Search results for: fuel price structure

Authors: Chaouki Ghenai

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Computational Fluid Dynamic analysis of co-combustion of coal/biomass waste fuel blends is presented in this study. The main objective of this study is to investigate the effects of biomass portions (0%, 10%, 20%, 30%: weight percent) blended with coal and oxygen concentrations (21% for air, 35%, 50%, 75% and 100 % for pure oxygen) on the combustion performance and emissions. The goal is to reduce the air emissions from power plants coal combustion. Sub-bituminous Nigerian coal with calorific value of 32.51 MJ/kg and sawdust (biomass) with calorific value of 16.68 MJ/kg is used in this study. Coal/Biomass fuel blends co-combustion is modeled using mixture fraction/pdf approach for non-premixed combustion and Discrete Phase Modeling (DPM) to predict the trajectories and the heat/mass transfer of the fuel blend particles. The results show the effects of oxygen concentrations and biomass portions in the coal/biomass fuel blends on the gas and particles temperatures, the flow field, the devolitization and burnout rates inside the combustor and the CO2 and NOX emissions at the exit from the combustor. The results obtained in the course of this study show the benefits of enriching combustion air with oxygen and blending biomass waste with coal for reducing the harmful emissions from coal power plants.

Keywords: co-combustion, coal, biomass, fuel blends, CFD, air emissions

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Authors: Miroslaw Wendeker, Piotr Kacejko, Marcin Szlachetka, Mariusz Duk

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This paper discusses a model of fuel economy in a city bus driving in a dynamic urban environment. Rapid changes in speed result in a constantly changing kinetic energy accumulated in a bus mass and an increased fuel consumption due to hardly recuperated kinetic energy. The model is based on the bench test results achieved from chassis dynamometer, airport and city street researches. The verified model was applied to simulate the behavior of a bus during the Japanese JE05 Emission Test Cycle. The fuel consumption was calculated for three separate research stages, i.e. urban, downtown and motorway. The simulations were performed for several values of vehicle mass and electrical load applied to on-board devices. The research results show fuel consumption is impacted by driving dynamics.

Keywords: city bus, heavy duty vehicle, Japanese JE05 test cycle, kinetic energy

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Authors: Maryam Kiani

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This study focuses on the development of composite nanomaterials based on SiO2 and carbon black for oxygen reduction reaction (ORR) electrocatalysts in batteries and fuel cells. The aim was to explore the potential of these composite materials as efficient catalysts for ORR, which is a critical process in energy conversion devices. The SiO2/carbon black composite nanomaterials were synthesized using a facile and scalable method. The morphology, structure, and electrochemical properties of the materials were characterized using various techniques, including scanning electron microscopy (SEM), X-ray diffraction (XRD), and electrochemical measurements. The results demonstrated that the incorporation of SiO2 into the carbon black matrix enhanced the ORR performance of the composite material. The composite nanomaterials exhibited improved electrocatalytic activity, enhanced stability, and increased durability compared to pure carbon black. The presence of SiO2 facilitated the formation of active sites, improved electron transfer, and increased the surface area available for ORR. This study contributes to the advancement of battery and fuel cell technology by offering a promising approach for the development of high-performance ORR electrocatalysts. The SiO2/carbon black composite nanomaterials show great potential for improving the efficiency and durability of energy conversion devices, leading to more sustainable and efficient energy solutions.

Keywords: oxygen reduction reaction, batteries, fuel cells, electrrocatalyst

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Authors: Huey-Kuo Chen

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This paper applies directional marginal productivity model to study the shadow price of emissions by transportation modes in the years of 2011 and 2013 with the aim to provide a reference for policy makers to improve the emission of pollutants. One input variable (i.e., energy consumption), one desirable output variable (i.e., vehicle kilometers traveled) and three undesirable output variables (i.e., carbon dioxide, sulfur oxides and nitrogen oxides) generated by road transportation modes were used to evaluate directional marginal productivity and directional shadow price for 18 transportation modes. The results show that the directional shadow price (DSP) of SOx is much higher than CO2 and NOx. Nevertheless, the emission of CO2 is the largest among the three kinds of pollutants. To improve the air quality, the government should pay more attention to the emission of CO2 and apply the alternative solution such as promoting public transportation and subsidizing electric vehicles to reduce the use of private vehicles.

