Search results for: market and product values
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 12867

Search results for: market and product values

10767 Law and its Implementation and Consequences in Pakistan

Authors: Amir Shafiq, Asif Shahzad, Shabbar Mehmood, Muhammad Saeed, Hamid Mustafa

Abstract:

Legislation includes the law or the statutes which is being reputable by a sovereign authority and generally can be implemented by the courts of law time to time to accomplish the objectives. Historically speaking upon the emergence of Pakistan in 1947, the intact laws of the British Raj remained effective after ablution by Islamic Ideology. Thus, there was an intention to begin the statutes book afresh for Pakistan's legal history. In consequence thereof, the process of developing detailed plans, procedures and mechanisms to ensure legislative and regulatory requirements are achieved began keeping in view the cultural values and the local customs. This article is an input to the enduring discussion about implementing rule of law in Pakistan whereas; the rule of law requires the harmony of laws which is mostly in the arrangement of codified state laws. Pakistan has legal plural civilizations where completely different and independent systems of law like the Mohammadan law, the state law and the traditional law exist. The prevailing practiced law in Pakistan is actually the traditional law though the said law is not acknowledged by the State. This caused the main problem of the rule of law in the difference between the state laws and the cultural values. These values, customs and so-called traditional laws are the main obstacle to enforce the State law in true letter and spirit which has caused dissatisfaction of the masses and distrust upon the judicial system of the country.

Keywords: consequences, implement, law, Pakistan

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10766 Experimental Investigation of The Influence of Cement on Soil-Municipal Solid Waste Incineration Fly ash Mix Properties

Authors: Gehan Aouf, Diala Tabbal, Abd El Rahim Sabsabi, Rashad Aouf

Abstract:

The aim of this study is to assess the viability of utilizing Municipal Solid Waste Incineration Fly Ash (MSWIFA) with Ordinary Portland cement as soil reinforcement materials for geotechnical engineering applications. A detailed experimental program is carried out, followed by analysis of results. Soil samples were prepared by adding Cement to MSWIFA-soil mix at different percentages. Then, a series of laboratory tests were performed, namely: Sieve analysis, Atterberg limits tests, Unconfined compression test, and Proctor tests. A parametric study is conducted to investigate the effect of adding the cement at different percentages on the unconfined compression strength, maximum dry density, and optimum moisture content of clayey soil-MSWIFA The variation of contents of admixtures were 10%, 20%, and 30% for MSWIFA by dry total weight of soil and 10%, 15%, and 20% for Portland cement by dry total weight of the mix. The test results reveal that adding MSWIFA to the soil up to 20% increased the MDD of the mixture and decreased the OMC, then an opposite trend for results were found when the percentage of MSWIFA exceeds 20%. This is due to the low specific gravity of MSWIFA and to the greater water absorption of MSWIFA. The laboratory tests also indicate that the UCS values were found to be increased for all the mixtures with curing periods of 7, 14, and 28 days. It is also observed that the cement increased the strength of the finished product of the mix of soil and MSWIFA.

Keywords: clayey soil, cement, MSWIFA, unconfined compression strength

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10765 Admission Control Policy for Remanufacturing Activities with Quality Variation of Returns

Authors: Sajjad Farahani, Wilkistar Otieno, Xiaohang Yue

Abstract:

This paper develops a model for the optimal disposition decision for product returns in a remanufacturing system with limited recoverable inventory capacity. In this model, a constant demand is satisfied by remanufacturing returned products which are up to the minimum required quality grade. The quality grade of returned products is uncertain and remanufacturing cost increases as the quality level decreases, and remanufacturer wishes to determine which returned product to accept to be remanufactured for reselling, and any unaccepted returns may be salvaged at a value that increases with their quality level. Accepted returns can be stocked for remanufacturing upon demand requests, but incur a holding cost. A Markov decision problem is formulated in order to evaluate various performance measures for this system and obtain the optimal remanufacturing policy. A detailed numerical study reveals that our approach to the disposition problem outperforms the current industrial practice ignoring quality grade of returned products. In addition, we identify conditions under which this improvement is the highest.

Keywords: green supply chain management, matrix geometric method, production recovery, reverse supply chains

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10764 Experimental Studies of the Reverse Load-Unloading Effect on the Mechanical, Linear and Nonlinear Elastic Properties of n-AMg6/C60 Nanocomposite

Authors: Aleksandr I. Korobov, Natalia V. Shirgina, Aleksey I. Kokshaiskiy, Vyacheslav M. Prokhorov

Abstract:

The paper presents the results of an experimental study of the effect of reverse mechanical load-unloading on the mechanical, linear, and nonlinear elastic properties of n-AMg6/C60 nanocomposite. Samples for experimental studies of n-AMg6/C60 nanocomposite were obtained by grinding AMg6 polycrystalline alloy in a planetary mill with 0.3 wt % of C60 fullerite in an argon atmosphere. The resulting product consisted of 200-500-micron agglomerates of nanoparticles. X-ray coherent scattering (CSL) method has shown that the average nanoparticle size is 40-60 nm. The resulting preform was extruded at high temperature. Modifications of C60 fullerite interferes the process of recrystallization at grain boundaries. In the samples of n-AMg6/C60 nanocomposite, the load curve is measured: the dependence of the mechanical stress σ on the strain of the sample ε under its multi-cycle load-unloading process till its destruction. The hysteresis dependence σ = σ(ε) was observed, and insignificant residual strain ε < 0.005 were recorded. At σ≈500 MPa and ε≈0.025, the sample was destroyed. The destruction of the sample was fragile. Microhardness was measured before and after destruction of the sample. It was found that the loading-unloading process led to an increase in its microhardness. The effect of the reversible mechanical stress on the linear and nonlinear elastic properties of the n-AMg6/C60 nanocomposite was studied experimentally by ultrasonic method on the automated complex Ritec RAM-5000 SNAP SYSTEM. In the n-AMg6/C60 nanocomposite, the velocities of the longitudinal and shear bulk waves were measured with the pulse method, and all the second-order elasticity coefficients and their dependence on the magnitude of the reversible mechanical stress applied to the sample were calculated. Studies of nonlinear elastic properties of the n-AMg6/C60 nanocomposite at reversible load-unloading of the sample were carried out with the spectral method. At arbitrary values of the strain of the sample (up to its breakage), the dependence of the amplitude of the second longitudinal acoustic harmonic at a frequency of 2f = 10MHz on the amplitude of the first harmonic at a frequency f = 5MHz of the acoustic wave is measured. Based on the results of these measurements, the values of the nonlinear acoustic parameter in the n-AMg6/C60 nanocomposite sample at different mechanical stress were determined. The obtained results can be used in solid-state physics, materials science, for development of new techniques for nondestructive testing of structural materials using methods of nonlinear acoustic diagnostics. This study was supported by the Russian Science Foundation (project №14-22-00042).

