel Dhebar

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It is challenging for patients to navigate through healthcare systems after-hours. This leads to delays in care, patient/provider dissatisfaction, inappropriate resource utilization, readmissions, and higher costs. It is important to provide patients and providers with effective clinical decision-making tools to allow seamless connectivity and coordinated care. In August 2015, patient-centric Stanford Health Care established Clinical Advice Services (CAS) to provide clinical decision support after-hours. CAS is founded on key Lean principles: Value stream mapping, empathy mapping, waste walk, takt time calculations, standard work, plan-do-check-act cycles, and active daily management. At CAS, Clinical Assistants take the initial call and manage all non-clinical calls (e.g., appointments, directions, general information). If the patient has a clinical symptom, the CAS nurses take the call and utilize standardized clinical algorithms to triage the patient to home, clinic, urgent care, emergency department, or 911. Nurses may also contact the on-call physician based on the clinical algorithm for further direction and consultation. Since August 2015, CAS has managed 228,990 calls from 26 clinical specialties. Reporting is built into the electronic health record for analysis and data collection. 65.3% of the after-hours calls are clinically related. Average clinical algorithm adherence rate has been 92%. An average of 9% of calls was escalated by CAS nurses to the physician on call. An average of 5% of patients was triaged to the Emergency Department by CAS. Key learnings indicate that a seamless connectivity vision, cascading, multidisciplinary ownership of the problem, and synergistic enterprise improvements have contributed to this success while striving for continuous improvement.

Keywords: after hours phone calls, clinical advice services, nurse triage, Stanford Health Care

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881 Applying Multiple Kinect on the Development of a Rapid 3D Mannequin Scan Platform

Authors: Shih-Wen Hsiao, Yi-Cheng Tsao

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In the field of reverse engineering and creative industries, applying 3D scanning process to obtain geometric forms of the objects is a mature and common technique. For instance, organic objects such as faces and nonorganic objects such as products could be scanned to acquire the geometric information for further application. However, although the data resolution of 3D scanning device is increasing and there are more and more abundant complementary applications, the penetration rate of 3D scanning for the public is still limited by the relative high price of the devices. On the other hand, Kinect, released by Microsoft, is known for its powerful functions, considerably low price, and complete technology and database support. Therefore, related studies can be done with the applying of Kinect under acceptable cost and data precision. Due to the fact that Kinect utilizes optical mechanism to extracting depth information, limitations are found due to the reason of the straight path of the light. Thus, various angles are required sequentially to obtain the complete 3D information of the object when applying a single Kinect for 3D scanning. The integration process which combines the 3D data from different angles by certain algorithms is also required. This sequential scanning process costs much time and the complex integration process often encounter some technical problems. Therefore, this paper aimed to apply multiple Kinects simultaneously on the field of developing a rapid 3D mannequin scan platform and proposed suggestions on the number and angles of Kinects. In the content, a method of establishing the coordination based on the relation between mannequin and the specifications of Kinect is proposed, and a suggestion of angles and number of Kinects is also described. An experiment of applying multiple Kinect on the scanning of 3D mannequin is constructed by Microsoft API, and the results show that the time required for scanning and technical threshold can be reduced in the industries of fashion and garment design.

Keywords: 3D scan, depth sensor, fashion and garment design, mannequin, multiple Kinect sensor

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880 Identifying the Barriers Facing Chinese Small and Medium-Sized Enterprises and Evaluating the Effectiveness of Public Supports

Authors: A. Yongsheng Guo, B. Obedat. Abdulazeez, C. Xiaoxian Zhu

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This study aimed to identify the barriers to the development of small and medium-sized enterprises (SMEs) in China and build a theoretical framework to evaluate the support provided by the authorities and institutions. A grounded theory approach was adopted to collect and analyze data. 32 interviews were conducted with SME managers, and open, axial and selective coding was utilized to develop themes. Based on institutional theory, grounded theory models were used to present findings. The findings showed that the main barriers in the business environment were defaulting on contracts, bureaucracy in procedures, lack of financial and legal support, limited intermediaries and channels, and poor quality of products and services. This study found that many programs were provided to support SMEs. A theoretical framework was developed to evaluate the performance of the programs from the managers’ perspective. The concepts of economy, efficiency and effectiveness were used to evaluate the perceived value of the programs. This study suggests that specialized programs are needed to suit sector-specific requirements, and creative packages are helpful in supporting SMEs' growth.