Keywords: marginal productivity, road transportation modes, shadow price, undesirable outputs

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Authors: Haiming Wen, Isabella J. Van Rooyen

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Tristructural isotropic (TRISO)-coated fuel particles are designed as nuclear fuel for high-temperature gas reactors. TRISO coating consists of layers of carbon buffer, inner pyrolytic carbon (IPyC), SiC, and outer pyrolytic carbon. The TRISO coating, especially the SiC layer, acts as a containment system for fission products produced in the kernel. However, release of certain metallic fission products across intact TRISO coatings has been observed for decades. Despite numerous studies, mechanisms by which fission products migrate across the coating layers remain poorly understood. In this study, scanning transmission electron microscopy (STEM), energy dispersive X-ray spectroscopy (EDS), high-resolution transmission electron microscopy (HRTEM) and electron energy loss spectroscopy (EELS) were used to examine the distribution, composition and structure of fission products in a TRISO coated particle neutron irradiated to 3.6 x 1021 n/cm² fast fluence at 1040 ⁰C. Precession electron diffraction was used to investigate characters of grain boundaries where specific fission product precipitates are located. The retention fraction of 110mAg in the investigated TRISO particle was estimated to be 0.19. A high density of nanoscale fission product precipitates was observed in the SiC layer close to the SiC-IPyC interface, most of which are rich in Pd, while Ag was not identified. Some Pd-rich precipitates contain U. Precipitates tend to have complex structure and composition. Although a precipitate appears to have uniform contrast in STEM, EDS indicated that there may be composition variations throughout the precipitate, and HRTEM suggested that the precipitate may have several parts different in crystal structure or orientation. Attempts were made to measure charge states of precipitates using EELS and study their possible effect on precipitate transport.

Keywords: TRISO particle, fission product, nuclear fuel, electron microscopy, neutron irradiation

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Authors: Sutanto, Alexander Christy, N. Sutrisno

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The demand of a product is linearly dependent on the price and quality of the product. It is analog to the demand of the employee in job-seeker problem. This paper address a closed-loop supply chain (CLSC) where a university plays role as manufacturer that produce graduates as job-seeker according to the demand and promote them to a certain corporation through a trial. Unemployed occurs when the job-seeker failed the trial or dismissed. A third party accomodates the unemployed and sends them back to the university to increase their quality through training.

Keywords: CLSC, price, quality, job-seeker problem

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Authors: Muskan Parmar, Musthafa Ottakam Thotiyl

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The rising need for portable energy sources has led to advancements in direct liquid fuel cells (DLFCs) using various fuels like alcohol, ammonia, hydrazine, and vitamin C. Traditional precious metal catalysts improve reaction speeds but are expensive and prone to poisoning. Our study reveals how non-precious metal organometallic complexes, combined with smartly designed ligands, can significantly boost performance. The key is a unique interaction between the substrate (fuel) and the ligand, which creates a "dragging" effect that enhances reaction rates. By using this approach with a ferricyanide/ferrocyanide half-cell reaction, we developed a vitamin C fuel cell without precious metals. This fuel cell achieves an open circuit voltage of ∼950 mV, a peak power density of ∼97 mW cm⁻², and a peak current density of ∼215 mA cm⁻². Impressively, its performance is about 1.7 times better than traditional precious metal-based DLFCs. This highlights the potential of substrate ligand chemistry in the creation of sustainable DLFCs for efficient energy conversion.

Keywords: molecular electrocatalysts, vitamin C fuel cell, proton charge assembly, ferricyanide half-cell chemistry

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Authors: Jozef Jurcik, Miroslav Gutten, Milan Sebok, Daniel Korenciak, Jerzy Roj

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The paper presents the research results of electronic fuel injection system, which can be used for diagnostics of automotive systems. In the paper is described the construction and operation of a typical fuel injection system and analyzed its electronic part. It has also been proposed method for the detection of the injector malfunction, based on the analysis of differential current or voltage characteristics. In order to detect the fault state, it is needed to use self-learning process, by the use of an appropriate self-learning algorithm.