Keywords: nanocomposite, generation of acoustic harmonics, nonlinear acoustic parameter, hysteresis

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10763 Evaluation of Bone and Body Mineral Profile in Association with Protein Content, Fat, Fat-Free, Skeletal Muscle Tissues According to Obesity Classification among Adult Men

Authors: Orkide Donma, Mustafa M. Donma

Abstract:

Obesity is associated with increased fat mass as well as fat percentage. Minerals are the elements, which are of vital importance. In this study, the relationships between body as well as bone mineral profile and the percentage as well as mass values of fat, fat-free portion, protein, skeletal muscle were evaluated in adult men with normal body mass index (N-BMI), and those classified according to different stages of obesity. A total of 103 adult men classified into five groups participated in this study. Ages were within 19-79 years range. Groups were N-BMI (Group 1), overweight (OW) (Group 2), first level of obesity (FLO) (Group 3), second level of obesity (SLO) (Group 4) and third level of obesity (TLO) (Group 5). Anthropometric measurements were performed. BMI values were calculated. Obesity degree, total body fat mass, fat percentage, basal metabolic rate (BMR), visceral adiposity, body mineral mass, body mineral percentage, bone mineral mass, bone mineral percentage, fat-free mass, fat-free percentage, protein mass, protein percentage, skeletal muscle mass and skeletal muscle percentage were determined by TANITA body composition monitor using bioelectrical impedance analysis technology. Statistical package (SPSS) for Windows Version 16.0 was used for statistical evaluations. The values below 0.05 were accepted as statistically significant. All the groups were matched based upon age (p > 0.05). BMI values were calculated as 22.6 ± 1.7 kg/m2, 27.1 ± 1.4 kg/m2, 32.0 ± 1.2 kg/m2, 37.2 ± 1.8 kg/m2, and 47.1 ± 6.1 kg/m2 for groups 1, 2, 3, 4, and 5, respectively. Visceral adiposity and BMR values were also within an increasing trend. Percentage values of mineral, protein, fat-free portion and skeletal muscle masses were decreasing going from normal to TLO. Upon evaluation of the percentages of protein, fat-free portion and skeletal muscle, statistically significant differences were noted between NW and OW as well as OW and FLO (p < 0.05). However, such differences were not observed for body and bone mineral percentages. Correlation existed between visceral adiposity and BMI was stronger than that detected between visceral adiposity and obesity degree. Correlation between visceral adiposity and BMR was significant at the 0.05 level. Visceral adiposity was not correlated with body mineral mass but correlated with bone mineral mass whereas significant negative correlations were observed with percentages of these parameters (p < 0.001). BMR was not correlated with body mineral percentage whereas a negative correlation was found between BMR and bone mineral percentage (p < 0.01). It is interesting to note that mineral percentages of both body as well as bone are highly affected by the visceral adiposity. Bone mineral percentage was also associated with BMR. From these findings, it is plausible to state that minerals are highly associated with the critical stages of obesity as prominent parameters.

Keywords: bone, men, minerals, obesity

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10762 Environmental Implications of Groundwater Quality in Irrigated Agriculture in Kebbi State, Nigeria

Authors: O. I. Ojo, W. B. R. Graham, I. W. Pishiria

Abstract:

The quality of groundwater used for irrigation in Kebbi State, northwestern Nigeria was evaluated. Open-well, tube-well and borehole water samples were collected from various locations in the State. The water samples analyzed had pH values below the normal range for irrigation water and very low to moderate salinity (electrical conductivity 0.05-0.82 dS.m-1). The adjusted sodium adsorption ratio values in all the samples were also very low (<0.2), indicating very low sodicity hazards. However, irrigation water of very low salinity (<0.2dS.m-1) and low SAR can lead to problems of infiltration into soils. The Ca: Mg ratio (<1) in most of the samples may lead to Ca deficiency in soils after long term use. The nitrate concentration in most of the samples was high ranging from 4.5 to >50mg/L.