Keywords: business support, public economics, public programme, SME

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879 Waste Utilization by Combustion in the Composition of Gel Fuels

Authors: Dmitrii Glushkov, Aleksandr G. Nigay, Olga S. Yashutina

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In recent years, due to the intensive development of the Arctic and Antarctic areas, the actual task is to develop technology for the effective utilization of solid and liquid combustible wastes in an environment with low temperatures. Firstly, such technology will help to prevent the dumping of waste into the World Ocean and reduce the risks of causing environmental damage to the Far North areas. Secondly, promising actions will help to prepare fuel compositions from the waste in the places of their production. Such kind of fuels can be used as energy resources. It will reduce waste utilization costs when transporting them to the mainland. In the present study, we suggest a solution to the problem of waste utilization by the preparation of gel fuels based on solid and liquid combustible components with the addition of the thickener. Such kind of fuels is characterized by ease of preparation, storage, transportation and use (as energy resources). The main regularities and characteristics of physical and chemical processes are established with varying parameters of gel fuels and heating sources in wide ranges. The obtained results let us conclude about the prospects of gel fuels practical application for combustible wastes utilization. Appropriate technology will be characterized by positive environmental, operational and economic effects. The composition of the gel fuels can vary in a wide range. The fuels preparation based on one type of a combustible liquid or a several liquids mixture with the finely dispersed components addition makes it possible to obtain compositions with predicted rheological, energy or environmental characteristics. Besides, gel fuels have a lower level of the fire hazard compared to common solid and liquid fuels. This makes them convenient for storage and transportation. In such conditions, it is not necessary to transport combustible wastes from the territory of the Arctic and the Antarctic to the mainland for processing, which is now quite an expensive procedure. The research was funded by the Russian Science Foundation (project No. 18-13-00031).

Keywords: combustible liquid waste, gel fuel, ignition and combustion, utilization

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878 Urban Form of the Traditional Arabic City in the Light of Islamic Values

Authors: Akeel Noori Al-Mulla Hwaish

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The environmental impact, economics, social and cultural factors, and the processes by which people define history and meaning had influenced the dynamic shape and character of the traditional Islamic Arabic city. Therefore, in regard to the period when Islam was at its peak (7th- 13th Centuries), Islamic city wasn’t the highly dynamited at the scale of buildings and city planning that demonstrates a distinguished city as an ‘Islamic’ as appeared after centuries when the function of the buildings and their particular arrangement and planning scheme in relation to one another that defined an Islamic city character. The architectural features of the urban fabric of the traditional Arabic Islamic city are a ‎reflection of the spiritual, social, and cultural characteristics of the people. It is a ‎combination of Islamic values ‘Din’ and life needs ‘Dunia’ as Prophet Muhammad built the first Mosque in ‎Madinah in the 1st year of his migration to it, then the Suq or market on 2nd of Hijrah, attached to ‎the mosque to signify the birth of a new Muslims community which considers both, ‎‎’Din’ and ‘Dunia’ and initiated nucleus for what which called after that as an ‘Islamic’ city. This research will discuss the main characteristics and components of the traditional Arab cities and demonstrate the impact of the Islamic values on shaping the planning layout and general built environment features of the early traditional Arab cities.

Keywords: urban, Islamic, Arabic, city

Procedia PDF Downloads 199
877 Exploring Factors Related to Unplanning Readmission of Elderly Patients in Taiwan