Keywords: electronic fuel injector, diagnostics, measurement, testing device

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Authors: Farrukh Jamil, Ala'a H. Al-Muhtaseb, Lamya Al-Haj, Mohab A. Al-Hinai

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Date pits are major agricultural waste produced in Oman. Current work was conducted to produce jet fuel and green diesel from hydrodeoxygenation of Date pits oil in the presence of Pd/C catalyst. The hydrodeoxygenation of Date pits oil occurred to be highly efficient at following mild operating conditions such as conditions temperature 300°C pressure 10bar with continuous stirring at 500rpm. Detailed product characterization revealed that large fraction of paraffinic hydrocarbons was found which accounts up to 91.1 % which attributed due to efficient hydrodeoxygenation. Based on the type of components in product oil, it was calculated that the maximum fraction of hydrocarbons formed lies within the range of green diesel 72.0 % then jet fuel 30.4% by using Pd/C catalysts. The densities of product oil were 0.88 kg/m³, the viscosity of products calculated was 3.49 mm²/s. Calorific values for products obtained were 44.11 MJ/kg when Pd/C catalyst was used for hydrodeoxygenation. Based on products analysis it can conclude that Date pits oil could successfully utilize for synthesizing green diesel and jet fuel fraction.

Keywords: biomass, jet fuel, green diesel, catalyst

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Authors: Helena Susana Afonso Alves, Natália Maria Rafael Canadas, Ana Maria Rodrigues

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We examined the impact of governance rules on information asymmetry, using the turnover ratio and the bid-ask spread as proxies for the information asymmetry. We used a SEM model and analyzed the indirect relations through the voluntary disclosure of information and the organizational performance. We built a voluntary disclosure index based on the information firms provided in their annual reports and divided the governance characteristics in two constructs: directors’ and supervisors’ structures and ownership structure. We concluded that the ownership structure exerts a direct influence on share price and share liquidity, Otherwise, the directors’ and supervisors’ structures exert an indirect influence, through the organizational performance and the voluntary disclosure of information. The results also show that for firms with high levels of disclosure the bid-ask spread is lower. However, in firms with a high ownership concentration investors tend to increase the bid-ask spreads and trade less, which, in this case, reduces the liquidity of the stock. The failure to find the relationship between voluntary disclosure of information and the turnover ratio shows us that the liquidity of shares is more related to the greater or lesser concentration of shareholders, with the performance of their companies than with the access to information. Moreover, it is clear that the role that information disclosure plays is mainly at the level of price formation.

Keywords: corporate governance, information asymmetry, voluntary disclosure, structural equation modelling, SEM

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Authors: Zhuo Feng, Ying Gao

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Public-private partnership (PPP), as an innovative way to provide infrastructures by the private sector, is being widely used throughout the world. Compared with the traditional mode, PPP emerges largely for merits of relieving public budget constraint and improving infrastructure supply efficiency by involving private funds. However, PPP projects are characterized by large scale, high investment, long payback period, and long concession period. These characteristics make PPP projects full of risks. One of the most important risks faced by the private sector is demand risk because many factors affect the real demand. If the real demand is far lower than the forecasting demand, the private sector will be got into big trouble because operating revenue is the main means for the private sector to recoup the investment and obtain profit. Therefore, it is important to study how the government compensates the private sector when the demand risk occurs in order to achieve Pareto-improvement. This research focuses on price compensation mechanism, an ex-post compensation mechanism, and analyzes, by mathematical modeling, the impact of price compensation mechanism on payoff of the private sector and consumer surplus for PPP toll road projects. This research first investigates whether or not price compensation mechanisms can obtain Pareto-improvement and, if so, then explores boundary conditions for this mechanism. The research results show that price compensation mechanism can realize Pareto-improvement under certain conditions. Especially, to make the price compensation mechanism accomplish Pareto-improvement, renegotiation costs of the government and the private sector should be lower than a certain threshold which is determined by marginal operating cost and distortionary cost of the tax. In addition, the compensation percentage should match with the price cut of the private investor when demand drops. This research aims to provide theoretical support for the government when determining compensation scope under the price compensation mechanism. Moreover, some policy implications can also be drawn from the analysis for better risk-sharing and sustainability of PPP projects.