Keywords: ground water quality, irrigation, characteristics, soil drainage, salinity, Fadama

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10761 Degree of Bending in Axially Loaded Tubular KT-Joints of Offshore Structures: Parametric Study and Formulation

Authors: Hamid Ahmadi, Shadi Asoodeh

Abstract:

The fatigue life of tubular joints commonly found in offshore industry is not only dependent on the value of hot-spot stress (HSS), but is also significantly influenced by the through-the-thickness stress distribution characterized by the degree of bending (DoB). The determination of DoB values in a tubular joint is essential for improving the accuracy of fatigue life estimation using the stress-life (S–N) method and particularly for predicting the fatigue crack growth based on the fracture mechanics (FM) approach. In the present paper, data extracted from finite element (FE) analyses of tubular KT-joints, verified against experimental data and parametric equations, was used to investigate the effects of geometrical parameters on DoB values at the crown 0˚, saddle, and crown 180˚ positions along the weld toe of central brace in tubular KT-joints subjected to axial loading. Parametric study was followed by a set of nonlinear regression analyses to derive DoB parametric formulas for the fatigue analysis of KT-joints under axial loads. The tubular KT-joint is a quite common joint type found in steel offshore structures. However, despite the crucial role of the DoB in evaluating the fatigue performance of tubular joints, this paper is the first attempt to study and formulate the DoB values in KT-joints.

Keywords: tubular KT-joint, fatigue, degree of bending (DoB), axial loading, parametric formula

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10760 Comparison of Catalyst Support for High Pressure Reductive Amination

Authors: Tz-Bang Du, Cheng-Han Hsieh, Li-Ping Ju, Hung-Jie Liou

Abstract:

Polyether amines synthesize by secondary hydroxyl polyether diol play an important role in epoxy hardener. The low molecular weight product is used in low viscosity and high transparent polyamine product for the logo, ground cover, especially for wind turbine blade, while the high molecular weight products are used in advanced agricultures such as a high-speed railway. High-pressure reductive amination process is required for producing these amines. In the condition of higher than 150 atm pressure and 200 degrees Celsius temperature, supercritical ammonia is used as a reactant and also a solvent. It would be a great challenge to select a catalyst support for such high-temperature alkaline circumstance. In this study, we have established a six-autoclave-type (SAT) high-pressure reactor for amination catalyst screening, which six experiment conditions with different temperature and pressure could be examined at the same time. We synthesized copper-nickel catalyst on different shaped alumina catalyst support and evaluated the catalyst activity for high-pressure reductive amination of polypropylene glycol (PPG) by SAT reactor. Ball type gamma alumina, ball type activated alumina and pellet type gamma alumina catalyst supports are evaluated in this study. Gamma alumina supports have shown better activity on PPG reductive amination than activated alumina support. In addition, the catalysts are evaluated in fixed bed reactor. The diamine product was successfully synthesized via this catalyst and the strength of the catalysts is measured. The crush strength of blank supports is about 13.5 lb for both gamma alumina and activated alumina. The strength increases to 20.3 lb after synthesized to be copper-nickel catalyst. After test in the fixed bed high-pressure reductive amination process for 100 hours, the crush strength of the used catalyst is 3.7 lb for activated alumina support, 12.0 lb for gamma alumina support. The gamma alumina is better than activated alumina to use as catalyst support in high-pressure reductive amination process.

Keywords: high pressure reductive amination, copper nickel catalyst, polyether amine, alumina

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10759 Characterization of Caneberry Juices Enriched by Natural Antioxidants

Authors: Jelena Vulić, Jasna Čanadanović-Brunet, Gordana Ćetković, Sonja Djilas, Vesna Tumbas Šaponjac

Abstract:

Caneberries (raspberries and blackberries) are among the most popular berries in the world, which are consumed as fresh and processed to juice, jams, confitures and other products or as ingredients for different foods. These fruits are known as a rich source of phenolic compounds such as phenolic acids and anthocyanins. Antioxidant activity (AA) of caneberry juices was improved by addition of phenolic compounds which were extracted from two raspberry cultivars (Rubus idaeus, cv. 'Willamette' (RW) and 'Meeker' (RM)) and two blackberry cultivars (Rubus fruticosus, cv. 'Čačanka' (BC) and 'Thornfree' (BT)) pomace, a by-product in juice processing. The total phenolic contents in raspberry and blackberry pomace extracts were determined spectrophotometrically using the Folin-Ciocalteu reagens. The phenolic concentrations in caneberries (RW, RM, BC and BT) pomace extracts were 43.67 ± 2.13 mg GAE/g, 26.25 ± 1.18 mg GAE/g, 46.01 ± 3.26 mg GAE/g and 61.59 ± 1.14 mg GAE/g, respectively. In order to obtain enriched juices, phenolic compounds were applied at concentration of 0.05 mg GAE/ 100 ml. Antioxidant activities of caneberry juices and caneberry enriched juices were measured using stable 1.1-diphenyl-2-picrylhydrazyl (DPPH) radicals. AADPPH of RW, RM, BC and BT juices and enriched juices with addition of 0.01 µg GAE/ml, changed from 37.12% to 93.01%, 23.26% to 91.57%, 53.61% to 95.65% and 52.06% to 93.13%, respectively, while IC50 values of RW, RM, BC and BT juices and enriched juices were diminished 6.33, 19.00, 6.33 and 4.75 times, respectively. Based on the obtained results it can be concluded that phenolic enriched juices were significantly more effective on DPPH radicals. Caneberry juices enriched with waste material are a good source of natural pigments and antioxidants and could be used as functional foods.

Keywords: caneberry, enriched juice, phenolic antioxidant, DPPH radical

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10758 Evaluation of the Potability Qualities of Pretreated Distilled Water Produced from Biomass Fuelled Water Distiller

Authors: E. I. Oluwasola, J. A. V. Famurewa, R. Aboloma, K. Adesina

Abstract:

Water samples with pretreatment and without pretreatment were obtained from locally constructed biomass fuelled stainless steel water distiller. The water samples were subjected to Microbial, Physicochemical and Minerals analyses for comparison with NAFDAC and WHO Standards for potable water. The results of the physicochemical and microbiological properties of the raw water(A), and the two distilled water samples (B; distill water without pretreatment) and (C; distill water with pretreatment) showed reduction in most of the quality parameters evaluated in the distilled water samples to the level that conforms to the W.H.O standards for drinking water however, lower values were obtained for the pretreated distilled water sample. The values of 0.0016mg/l, 0.0052mg/l and 0.0528mg/l for the arsenic, chromium and lead content respectively in the raw water were within the permissible limit specified by WHO however; the values of cadmium (0.067mg/l) and mercury (0.0287mg/l) are above the maximum tolerable for drinking water thus, making the raw water unsafe for human consumption. Similarly, the high total plate count (278cfu /ml) and coliform count (1100/100ml) indicate that the raw water is potentially harmful while the distilled water samples showed nil coliform count and low total plate count (35cfu/ml,18cfu/ml) for B and C respectively making the distilled water microbiologically safer for human consumption.