Authors: Hui-Yen Lee, Hsiu-Yun Wei, Guey-Jen Lin, Pi-Yueh Lee Lee

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Background: Unplanned hospital readmissions increase healthcare costs and have been considered a marker of poor healthcare performance. The elderly face a higher risk of unplanned readmission due to elderly-specific characteristics such as deteriorating body functions and the relatively high incidence of complications after treatment of acute diseases. Purpose: The aim of this study was exploring the factors that relate to the unplanned readmission of elderly within 14 days of discharge at our hospital in southern Taiwan. Methods: We retrospectively reviewed the medical records of patients aged ≥65 years who had been re-admitted between January 2018 and December 2018.The Charlson Comorbidity score was calculated using previous used method. Related factors that affected the rate of unplanned readmission within 14 days of discharge were screened and analyzed using the chi-squared test and logistic regression analysis. Results: This study enrolled 829 subjects aged more than 65 years. The numbers of unplanned readmission patients within 14 days were 318 cases, while those did not belong to the unplanned readmission were 511 cases. In 2018, the rate of elderly patients in unplanned 14 days readmissions was 38.4%. The majority patients were females (166 cases, 52.2%), with an average age of 77.6 ± 7.90 years (65-98). The average value of Charlson Comorbidity score was 4.42±2.76. Using logistic regression analysis, we found that the gastric or peptic ulcer (OR=1.917 , P< 0.002), diabetes (OR= 0.722, P< 0.043), hemiplegia (OR= 2.292, P< 0.015), metastatic solid tumor (OR= 2.204, P< 0.025), hypertension (OR= 0.696, P< 0.044), and skin ulcer/cellulitis (OR= 2.747, P< 0.022) have significantly higher risk of 14-day readmissions. Conclusion: The results of the present study may assist the healthcare teams to understand the factors that may affect unplanned readmission in the elderly. We recommend that these teams give efficient approach in their medical practice, provide timely health education for elderly, and integrative healthcare for chronic diseases in order to reduce unplanned readmissions.

Keywords: unplanning readmission, elderly, Charlson comorbidity score, logistic regression analysis

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876 Technical Efficiency in Organic and Conventional Wheat Farms: Evidence from a Primary Survey from Two Districts of Ganga River Basin, India

Authors: S. P. Singh, Priya, Komal Sajwan

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With the increasing spread of organic farming in India, costs, returns, efficiency, and social and environmental sustainability of organic vis-a-vis conventional farming systems have become topics of interest among agriculture scientists, economists, and policy analysts. A study on technical efficiency estimation under these farming systems, particularly in the Ganga River Basin, where the promotion of organic farming is incentivized, can help to understand whether the inputs are utilized to their maximum possible level and what measures can be taken to improve the efficiency. This paper, therefore, analyses the technical efficiency of wheat farms operating under organic and conventional farming systems. The study is based on a primary survey of 600 farms (300 organic ad 300 conventional) conducted in 2021 in two districts located in the Middle Ganga River Basin, India. Technical, managerial, and scale efficiencies of individual farms are estimated by applying the data envelopment analysis (DEA) methodology. The per hectare value of wheat production is taken as an output variable, and values of seeds, human labour, machine cost, plant nutrients, farm yard manure (FYM), plant protection, and irrigation charges are considered input variables for estimating the farm-level efficiencies. The post-DEA analysis is conducted using the Tobit regression model to know the efficiency determining factors. The results show that technical efficiency is significantly higher in conventional than organic farming systems due to a higher gap in scale efficiency than managerial efficiency. Further, 9.8% conventional and only 1.0% organic farms are found operating at the most productive scale size (MPSS), and 99% organic and 81% conventional farms at IRS. Organic farms perform well in managerial efficiency, but their technical efficiency is lower than conventional farms, mainly due to their relatively lower scale size. The paper suggests that technical efficiency in organic wheat can be increased by upscaling the farm size by incentivizing group/collective farming in clusters.

Keywords: organic, conventional, technical efficiency, determinants, DEA, Tobit regression

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875 Development of an Experiment for Impedance Measurement of Structured Sandwich Sheet Metals by Using a Full Factorial Multi-Stage Approach

Authors: Florian Vincent Haase, Adrian Dierl, Anna Henke, Ralf Woll, Ennes Sarradj