Keywords: infrastructure, price compensation mechanism, public-private partnership, renegotiation

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Authors: Yingjeng James Li, Yun Jyun Ou, Chih Chi Hsu, Chiao-Chih Hu

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A fuel cell is a device that produces electric power by reacting fuel and oxidant electrochemically. There is no pollution produced from a fuel cell if hydrogen is employed as the fuel. Therefore, a fuel cell is considered as a zero emission device and is a source of green power. A membrane electrode assembly (MEA) is the key component of a fuel cell. It is, therefore, beneficial to develop MEAs with high performance. In this study, an MEA for proton exchange membrane fuel cell (PEMFC) was prepared from a 15-micron thick reinforced PEM. The active area of such MEA is 25 cm2. Carbon supported platinum (Pt/C) was employed as the catalyst for both anode and cathode. The platinum loading is 0.6 mg/cm2 based on the sum of anode and cathode. Commercially available carbon papers coated with a micro porous layer (MPL) serve as gas diffusion layers (GDLs). The original thickness of the GDL is 250 μm. It was compressed down to 163 μm when assembled into the single cell test fixture. Polarization curves were taken by using eight different test conditions. At our standard test condition (cell: 70 °C; anode: pure hydrogen, 100%RH, 1.2 stoic, ambient pressure; cathode: air, 100%RH, 3.0 stoic, ambient pressure), the cell current density is 1250 mA/cm2 at 0.6 V, and 2400 mA/cm2 at 0.4 V. At self-humidified condition and cell temperature of 55 °C, the cell current density is 1050 mA/cm2 at 0.6 V, and 2250 mA/cm2 at 0.4 V. Hydrogen crossover rate of the MEA is 0.0108 mL/min*cm2 according to linear sweep voltammetry experiments. According to the MEA’s Pt loading and the cyclic voltammetry experiments, the Pt electrochemical surface area is 60 m2/g. The ohmic part of the impedance spectroscopy results shows that the membrane resistance is about 60 mΩ*cm2 when the MEA is operated at 0.6 V.

Keywords: fuel cell, membrane electrode assembly, proton exchange membrane, reinforced

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Authors: Takaaki Miyabe, Hideharu Takahashi, Hiroshige Kikura

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The Government of Japan and Tokyo Electric Power Company Holdings, Incorporated (TEPCO) are struggling with the decommissioning of Fukushima Daiichi Nuclear Power Plants, especially fuel debris retrieval. In fuel debris retrieval, amount of fuel debris, location, characteristics, and distribution information are important. Recently, a survey was conducted using a robot with a small camera. Progress report in remote robot and camera research has speculated that fuel debris is present both at the bottom of the Pressure Containment Vessel (PCV) and inside the Reactor Pressure Vessel (RPV). The investigation found a 'tie plate' at the bottom of the containment, this is handles on the fuel rod. As a result, it is assumed that a hole large enough to allow the tie plate to fall is opened at the bottom of the reactor pressure vessel. Therefore, exploring the existence of holes that lead to inside the RCV is also an issue. Investigations of the lower part of the RPV are currently underway, but no investigations have been made inside or above the PCV. Therefore, a survey must be conducted for future fuel debris retrieval. The environment inside of the RPV cannot be imagined due to the effect of the melted fuel. To do this, we need a way to accurately check the internal situation. What we propose here is the adaptation of a technology called 'Structure from Motion' that reconstructs a 3D image from multiple photos taken by a single camera. The plan is to mount a monocular camera on the tip of long-arm robot, reach it to the upper part of the PCV, and to taking video. Now, we are making long-arm robot that has long-arm and used at high level radiation environment. However, the environment above the pressure vessel is not known exactly. Also, fog may be generated by the cooling water of fuel debris, and the radiation level in the environment may be high. Since camera alone cannot provide sufficient sensing in these environments, we will further propose using ultrasonic measurement technology in addition to cameras. Ultrasonic sensor can be resistant to environmental changes such as fog, and environments with high radiation dose. these systems can be used for a long time. The purpose is to develop a system adapted to the inside of the containment vessel by combining a camera and an ultrasound. Therefore, in this research, we performed a basic experiment on 3D image reconstruction using a camera and ultrasound. In this report, we select the good and bad condition of each sensing, and propose the reconstruction and detection method. The results revealed the strengths and weaknesses of each approach.

Keywords: camera, image processing, reconstruction, ultrasound

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Authors: Sambit Supriya Dash

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Aerospace Industry has evolved over the last century and is growing by approaching towards, more fuel efficient, cheaper, simpler, convenient and safer ways of flight stages. In this paper, the accident records of aircrafts are studied and found about 71% of accidents caused on runways during Takeoff and Landing. By introducing the concept of interpreting electromagnetism, the cause of bounced touchdown and flare failure such as landing impact loads and instability could be eliminated. During Takeoff, the rate of fuel consumption is observed to be maximum. By applying concept of interpreting electromagnetism, a remarkable rate of fuel consumption is reduced, which can be used in case of emergency due to lack of fuel or in case of extended flight. A complete setup of the concept, its effects and characteristics are studied and provided with references of few popular aircrafts. By embedding series of strong and controlled electromagnets below the runway along and aside the centre line and fixed in the line of acting force through wing-fuselage aerodynamic centre. By the essence of its strength controllable nature, it can contribute to performance and fuel efficiency for aircraft. This ensures a perfect Takeoff with less fuel consumption followed by safe cruise stage, which in turn ensures a short and safe landing, eliminating the till known failures, due to bounced touchdowns and flare failure.