Keywords: biomass, distillation, mineral, potable, physicochemical

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10757 Screening Methodology for Seismic Risk Assessment of Aging Structures in Oil and Gas Plants

Authors: Mohammad Nazri Mustafa, Pedram Hatami Abdullah, M. Fakhrur Razi Ahmad Faizul

Abstract:

With the issuance of Malaysian National Annex 2017 as a part of MS EN 1998-1:2015, the seismic mapping of Malaysian Peninsular including Sabah and Sarawak has undergone some changes in terms of the Peak Ground Acceleration (PGA) value. The revision to the PGA has raised a concern on the safety of oil and gas onshore structures as these structures were not designed to accommodate the new PGA values which are much higher than the previous values used in the original design. In view of the high numbers of structures and buildings to be re-assessed, a risk assessment methodology has been developed to prioritize and rank the assets in terms of their criticality against the new seismic loading. To-date such risk assessment method for oil and gas onshore structures is lacking, and it is the main intention of this technical paper to share the risk assessment methodology and risk elements scoring finalized via Delphi Method. The finalized methodology and the values used to rank the risk elements have been established based on years of relevant experience on the subject matter and based on a series of rigorous discussions with professionals in the industry. The risk scoring is mapped against the risk matrix (i.e., the LOF versus COF) and hence, the overall risk for the assets can be obtained. The overall risk can be used to prioritize and optimize integrity assessment, repair and strengthening work against the new seismic mapping of the country.

Keywords: methodology, PGA, risk, seismic

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10756 Development and Validation of a Rapid Turbidimetric Assay to Determine the Potency of Cefepime Hydrochloride in Powder Injectable Solution

Authors: Danilo F. Rodrigues, Hérida Regina N. Salgado

Abstract:

Introduction: The emergence of resistant microorganisms to a large number of clinically approved antimicrobials has been increasing, which restrict the options for the treatment of bacterial infections. As a strategy, drugs with high antimicrobial activities are in evidence. Stands out a class of antimicrobial, the cephalosporins, having as fourth generation cefepime (CEF) a semi-synthetic product which has activity against various Gram-positive bacteria (e.g. oxacillin resistant Staphylococcus aureus) and Gram-negative (e.g. Pseudomonas aeruginosa) aerobic. There are few studies in the literature regarding the development of microbiological methodologies for the analysis of this antimicrobial, so researches in this area are highly relevant to optimize the analysis of this drug in the industry and ensure the quality of the marketed product. The development of microbiological methods for the analysis of antimicrobials has gained strength in recent years and has been highlighted in relation to physicochemical methods, especially because they make possible to determine the bioactivity of the drug against a microorganism. In this context, the aim of this work was the development and validation of a microbiological method for quantitative analysis of CEF in powder lyophilized for injectable solution by turbidimetric assay. Method: For performing the method, Staphylococcus aureus ATCC 6538 IAL 2082 was used as the test microorganism and the culture medium chosen was the Casoy broth. The test was performed using temperature control (35.0 °C ± 2.0 °C) and incubated for 4 hours in shaker. The readings of the results were made at a wavelength of 530 nm through a spectrophotometer. The turbidimetric microbiological method was validated by determining the following parameters: linearity, precision (repeatability and intermediate precision), accuracy and robustness, according to ICH guidelines. Results and discussion: Among the parameters evaluated for method validation, the linearity showed results suitable for both statistical analyses as the correlation coefficients (r) that went 0.9990 for CEF reference standard and 0.9997 for CEF sample. The precision presented the following values 1.86% (intraday), 0.84% (interday) and 0.71% (between analyst). The accuracy of the method has been proven through the recovery test where the mean value obtained was 99.92%. The robustness was verified by the parameters changing volume of culture medium, brand of culture medium, incubation time in shaker and wavelength. The potency of CEF present in the samples of lyophilized powder for injectable solution was 102.46%. Conclusion: The turbidimetric microbiological method proposed for quantification of CEF in lyophilized powder for solution for injectable showed being fast, linear, precise, accurate and robust, being in accordance with all the requirements, which can be used in routine analysis of quality control in the pharmaceutical industry as an option for microbiological analysis.

Keywords: cefepime hydrochloride, quality control, turbidimetric assay, validation

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10755 Characterization of Natural Polymers for Guided Bone Regeneration Applications

Authors: Benedetta Isella, Aleksander Drinic, Alissa Heim, Phillip Czichowski, Lisa Lauts, Hans Leemhuis

Abstract:

Introduction: Membranes for guided bone regeneration are essential to perform a barrier function between the soft and the regenerating bone tissue. Bioabsorbable membranes are desirable in this field as they do not require a secondary surgery for removal, decreasing patient surgical risk. Collagen was the first bioabsorbable alternative introduced on the market, but its degradation time may be too fast to guarantee bone regeneration, and optimisation is needed. Silk fibroin, being biocompatible, slowly bioabsorbable, and processable into different scaffold types, could be a promising alternative. Objectives: The objective is to compare the general performance of a silk fibroin membrane for guided bone regeneration to current collagen alternatives developing suitable standardized tests for the mechanical and morphological characterization. Methods: Silk fibroin and collagen-based membranes were compared from the morphological and chemical perspective, with techniques such as SEM imaging and from the mechanical point of view with techniques such as tensile and suture retention strength (SRS) tests. Results: Silk fibroin revealed a high degree of reproducibility in surface density. The SRS of silk fibroin (0.76 ± 0.04 N), although lower than collagen, was still comparable to native tissues such as the internal mammary artery (0.56 N), and the same can be extended to general mechanical behaviour in tensile tests. The SRS could be increased by an increase in thickness. Conclusion: Silk fibroin is a promising material in the field of guided bone regeneration, covering the interesting position of not being considered a product containing cells or tissues of animal origin from the regulatory perspective and having longer degradation times with respect to collagen.