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Structured sheet metals and structured sandwich sheet metals are three-dimensional, lightweight structures with increased stiffness which are used in the automotive industry. The impedance, a figure of resistance of a structure to vibrations, will be determined regarding plain sheets, structured sheets, and structured sandwich sheets. The aim of this paper is generating an experimental design in order to minimize costs and duration of experiments. The design of experiments will be used to reduce the large number of single tests required for the determination of correlation between the impedance and its influencing factors. Full and fractional factorials are applied in order to systematize and plan the experiments. Their major advantages are high quality results given the relatively small number of trials and their ability to determine the most important influencing factors including their specific interactions. The developed full factorial experimental design for the study of plain sheets includes three factor levels. In contrast to the study of plain sheets, the respective impedance analysis used on structured sheets and structured sandwich sheets should be split into three phases. The first phase consists of preliminary tests which identify relevant factor levels. These factor levels are subsequently employed in main tests, which have the objective of identifying complex relationships between the parameters and the reference variable. Possible post-tests can follow up in case additional study of factor levels or other factors are necessary. By using full and fractional factorial experimental designs, the required number of tests is reduced by half. In the context of this paper, the benefits from the application of design for experiments are presented. Furthermore, a multistage approach is shown to take into account unrealizable factor combinations and minimize experiments.

Keywords: structured sheet metals, structured sandwich sheet metals, impedance measurement, design of experiment

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874 Banking Union: A New Step towards Completing the Economic and Monetary Union

Authors: Marijana Ivanov, Roman Šubić

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The single rulebook together with the Single Supervisory Mechanism and the Single Resolution Mechanism - as two main pillars of the banking union, represent important steps towards completing the Economic and Monetary Union. It should provide a consistent application of common rules and administrative standards for supervision, recovery and resolution of banks – with the final aim that a former practice of the bail-out is replaced with the bail-in system through which bank failures will be resolved by their own funds, i.e. with minimal costs for taxpayers and real economy. It has to reduce the financial fragmentation recorded in the years of crisis as the result of divergent behaviors in risk premium, lending activities, and interest rates between the core and the periphery. In addition, it should strengthen the effectiveness of monetary transmission channels, in particular the credit channels and overflows of liquidity on the single interbank money market. However, contrary to all the positive expectations related to the future functioning of the banking union, low and unbalanced economic growth rates remain a challenge for the maintenance of financial stability in the euro area, and this problem cannot be resolved just by a single supervision. In many countries bank assets exceed their GDP by several times, and large banks are still a matter of concern because of their systemic importance for individual countries and the euro zone as a whole. The creation of the SSM and the SRM should increase transparency of the banking system in the euro area and restore confidence that have been disturbed during the depression. It would provide a new opportunity to strengthen economic and financial systems in the peripheral countries. On the other hand, there is a potential threat that future focus of the ECB, resolution mechanism and other relevant institutions will be extremely oriented to the large and significant banks (whereby one half of them operate in the core and most important euro area countries), while it is questionable to what extent the common resolution funds will be used for rescue of less important institutions.

Keywords: banking union, financial integration, single supervision mechanism (SSM)

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873 Optimization of Water Desalination System Powered by High Concentrated Photovoltaic Panels in Kuwait Climate Conditions

Authors: Adel A. Ghoneim

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Desalination using solar energy is an interesting option specifically at regions with abundant solar radiation since such areas normally have scarcity of clean water resources. Desalination is the procedure of eliminating dissolved minerals from seawater or brackish water to generate fresh water. In this work, a simulation program is developed to determine the performance of reverse osmosis (RO) water desalination plant powered by high concentrated photovoltaic (HCPV) panels in Kuwait climate conditions. The objective of such a photovoltaic thermal system is to accomplish a double output, i.e., co-generation of both electricity and fresh water that is applicable for rural regions with high solar irradiation. The suggested plan enables to design an RO plant that does not depend on costly batteries or additional land and significantly reduce the government costs to subsidize the water generation cost. Typical weather conditions for Kuwait is employed as input to the simulation program. The simulation program is utilized to optimize the system efficiency as well as the distillate water production. The areas and slopes of HCPV modules are varied to attain maximum yearly power production. Maximum yearly distillate production and HCPV energy generation are found to correspond to HCPV facing south with tilt of 27° (Kuwait latitude-3°). The power needed to produce 1 l of clean drinking water ranged from 2 to 8 kW h/m³, based on the salinity of the feed water and the system operating conditions. Moreover, adapting HCPV systems achieve an avoided greenhouse gases emission by about 1128 ton CO₂ annually. Present outcomes certainly illustrate environmental advantages of water desalination system powered by high concentrated photovoltaic systems in Kuwait climate conditions.