Keywords: efficiency, elctromagnetism, performance, reduced fuel consumption, safety

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Authors: Bryan D. Llenarizas, Maria Carla F. Manzano

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The rapid growth of electricity demand has led to a pursuit of alternative energy sources with high power output and not harmful to the environment. The fuel cell is a device that generates electricity via chemical reactions between the fuel and oxidant. Fuel cells have been known for decades, but the development of high-power output and durability was still one of the drawbacks of this energy source. This study investigates the potential of layer-by-layer composite for fuel cell applications. A two-electrode electrochemical cell was used for the galvanostatic electrochemical deposition method to fabricate a Polypyrrole/rGO|Polypyrrole/ZnO layer-by-layer composite material for fuel cell applications. In the synthesis, the first layer comprised 0.1M pyrrole monomer and 1mg of rGO, while the second layer had 0.1M pyrrole monomer and variations of ZnO concentration ranging from 0.08M up to 0.12M. A constant current density of 8mA/cm² was applied for 1 hour in fabricating each layer. Scanning electron microscopy (SEM) for the fabricated LBL material shows a globular surface with white spots. These white spots are the ZnO particles confirmed by energy-dispersive X-ray spectroscopy, indicating a successful deposition of the second layer onto the first layer. The observed surface morphology was consistent for each variation of ZnO concentrations. AC measurements were conducted to obtain the AC resistance of the fabricated film. Results show a decrease in AC resistance as the concentration of ZnO increases.

Keywords: anode, composite material, electropolymerization, fuel cell, galvanostatic, polypyrrole

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Authors: Haluk Altay, Bilal Yücel, Berkcan Ulcay, Yücel Aydın

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In this study, the design, integration, and testing of measurement systems required for performance tests of jet engines used in small-scale unmanned aerial vehicles are described. Performance tests are carried out as thrust and fuel consumption. For thrust tests, measurements are made using a load cell. Amplifier and filter designs have been made for the load cell to measure accurately to meet the desired sensitivity. It was calibrated by making multiple measurements at different thrust levels. As a result of these processes, the cycle thrust graph was obtained. For fuel consumption tests, tests are carried out using a flow meter. Performance graphics were obtained by finding the fuel consumption for different RPM levels of the engine.

Keywords: jet engine, UAV, experimental test, loadcell, thrust, fuel consumption

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Authors: Masoud Rabbani, Majede Smizadeh, Hamed Farrokhi-Asl

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We study jointly determining prices and production in a multiple period horizon under a general non-stationary stochastic demand with continuous prices. In some periods we need to increase capacity of production to satisfy demand. This paper presents a model to aid multi-period production capacity planning by quantifying the trade-off between product quality and production cost. The product quality is estimated as the statistical variation from the target performances obtained from the output tolerances of the production machines that manufacture the components. We consider different tolerance for different machines that use to increase capacity. The production cost is estimated as the total cost of owning and operating a production facility during the planning horizon.so capacity planning has cost that impact on price. Pricing products often turns out to be difficult to measure them because customers have a reservation price to pay that impact on price and demand. We decide to determine prices and production for periods after enhance capacity and consider reservation price to determine price. First we use an algorithm base on fuzzy set of the optimal objective function values to determine capacity planning by determine maximize interval from upper bound in minimum objectives and define weight for objectives. Then we try to determine inventory and pricing policies. We can use a lemma to solve a problem in MATLAB and find exact answer.