Keywords: guided bone regeneration, mechanical characterization, membrane, silk fibroin

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10754 Study of Regulation and Registration Law of Veterinary Biological Drugs in Iran and Comparison between FDA, EMA and WHO

Authors: Hoda Dehghani, Zahra Dehghani

Abstract:

Considering the obvious growth and variety of veterinary biological product and increase consumption and also the price, it is necessary to establish the rules and serious monitoring of this products which are less expensive than the original products. The scope of this research is the study of comparing the registration criteria and procedures of veterinary biological drugs in the world's leading agencies such as EMA, FDA, and WHO. For this, purpose the rules and regulations for registration of these drugs in prestigious organizations such as the FDA, EMA and WHO were examined and compared with the existing legislation in Iran. Studies show that EMA is the forefront of the compilation and registration of drugs in the world. China is a one of the greatest country in the development of drugs and establishes very closely guidelines with creditable global guidelines, and Now, is the first country to implement the rules codified in the Far East and followed by china, India and, South Korea and Taiwan have taken incorporate the industry's top ranking in Asia. At now, Asia by creating appropriate indicators not only as a powerful center in the field of drug delivery but also as a competitor to the United States is a major source of drug discovery and creation of innovation. the activities such as clinical trials and pharmaceutical investment is the speed of technology on the continent.

Keywords: veterinary biological product, regulation of registration, biological products, regularity authorities

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10753 A Dynamic Model for Assessing the Advanced Glycation End Product Formation in Diabetes

Authors: Victor Arokia Doss, Kuberapandian Dharaniyambigai, K. Julia Rose Mary

Abstract:

Advanced Glycation End (AGE) products are the end products due to the reaction between excess reducing sugar present in diabetes and free amino group in protein lipids and nucleic acids. Thus, non-enzymic glycation of molecules such as hemoglobin, collagen, and other structurally and functionally important proteins add to the pathogenic complications such as diabetic retinopathy, neuropathy, nephropathy, vascular changes, atherosclerosis, Alzheimer's disease, rheumatoid arthritis, and chronic heart failure. The most common non-cross linking AGE, carboxymethyl lysine (CML) is formed by the oxidative breakdown of fructosyllysine, which is a product of glucose and lysine. CML is formed in a wide variety of tissues and is an index to assess the extent of glycoxidative damage. Thus we have constructed a mathematical and computational model that predicts the effect of temperature differences in vivo, on the formation of CML, which is now being considered as an important intracellular milieu. This hybrid model that had been tested for its parameter fitting and its sensitivity with available experimental data paves the way for designing novel laboratory experiments that would throw more light on the pathological formation of AGE adducts and in the pathophysiology of diabetic complications.

Keywords: advanced glycation end-products, CML, mathematical model, computational model

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10752 Analysis of Minimizing Investment Risks in Power and Energy Business Development by Combining Total Quality Management and International Financing Institutions Project Management Tools

Authors: M. Radunovic

Abstract:

Region of Southeastern Europe has a substantial energy resource potential and is witnessing an increasing rate of power and energy project investments. This comes as a result of countries harmonizing their legal framework and market regulations to conform the ones of European Union, enabling direct private investments. Funding in the power and energy market in this region originates from various resources and investment entities, including commercial and institutional ones. Risk anticipation and assessment is crucial to project success, especially given the long exploitation period of project in power and energy domain, as well as the wide range of stakeholders involved. This paper analyzes the possibility of combined application of tools used in total quality management and international financing institutions for project planning, execution and evaluation, with the goal of anticipating, assessing and minimizing the risks that might occur in the development and execution phase of a power and energy project in the market of southeastern Europe. History of successful project management and investments both in the industry and institutional sector provides sufficient experience, guidance and internationally adopted tools to provide proper project assessment for investments in power and energy. Business environment of southeastern Europe provides immense potential for developing power and engineering projects of various magnitudes, depending on stakeholders’ interest. Diversification on investment sources provides assurance that there is interest and commitment to invest in this market. Global economic and political developments will be intensifying the pace of investments in the upcoming period. The proposed approach accounts for key parameters that contribute to the sustainability and profitability of a project which include technological, educational, social and economic gaps between the southeastern European region and western Europe, market trends in equipment design and production on a global level, environment friendly approach to renewable energy sources as well as conventional power generation systems, and finally the effect of the One Belt One Road Initiative led by People’s Republic of China to the power and energy market of this region in the upcoming period on a long term scale. Analysis will outline the key benefits of the approach as well as the accompanying constraints. Parallel to this it will provide an overview of dominant threats and opportunities in present and future business environment and their influence to the proposed application. Through concrete examples, full potential of this approach will be presented along with necessary improvements that need to be implemented. Number of power and engineering projects being developed in southeastern Europe will be increasing in the upcoming period. Proper risk analysis will lead to minimizing project failures. The proposed successful combination of reliable project planning tools from different investment areas can prove to be beneficial in the future power and engineering investments, and guarantee their sustainability and profitability.