Keywords: desalination, high concentrated photovoltaic systems, reverse osmosis, solar radiation

Procedia PDF Downloads 142
872 Competitive Advantage Challenges in the Apparel Manufacturing Industries of South Africa: Application of Porter’s Factor Conditions

Authors: Sipho Mbatha, Anne Mastament-Mason

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South African manufacturing global competitiveness was ranked 22nd (out of 38 countries), dropped to 24th in 2013 and is expected to drop further to 25th by 2018. These impacts negatively on the industrialisation project of South Africa. For industrialization to be achieved through labour intensive industries like the Apparel Manufacturing Industries of South Africa (AMISA), South Africa needs to identify and respond to factors negatively impacting on the development of competitive advantage This paper applied factor conditions from Porter’s Diamond Model (1990) to understand the various challenges facing the AMISA. Factor conditions highlighted in Porter’s model are grouped into two groups namely, basic and advance factors. Two AMISA associations representing over 10 000 employees were interviewed. The largest Clothing, Textiles and Leather (CTL) apparel retail group was also interviewed with a government department implementing the industrialisation policy were interviewed The paper points out that while AMISA have basic factor conditions necessary for competitive advantage in the clothing and textiles industries, Advance factor coordination has proven to be a challenging task for the AMISA, Higher Education Institutions (HEIs) and government. Poor infrastructural maintenance has contributed to high manufacturing costs and poor quick response as a result of lack of advanced technologies. The use of Porter’s Factor Conditions as a tool to analyse the sector’s competitive advantage challenges and opportunities has increased knowledge regarding factors that limit the AMISA’s competitiveness. It is therefore argued that other studies on Porter’s Diamond model factors like Demand conditions, Firm strategy, structure and rivalry and Related and supporting industries can be used to analyse the situation of the AMISA for the purposes of improving competitive advantage.

Keywords: compliance rule, apparel manufacturing industry, factor conditions, advance skills and South African industrial policy

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871 Corporate Social Responsibility for Multinational Enterprises to Gain Incomparable Advantage on the Long Run without Competition

Authors: Fatima Homor

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The new era in business has started, according to my research paper findings, corporate social responsibility leads organizations to an incomparable advantage phase, where competition is secondary and financial growth is a result. Those who join later, lose their active advantage and cause passive disadvantage for their organizations. The main purpose of this presentation is to state the obvious and shed the light of the advantages of doing good, while doing well for multinational enterprises, extremely low fluctuation (preventing one of the highest costs), significantly lower marketing budget, enhanced reputation causing customer and supplier loyalty, employee commitment results in higher motivation level leading to better quality at each stages, Corporate Social Responsibility brings Unique Selling Proposition incomparable to others. The paper is based on a large research work conducted for the University of Liverpool Masters in Business Administration program, with the title of Corporate Social Responsibility for Multinational Enterprises to gain incomparable advantage. The research is based on both recent secondary data, but most importantly on 25 interviews with Chief Executive Officers at Multinational Enterprises and / or the Human Resources / corporate communications directors. The direct gains on Corporate Social Responsibility are analyzed when it is embedded into the core of the business. It is evident that project based Corporate Social Responsibility is not effective neither from the supported topic, Non-governmental Organizations point of view nor from the organization’s long-term sustainability point of view. Surveys have been conducted, data compared and consequences drawn. Corporate Social Responsibility must be started inside of the business to strengthen it. First, commit employees. It must come from the Chief Executive Officer. It must be related to the business profile. It has to be long term. They will commit customers. B-corps are coming (e.g. Unilever); the phenomenon of social enterprises has become a leading one.

Keywords: B-corps, embedded into core business, first inside, unique advantage

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870 The Efficacy of Pre-Hospital Packed Red Blood Cells in the Treatment of Severe Trauma: A Retrospective, Matched, Cohort Study