Keywords: price policy, inventory policy, capacity planning, product quality, epsilon -constraint

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Authors: Moataz Medhat, Essam Khalil, Hatem Haridy

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The present study investigates the flame structure of turbulent diffusion flame of synthesis fuel in a 300 KW swirl-stabilized burner. The three-dimensional model adopts a realizable k-ε turbulent scheme interacting with two-dimensional PDF combustion scheme by applying flamelet concept. The study reveals more characteristics on turbulent diffusion flame of synthesis fuel when changing the inlet air swirl number and the burner quarl angle. Moreover, it concerns with studying the effect of flue gas recirculation and staging with taking radiation effect into consideration. The comparison with natural gas was investigated. The study showed two zones of recirculation, the primary one is at the center of the furnace, and the location of the secondary one varies by changing the quarl angle of the burner. The results revealed an increase in temperature in the external recirculation zone as a result of increasing the swirl number of the inlet air stream. Also, it was found that recirculating part of the combustion products decreases pollutants formation especially nitrogen monoxide. The predicted results showed a great agreement when compared with the experiments.

Keywords: gas turbine, syngas, analysis, recirculation

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Authors: M. Mourad, K. Abdelgawwad

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This experimental investigation aimed to determine the influence of using different types of alcohol and gasoline blends such as ethanol - butanol - propanol on the performance of spark ignition engine. The experimental work studied the effect of various fuel blends such as ethanol – butanol/gasoline and propanol/gasoline with two rates of 15% and 20%, at different operating conditions (engine speed and loads), on engine performance emission characteristics. Laboratory experiments are carried out on a four-cylinder spark ignition (SI) engine. In this practical study, all considerations and precautions are taken into account to ensure the quality and accuracy of practical experiments and different measurements. The results show that the performance of the engine improved significantly in the case of ethanol/butanol-gasoline blends. The results also indicated that the engine emitted pollutants such as CO, hydrocarbon (HC) for alcohol fuel blends compared to base gasoline NOx emission increased for different fuel blends either ethanol/butanol-gasoline or propanol-gasoline fuel blend.

Keywords: gasoline engine, performance, emission, fuel blends

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Authors: Xiangrong Liu, Chuanhui Xiong

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With the concern of large pollution emissions from coal-fired power plants and new commitment to green energy, global solar power industry was emerging recently. Due to the advanced technology, the price of solar photovoltaic(PV) module was reduced at a fast rate, which arose an interesting but challenge question to solar supply chain. This research is modeling the inventory strategies for a PV supply chain with a PV manufacturer, an assembler and an end customer. Through characterizing the manufacturer's and PV assembler's optimal decision in decentralized and centralized situation, this study shed light on how to improve supply chain performance through parameters setting in the contract design. The results suggest the assembler to lower the optimal stock level gradually each period before price reduction and set up a newsvendor base-stock policy in all periods after price reduction. As to the PV module manufacturer, a non-stationary produce-up-to policy is optimal.

Keywords: photovoltaic, supply chain, inventory policy, base-stock policy

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Authors: Insaf Mehani, Bachir Bouchekima

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The necessary reduction and progressive consumption of fossil fuels, whose scarcity is inevitable, involves mobilizing a set of alternatives.Renewable energy, including bio energy are an alternative to fossil fuel depletion and a way to fight against the harmful effects of climate change. It is possible to develop common dates of low commercial value, and put on the local and international market a new generation of products with high added values such as bio ethanol. Besides its use in chemical synthesis, bio ethanol can be blended with gasoline to produce a clean fuel while improving the octane.

Keywords: bioenergy, dates, bioethanol, renewable energy, south Algeria

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Authors: S. M. Abd-Altwab, M. R. Noor El-Din

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This paper aims to the synthesis of new ethoxylated amide as bactericides to prevent the growth of Gram +ve and –ve bacteria of water-in-diesel fuel nanoemulsions over a long period of time as three months. To realize it, eight kinetically stable water-in-diesel fuel nanoemulsions differing in surfactant concentrations and water contents ranging from 4 to 8 and 5 to 8 wt.,wt.,% of total weight of the nanoemulsions, respectively were formed at a temperature of 20 °C. The performance of this ethoxylated amide as bactericides agents against two strains of Gram-negative bacteria, namely, Pseudomonas aeruginosa and Escherichia coli, and two strains of Gram-positive bacteria namely, Staphylococcus aureus and Bacillus subtilis, were evaluated as antimicrobial agents. The maximum and minimum antimicrobial activities were 85 and 71 % against S. aureus and E. coli, respectively, at a concentration of 5 mg/l, pH 7, and 37 °C.