Keywords: capital investments, lean six sigma, logical framework approach, logical framework matrix, one belt one road initiative, project management tools, quality function deployment, Southeastern Europe, total quality management

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10751 Modified Atmosphere Packaging (MAP) and the Effect of Chemical Preservative to Enhance Shelf Life of Khoa

Authors: Tanima Chowdhury, Sanjay Chattopadhaya, Narayan Ch. Saha

Abstract:

Khoa is an indigenous heat desiccated milk product having very poor shelf life. At ambient condition, shelf-life of khoa is normally only 2 days. The aim of present study was to determine the effect of benzoic acid as preservative as well as modified atmosphere packaging (MAP) technology to enhance shelf life of khoa at 27±2°C and 65% RH. During storage, analysis of chemical, sensory as well as microbiological characteristics were taken into consideration to mark distinguishable changes between the package of modified atmosphere technology (MAP) and ordinarily packed khoa (with and without preservative) samples. The results indicated a significant decrease of moisture content, pH and sensory scores and increase in titratable acidity, standard plate count and yeast and mould count during storage, irrespective of the type of packaging conditions. However, the rate of changes in characteristics of product packed in modified atmosphere was found to be slow. The storage study indicated that the khoa packed in ordinary packaging, with and without preservative, was acceptable for 4 and 8 days, respectively, whereas for modified atmosphere packed samples, it was consumable up to 8 and 12 days, respectively.

Keywords: benzoic acid, khoa, modified atmosphere packaging, shelf life

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10750 Mathematical Modelling, Simulation and Prototype Designing of Potable Water System on Basis of Forward Osmosis

Authors: Ridhish Kumar, Sudeep Nadukkandy, Anirban Roy

Abstract:

The development of reverse osmosis happened in 1960. Along the years this technique has been widely accepted all over the world for varied applications ranging from seawater desalination to municipal water treatment. Forward osmosis (FO) is one of the foremost technologies for low energy consuming solutions for water purification. In this study, we have carried out a detailed analysis on selection, design, and pricing for a prototype of potable water system for purifying water in emergency situations. The portable and light purification system is envisaged to be driven by FO. This pouch will help to serve as an emergency water filtration device. The current effort employs a model to understand the interplay of permeability and area on the rate of purification of water from any impure source/brackish water. The draw solution for the FO pouch is considered to be a combination of salt and sugar such that dilution of the same would result in an oral rehydration solution (ORS) which is a boon for dehydrated patients. However, the effort takes an extra step to actually estimate the cost and pricing of designing such a prototype. While the mathematical model yields the best membrane (compositions are taken from literature) combination in terms of permeability and area, the pricing takes into account the feasibility of such a solution to be made available as a retail item. The product is envisaged to be a market competitor for packaged drinking water and ORS combination (costing around $0.5 combined) and thus, to be feasible has to be priced around the same range with greater margins in order to have a better distribution. Thus a proper business plan and production of the same has been formulated in order to be a feasible solution for unprecedented calamities and emergency situations.

Keywords: forward osmosis, water treatment, oral rehydration solution, prototype

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10749 Allylation of Active Methylene Compounds with Cyclic Baylis-Hillman Alcohols: Why Is It Direct and Not Conjugate?

Authors: Karim Hrratha, Khaled Essalahb, Christophe Morellc, Henry Chermettec, Salima Boughdiria

Abstract:

Among the carbon-carbon bond formation types, allylation of active methylene compounds with cyclic Baylis-Hillman (BH) alcohols is a reliable and widely used method. This reaction is a very attractive tool in organic synthesis of biological and biodiesel compounds. Thus, in view of an insistent and peremptory request for an efficient and straightly method for synthesizing the desired product, a thorough analysis of various aspects of the reaction processes is an important task. The product afforded by the reaction of active methylene with BH alcohols depends largely on the experimental conditions, notably on the catalyst properties. All experiments reported that catalysis is needed for this reaction type because of the poor ability of alcohol hydroxyl group to be as a suitable leaving group. Within the catalysts, several transition- metal based have been used such as palladium in the presence of acid or base and have been considered as reliable methods. Furthemore, acid catalysts such as BF3.OEt2, BiX3 (X= Cl, Br, I, (OTf)3), InCl3, Yb(OTf)3, FeCl3, p-TsOH and H-montmorillonite have been employed to activate the C-C bond formation through the alkylation of active methylene compounds. Interestingly a report of a smoothly process for the ability of 4-imethyaminopyridine(DMAP) to catalyze the allylation reaction of active methylene compounds with cyclic Baylis-Hillman (BH) alcohol appeared recently. However, the reaction mechanism remains ambiguous, since the C- allylation process leads to an unexpected product (noted P1), corresponding to a direct allylation instead of conjugate allylation, which involves the most electrophilic center according to the electron withdrawing group CO effect. The main objective of the present theoretical study is to better understand the role of the DMAP catalytic activity as well as the process leading to the end- product (P1) for the catalytic reaction of a cyclic BH alcohol with active methylene compounds. For that purpose, we have carried out computations of a set of active methylene compounds varying by R1 and R2 toward the same alcohol, and we have attempted to rationalize the mechanisms thanks to the acid–base approach, and conceptual DFT tools such as chemical potential, hardness, Fukui functions, electrophilicity index and dual descriptor, as these approaches have shown a good prediction of reactions products.The present work is then organized as follows: In a first part some computational details will be given, introducing the reactivity indexes used in the present work, then Section 3 is dedicated to the discussion of the prediction of the selectivity and regioselectivity. The paper ends with some concluding remarks. In this work, we have shown, through DFT method at the B3LYP/6-311++G(d,p) level of theory that: The allylation of active methylene compounds with cyclic BH alcohol is governed by orbital control character. Hence the end- product denoted P1 is generated by direct allylation.