Authors: Ryan Adams

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Introduction: Major trauma is the leading cause of death in 15-45 year olds and a significant human, social and economic costs. Resuscitation is a stalwart of trauma management, especially in the pre-hospital environment and packed red blood cells (pRBC) are being increasingly used with the advent of permissive hypotension. The evidence in this area is lacking and further research is required to determine its efficacy. Aim: The aim of this retrospective, matched cohort study was to determine if major trauma patients, who received pre-hospital pRBC, have a difference in their initial emergency department cardiovascular status; when compared with injury-profile matched controls. Methods: The trauma databases of the Royal Brisbane and Women's Hospital, Royal Children's Hospital (Herston) and Queensland Ambulance Service were accessed and major trauma patient (ISS>12) data, who received pre-hospital pRBC, from January 2011 to August 2014 was collected. Patients were then matched against control patients that had not received pRBC, by their injury profile. The primary outcomes was cardiovascular status; defined as shock index and Revised Trauma Score. Results: Data for 25 patients who received pre-hospital pRBC was accessed and the injury profiles matched against suitable controls. On admittance to the emergency department, a statistically significant difference was seen in the blood group (Blood = 1.42 and Control = 0.97, p-value = 0.0449). However, the same was not seen with the RTS (Blood = 4.15 and Control 5.56, p-value = 0.291). Discussion: A worsening shock index and revised trauma score was associated with pre-hospital administration of pRBC. However, due to the small sample size, limited matching protocol and associated confounding factors it is difficult to draw any solid conclusions. Further studies, with larger patient numbers, are required to enable adequate conclusions to be drawn on the efficacy of pre-hospital packed red blood cell transfusion.

Keywords: pre-hospital, packed red blood cells, severe trauma, emergency medicine

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869 Supply Chain of Energy Resources and Its Alternatives Due to the Arab Spring: The Case of Egyptian Natural Gas Flow to Jordan

Authors: Moh’d Anwer Al-Shboul

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The year 2011 was a challenging year for Jordanian economy, which felt a variety of effects from the Arab Spring which took place in neighboring countries. Since February, 5th 2012, the Arab Gas Supply Pipeline, which carries natural gas from Egypt through the Sinai Peninsula and to Jordan and Israel, has been attacked more than 39 times. Jordan imported about 80 percent of its necessity of natural gas (about 250 million cubic feet of natural gas per day) from Egypt to generate particularly electricity, with the reminder of being produced locally. Jordan has utilized multiple alternatives to address the interruption of available natural gas supply from Egypt. The Jordanian distributed power plants now rely on the use of heavy fuel oil and diesel for electricity generation, in this case, it costs Jordan about four times than natural gas. The substitution of Egyptian natural gas supplies by fuel oil and diesel, coupled with the 32 percent rise in global fuel prices, has increased Jordan’s energy import bill by over 50 percent in 2011, reaching more than 16 percent of the 2011 GDP. The increase in the cost of electricity generation pushed the Jordanian economy to borrow from multiple internal and external resource channels, thus increasing the public debt. The Jordanian government’s short-term solution to the reduced natural gas supply from Egypt was alternatively purchasing the necessary quantities from some Gulf countries such as Qatar and/or Saudi Arabia, which can be imported with two possible methods. The first method is to rent a ship equipped with a liquefied natural gas (LNG) terminal, which is currently operating. The second method requires equipping the Aqaba port with an LNG terminal, which also currently is operating. In the long-term, a viable solution to depending on importing expensive and often unreliable natural gas supplies from surrounding countries is to depend more heavily on renewable supply energy, including solar, wind, and water energy.

Keywords: energy supply resources, Arab spring, liquefied natural gas, pipeline, Jordan

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868 Using 3D Satellite Imagery to Generate a High Precision Canopy Height Model

Authors: M. Varin, A. M. Dubois, R. Gadbois-Langevin, B. Chalghaf

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Good knowledge of the physical environment is essential for an integrated forest planning. This information enables better forecasting of operating costs, determination of cutting volumes, and preservation of ecologically sensitive areas. The use of satellite images in stereoscopic pairs gives the capacity to generate high precision 3D models, which are scale-adapted for harvesting operations. These models could represent an alternative to 3D LiDAR data, thanks to their advantageous cost of acquisition. The objective of the study was to assess the quality of stereo-derived canopy height models (CHM) in comparison to a traditional LiDAR CHM and ground tree-height samples. Two study sites harboring two different forest stand types (broadleaf and conifer) were analyzed using stereo pairs and tri-stereo images from the WorldView-3 satellite to calculate CHM. Acquisition of multispectral images from an Unmanned Aerial Vehicle (UAV) was also realized on a smaller part of the broadleaf study site. Different algorithms using two softwares (PCI Geomatica and Correlator3D) with various spatial resolutions and band selections were tested to select the 3D modeling technique, which offered the best performance when compared with LiDAR. In the conifer study site, the CHM produced with Corelator3D using only the 50-cm resolution panchromatic band was the one with the smallest Root-mean-square deviation (RMSE: 1.31 m). In the broadleaf study site, the tri-stereo model provided slightly better performance, with an RMSE of 1.2 m. The tri-stereo model was also compared to the UAV, which resulted in an RMSE of 1.3 m. At individual tree level, when ground samples were compared to satellite, lidar, and UAV CHM, RMSE were 2.8, 2.0, and 2.0 m, respectively. Advanced analysis was done for all of these cases, and it has been noted that RMSE is reduced when the canopy cover is higher when shadow and slopes are lower and when clouds are distant from the analyzed site.