Keywords: nanoemulsion, bacteriocide, diesel fuel, emulsifier

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Authors: Erindi Allaj

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This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: Tao Chen, ShiHua Liu, JiWei Zhang

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Assembly of the proton exchange membrane fuel cells (PEMFC) has a very important influence on its performance and efficiency. The various components of PEMFC stack are usually locked and fixed by bolts. Locking bolt will cause the deformation of the bipolar plate and the other components, which will affect directly the deformation degree of the integral parts of the PEMFC as well as the performance of PEMFC. This paper focuses on the object of three-cell stack of PEMFC. Finite element simulation is used to investigate the deformation of bipolar plate caused by quantity and layout of bolts, bolt locking pressure, and bolt locking sequence, etc. Finally, we made a conclusion that the optimal combination packaging scheme was adopted to assemble the fuel cell stack. The scheme was in use of 3.8 MPa locking pressure imposed on the fuel cell stack, type Ⅱ of four locking bolts and longitudinal locking method. The scheme was obtained by comparatively analyzing the overall displacement contour of PEMFC stack, absolute displacement curve of bipolar plate along the given three paths in the Z direction and the polarization curve of fuel cell. The research results are helpful for the fuel cell stack assembly.

Keywords: bipolar plate, deformation, finite element simulation, fuel cell, locking bolt

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Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg

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The integral role oil-crushing companies play in sunflower oil production is often overlooked to offer high-quality oil to refineries and end consumers. Sunflower oil crushing companies in South Africa are exposed to price fluctuations resulting from the local and international markets. Hedging instruments enable these companies to hedge themselves against unexpected prices spikes and to ensure sustained profitability. A crushing company is a necessary middleman, and as such, these companies have exposure to the purchasing and selling sides of sunflower. Sunflower oil crushing companies purchase sunflower seeds from farmers or agricultural companies that provide storage facilities. The purchasing price is determined by the supply and demand of sunflower seed, both national and international. When the price of sunflower seeds in South Africa is high but still below import parity, then the crush margins realised by these companies are reduced or even negative at times. There are three main products made by sunflower oil crushing companies, oil, meal, and shells. Profits are realised from selling three products, namely, sunflower oil, meal and shells. However, when selling sunflower oil to refineries, sunflower oil crushing companies needs to hedge themselves against a reduction in vegetable oil prices. Hedging oil prices is often done via futures and is subject to specific volume commitments before a hedge position can be taken in. Furthermore, South African oil-crushing companies hedge sunflower oil with international, Over-the-counter contracts as South Africa is a price taker of sunflower oil and not a price maker. As such, South Africa provides a fraction of the world’s sunflower oil supply and, therefore, has minimal influence on price changes. The advantage of hedging using futures ensures that the sunflower crushing company will know the profits they will realise, but the downside is that they can no longer benefit from a price increase. Alternative hedging instruments like options might pose a solution to the opportunity cost does not go missing and that profit margins are locked in at the best possible prices for the oil crushing company. This paper aims to investigate the possibility of employing options alongside futures to simulate different scenarios to determine if options can bridge the opportunity cost gap.

Keywords: derivatives, hedging, price risk, sunflower, sunflower oil, South Africa

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Authors: Natalia Strobel, Jan Kratzer

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In this paper, we test whether different types of research and development (R&D) alliances positively impact the radical innovation performance of firms. We differentiate between the R&D alliances without extern R&D orders and embeddedness in knowledge source network. We test the differences between the domestically diversified R&D alliances and R&D alliances diversified abroad. Moreover, we test how non-price competition influences the impact of domestically diversified R&D alliances, and R&D alliance diversified abroad on radical innovation performance. Our empirical analysis is based on the comprehensive Swiss innovation panel, which allowed us to study 3520 firms between the years between 1996 and 2011 in 3 years intervals. We analyzed the data with a linear estimation with Swamy-Aurora transformation using plm package in R software. Our results show as hypothesized a positive impact of R&D alliances diversity abroad as well as domestically on radical innovation performance. The effect of non-price interaction is in contrast to our hypothesis, not significant. This suggests that diversity of R&D alliances is highly advantageous independent of non-price competition.

Keywords: R&D alliances, partner diversity, knowledge source diversity, non-price competition, absorptive capacity

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Authors: Abir Yahya, Hacen Dhahri, Khalifa Slimi

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The present paper deals with a numerical simulation of temperature field inside a solid oxide fuel cell (SOFC) components. The temperature distribution is investigated using a co-flow planar SOFC comprising the air and fuel channel and two-ceramic electrodes, anode and cathode, separated by a dense ceramic electrolyte. The Lattice Boltzmann method (LBM) is used for the numerical simulation of the physical problem. The effects of inlet temperature, anode thermal conductivity and current density on temperature distribution are discussed. It was found that temperature distribution is very sensitive to the inlet temperature and the current density.