Keywords: DFT calculation, gas phase pKa, theoretical mechanism, orbital control, charge control, Fukui function, transition state

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10748 Oxidation of Amitriptyline by Bromamine-T in Acidic Buffer Medium: A Kinetic and Mechanistic Approach

Authors: Chandrashekar, R. T. Radhika, B. M. Venkatesha, S. Ananda, Shivalingegowda, T. S. Shashikumar, H. Ramachandra

Abstract:

The kinetics of the oxidation of amitriptyline (AT) by sodium N-bromotoluene sulphonamide (C6H5SO2NBrNa) has been studied in an acidic buffer medium of pH 1.2 at 303 K. The oxidation reaction of AT was followed spectrophotometrically at maximum wavelength, 410 nm. The reaction rate shows a first order dependence each on concentration of AT and concentration of sodium N-bromotoluene sulphonamide. The reaction also shows an inverse fractional order dependence at low or high concentration of HCl. The dielectric constant of the solvent shows negative effect on the rate of reaction. The addition of halide ions and the reduction product of BAT have no significant effect on the rate. The rate is unchanged with the variation in the ionic strength (NaClO4) of the medium. Addition of reaction mixtures to be aqueous acrylamide solution did not initiate polymerization, indicating the absence of free radical species. The stoichiometry of the reaction was found to be 1:1 and oxidation product of AT is identified. The Michaelis-Menton type of kinetics has been proposed. The CH3C6H5SO2NHBr has been assumed to be the reactive oxidizing species. Thermodynamical parameters were computed by studying the reactions at different temperatures. A mechanism consistent with observed kinetics is presented.

Keywords: amitriptyline, bromamine-T, kinetics, oxidation

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10747 Estimation of Population Mean Using Characteristics of Poisson Distribution: An Application to Earthquake Data

Authors: Prayas Sharma

Abstract:

This paper proposed a generalized class of estimators, an exponential class of estimators based on the adaption of Sharma and Singh (2015) and Solanki and Singh (2013), and a simple difference estimator for estimating unknown population mean in the case of Poisson distributed population in simple random sampling without replacement. The expressions for mean square errors of the proposed classes of estimators are derived from the first order of approximation. It is shown that the adapted version of Solanki and Singh (2013), the exponential class of estimator, is always more efficient than the usual estimator, ratio, product, exponential ratio, and exponential product type estimators and equally efficient to simple difference estimator. Moreover, the adapted version of Sharma and Singh's (2015) estimator is always more efficient than all the estimators available in the literature. In addition, theoretical findings are supported by an empirical study to show the superiority of the constructed estimators over others with an application to earthquake data of Turkey.

Keywords: auxiliary attribute, point bi-serial, mean square error, simple random sampling, Poisson distribution

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10746 Study of Effect of Gear Tooth Accuracy on Transmission Mount Vibration

Authors: Kalyan Deepak Kolla, Ketan Paua, Rajkumar Bhagate

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Transmission dynamics occupy major role in customer perception of the product in both senses of touch and quality of sound. The quantity and quality of sound perceived is more concerned with the whine noise of the gears engaged. Whine noise is tonal in nature and tonal noises cause fatigue and irritation to customers, which in turn affect the quality of the product. Transmission error is the usual suspect for whine noise, which can be caused due to misalignments, tolerances, manufacturing variabilities. In-cabin noise is also more sensitive to the gear design. As the details of the gear tooth design and manufacturing are in microns, anything out of the tolerance zone, either in design or manufacturing, will cause a whine noise. This will also cause high variation in stress and deformation due to change in the load and leads to the fatigue failure of the gears. Hence gear design and development take priority in the transmission development process. This paper aims to study such variability by considering five pairs of helical spur gears and their effect on the transmission error, contact pattern and vibration level on the transmission.

Keywords: gears, whine noise, manufacturing variability, mount vibration variability

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10745 The Influence of the Institutional Environment in Increasing Wealth: The Case of Women Business Operators in a Rural Setting

Authors: S. Archsana, Vajira Balasuriya

Abstract:

In Trincomalee of Sri Lanka, a post-conflict area, resettlement projects and policy initiatives are taking place to improve the wealth of the rural communities through promoting economic activities by way of encouraging the rural women to opt to commence and operate Micro and Small Scale (MSS) businesses. This study attempts to identify the manner in which the institutional environment could facilitate these MSS businesses owned and operated by women in the rural environment. The respondents of this study are the beneficiaries of the Divi Neguma Development Training Program (DNDTP); a project designed to aid women owned MSS businesses, in Trincomalee district. 96 women business operators, who had obtained financing facilities from the DNDTP, are taken as the sample based on fixed interval random sampling method. The study reveals that primary challenges encountered by 82% of the women business operators are lack of initial capital followed by 71% initial market finding and 35% access to technology. The low level of education and language barriers are the constraints in accessing support agencies/service providers. Institutional support; specifically management and marketing services, have a significant relationship with wealth augmentation. Institutional support at the setting-up stage of businesses are thin whereas terms and conditions of the finance facilities are perceived as ‘too challenging’. Although diversification enhances wealth of the rural women business operators, assistance from the institutional framework to prepare financial reports that are required for business expansion is skinny. The study further reveals that institutional support is very much weak in terms of providing access to new technology and identifying new market networks. A mechanism that could facilitate the institutional framework to support the rural women business operators to access new technology and untapped market segments, and assistance in preparation of legal and financial documentation is recommended.