Keywords: very high spatial resolution, satellite imagery, WorlView-3, canopy height models, CHM, LiDAR, unmanned aerial vehicle, UAV

Procedia PDF Downloads 126
867 Analytical Characterization of TiO2-Based Nanocoatings for the Protection and Preservation of Architectural Calcareous Stone Monuments

Authors: Sayed M. Ahmed, Sawsan S. Darwish, Mahmoud A. Adam, Nagib A. Elmarzugi, Mohammad A. Al-Dosari, Nadia A. Al-Mouallimi

Abstract:

Historical stone surfaces and architectural heritage especially which located in open areas may undergo unwanted changes due to the exposure to many physical and chemical deterioration factors, air pollution, soluble salts, Rh/temperature, and biodeterioration are the main causes of decay of stone building materials. The development and application of self-cleaning treatments on historical and architectural stone surfaces could be a significant improvement in conservation, protection, and maintenance of cultural heritage. In this paper, nanometric titanium dioxide has become a promising photocatalytic material owing to its ability to catalyze the complete degradation of many organic contaminants and represent an appealing way to create self-cleaning surfaces, thus limiting maintenance costs, and to promote the degradation of polluting agents. The obtained nano-TiO2 coatings were applied on travertine (Marble and limestone often used in historical and monumental buildings). The efficacy of the treatments has been evaluated after coating and artificial thermal aging, through capillary water absorption, Ultraviolet-light exposure to evaluate photo-induced and the hydrophobic effects of the coated surface, while the surface morphology before and after treatment was examined by scanning electron microscopy (SEM). The changes of molecular structure occurring in treated samples were spectroscopy studied by FTIR-ATR, and Colorimetric measurements have been performed to evaluate the optical appearance. All the results get together with the apparent effect that coated TiO2 nanoparticles is an innovative method, which enhanced the durability of stone surfaces toward UV aging, improved their resistance to relative humidity and temperature, self-cleaning photo-induced effects are well evident, and no alteration of the original features.

Keywords: architectural calcareous stone monuments, coating, photocatalysis TiO2, self-cleaning, thermal aging

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866 Application of the Quantile Regression Approach to the Heterogeneity of the Fine Wine Prices

Authors: Charles-Olivier Amédée-Manesme, Benoit Faye, Eric Le Fur

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In this paper, the heterogeneity of the Bordeaux Legends 50 wine market price segment is addressed. For this purpose, quantile regression is applied – with market segmentation based on wine bottle price quantile – and the hedonic price of wine attributes is computed for various price segments of the market. The approach is applied to a major privately held data set which consists of approximately 30,000 transactions over the 2003–2014 period. The findings suggest that the relative hedonic prices of several wine attributes differ significantly among deciles. In particular, the elasticity coefficient of the expert ratings shows strong variation among prices. If - as suggested in the literature - expert ratings have a positive influence on wine price on average, they have a clearly decreasing impact over the quantiles. Finally, the lower the wine price, the higher the potential for price appreciation over time. Other variables such as chateaux or vintage are also shown to vary across the distribution of wine prices. While enhancing our understanding of the complex market dynamics that underlie Bordeaux wines’ price, this research provides empirical evidence that the QR approach adequately captures heterogeneity among wine price ranges, which simultaneously applies to wine stock, vintage and auctions’ house.

Keywords: hedonics, market segmentation, quantile regression, heterogeneity, wine economics

Procedia PDF Downloads 340