Keywords: heat sources, Lattice Boltzmann method, solid oxide fuel cell, temperature

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Authors: Yegnanew A. Shiferaw

Abstract:

Background: commodity price volatility originating from excessive commodity price fluctuation has been a global problem especially after the recent financial crises. Volatility is a measure of risk or uncertainty in financial analysis. It plays a vital role in risk management, portfolio management, and pricing equity. Objectives: the core objective of this paper is to examine the relationship between the prices of agricultural commodities with oil price, gas price, coal price and exchange rate (USD/Rand). In addition, the paper tries to fit an appropriate model that best describes the log return price volatility and estimate Value-at-Risk and expected shortfall. Data and methods: the data used in this study are the daily returns of agricultural commodity prices from 02 January 2007 to 31st October 2016. The data sets consists of the daily returns of agricultural commodity prices namely: white maize, yellow maize, wheat, sunflower, soya, corn, and sorghum. The paper applies the three-state Markov-switching (MS) regression, the standard single-regime GARCH and the two regime Markov-switching GARCH (MS-GARCH) models. Results: to choose the best fit model, the log-likelihood function, Akaike information criterion (AIC), Bayesian information criterion (BIC) and deviance information criterion (DIC) are employed under three distributions for innovations. The results indicate that: (i) the price of agricultural commodities was found to be significantly associated with the price of coal, price of natural gas, price of oil and exchange rate, (ii) for all agricultural commodities except sunflower, k=3 had higher log-likelihood values and lower AIC and BIC values. Thus, the three-state MS regression model outperformed the two-state MS regression model (iii) MS-GARCH(1,1) with generalized error distribution (ged) innovation performs best for white maize and yellow maize; MS-GARCH(1,1) with student-t distribution (std) innovation performs better for sorghum; MS-gjrGARCH(1,1) with ged innovation performs better for wheat, sunflower and soya and MS-GARCH(1,1) with std innovation performs better for corn. In conclusion, this paper provided a practical guide for modelling agricultural commodity prices by MS regression and MS-GARCH processes. This paper can be good as a reference when facing modelling agricultural commodity price problems.

Keywords: commodity prices, MS-GARCH model, MS regression model, South Africa, volatility

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Authors: Siddhant Sahu, P. James Daniel Paul

Abstract:

Technical analysis comprised by various technical indicators is a holistic way of representing price movement of stocks in the market. Various forms of indicators have evolved from the primitive ones in the past decades. There have been many attempts to introduce volume as a major determinant to determine strong patterns in market forecasting. The law of demand defines the relationship between the volume and price. Most of the traders are familiar with the volume game. Including the time dimension to the law of demand provides a different visualization to the theory. While attempting the same, it was found that there are different thresholds in the market for different companies. These thresholds have a significant influence on the price. This article is an attempt in determining the thresholds for companies using the three dimensional graphs for optimizing the portfolios. It also emphasizes on the magnitude of importance of volumes as a key factor for determining of predicting strong price movements, bullish and bearish markets. It uses a comprehensive data set of major companies which form a major chunk of the Indian automotive sector and are thus used as an illustration.

Keywords: technical analysis, expert system, law of demand, stocks, portfolio analysis, Indian automotive sector

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Authors: Abdallah Q. Bataineh

Abstract:

The electronics market in Jordan is facing extraordinary expectations from consumers, whose opinions are progressively more essential and have effective power on the overall marketing strategy preparation and execution by electronics agents. This research aimed to explore the effect of price volatile, follow-up, maintenance and warranty policy on distributor’s retention. Focus group, in-depth interviews, and self-administered questionnaire were held with a total sample of 50 electronics distribution stores who have a direct contact and purchase frequently from electronic agencies. By using descriptive statistics and multiple regression tests, the main findings of this research is that there is an impact of price volatile, follow-up, maintenance and warranty policy on distributor’s retention, and the key predictor variable was price volatile. Thus, the researcher recommended flat rate pricing strategy to ensure that all distributors will sell the product on the same pricing base, regardless of the generated margin by each one of them. Moreover, conclusion and future research were also discussed.

Keywords: distributors retention, follow-up, maintenance, price volatile, warranty policy

Procedia PDF Downloads 237