Keywords: business facilitation, institutional support, rural women business operators, wealth augmentation

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10744 Utilization of Bio-Glycerol to Synthesize Fuel Additive in Presence of Modified Mesoporous Heterogeneous Catalysts

Authors: Ala’a H. Al-Muhtaseb, Farrukh Jamil, Sandeep K. Saxena

Abstract:

The fast growth rate of energy consumption along with world population expected to demand 50% more energy by 2030 than nowadays. At present, the energy demand is mostly provided by limited fossil fuel sources such as oil, natural gas, and coal that are resulting in dramatic increase in CO2 emissions from combustion of fossil fuels. The growth of the biodiesel industry over the last decade has resulted in a price drop because glycerol is obtained as a by-product during transesterification of vegetable oil or animal fats, which accounts for one tenth of every gallon of biodiesel produced. The production of oxygenates from glycerol gains much importance due to the excellent diesel-blending property of the oxygenates that not only improve the quality of the fuel but also increases the overall yield of the biodiesel in helping to meet the target for energy production from renewable sources for transport in the energy utilization directives. The reaction of bio-glycerol with bio-acetone was carried out in a magnetically stirred two necked round bottom flaskS. Condensation of bio-glycerol with acetone in the presence of various modified forms of beta zeolite has been done for synthesizing solketal (AB-2 modified with nitric acid, AB-3 modified with oxalic acid). Among all modified forms of beta zeolite, AB-2 showed the best performance for maximum glycerol conversion 94.26 % with 94.21 % solketal selectivity and minimum acetal formation 0.05 %. The physiochemical properties of parent beta zeolite and all its modified forms were analyzed by XRD, SEM, TEM, BET, FTIR and TPD. It has been revealed that AB-2 catalysts with high pore volume and surface area gave high glycerol conversion with maximum solketal selectivity. Despite this, the crystallinity of AB-3 was lower than AB-2 which helps to provide the shorter path length for reactants and product but due high pore volume AB-2 was preferred which gave maximum bio-glycerol conversion. Temperature does matter the glycerol conversion and selectivity of solketal, as it increases from 40 ºC to 60 ºC the conversion of glycerol rises from 80.04 % to 94.26 % and selectivity of solketal from 80.0 % to 94.21 % but further increase in temperature to 100 ºC glycerol conversion reduced to 93.06 % and solketal selectivity to 92.08 %. AB-2 was found to be highly stable as up to 4 repeated experimental runs there was less than 10% decrease in its activity. This process offers an attractive route for converting bio-glycerol, the main by-product of biodiesel to solketal with bio-acetone; a value-added green product with potential industrial applications as a valuable green fuel additive or combustion promoter for gasoline/diesel engines.

Keywords: beta-zeolite, bio-glycerol, catalyst, solketal

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10743 Organizational Culture and Organizational Performance of Adama Beverages Ltd, Adamawa State, Nigeria

Authors: Stephen Pembi, Samuel K. Msheliza, Helen A. Andow

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Organizational culture is very important in the organization because it enhances organizational performance and serves as a sense of making and control mechanism that guides and shapes the attitude and behaviour of employees. However, organizational culture issues are frequently disregarded in lieu of activities that may or may not have a good impact on performance. This study examines the relationship between organizational culture and organizational performance of Adama Beverages Ltd, Adamawa State. The study employed an explanatory survey research design with a questionnaire as a source of data collection. One hundred and thirty-five copies of the questionnaire were administered using the convenience method of sampling, out of which one hundred and twenty were retrieved and well answered. The data collected were subjected to the Pearson product-moment correlation technique to test the hypotheses of the study using SPSS. The overall results signify that organizational culture has a significant positive relationship with organizational performance. The multiple regression results show that mission, adaptability, and involvement have a significant positive influence on organizational performance, while consistency has a significant negative influence on organizational performance. Therefore, this study concluded that organizational culture is a strong determinant of organizational performance in Adama Beverages Ltd, Adamawa State. The study recommends that the level of employee input into decision-making, flexibility in responding to changes in the business environment, consistency with values and traditions, and organizational performance should all be maintained by Adama Beverages Ltd.

Keywords: adaptability, consistency, involvement, mission, organizational performance

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10742 Development of an Optimised, Automated Multidimensional Model for Supply Chains

Authors: Safaa H. Sindi, Michael Roe

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This project divides supply chain (SC) models into seven Eras, according to the evolution of the market’s needs throughout time. The five earliest Eras describe the emergence of supply chains, while the last two Eras are to be created. Research objectives: The aim is to generate the two latest Eras with their respective models that focus on the consumable goods. Era Six contains the Optimal Multidimensional Matrix (OMM) that incorporates most characteristics of the SC and allocates them into four quarters (Agile, Lean, Leagile, and Basic SC). This will help companies, especially (SMEs) plan their optimal SC route. Era Seven creates an Automated Multidimensional Model (AMM) which upgrades the matrix of Era six, as it accounts for all the supply chain factors (i.e. Offshoring, sourcing, risk) into an interactive system with Heuristic Learning that helps larger companies and industries to select the best SC model for their market. Methodologies: The data collection is based on a Fuzzy-Delphi study that analyses statements using Fuzzy Logic. The first round of Delphi study will contain statements (fuzzy rules) about the matrix of Era six. The second round of Delphi contains the feedback given from the first round and so on. Preliminary findings: both models are applicable, Matrix of Era six reduces the complexity of choosing the best SC model for SMEs by helping them identify the best strategy of Basic SC, Lean, Agile and Leagile SC; that’s tailored to their needs. The interactive heuristic learning in the AMM of Era seven will help mitigate error and aid large companies to identify and re-strategize the best SC model and distribution system for their market and commodity, hence increasing efficiency. Potential contributions to the literature: The problematic issue facing many companies is to decide which SC model or strategy to incorporate, due to the many models and definitions developed over the years. This research simplifies this by putting most definition in a template and most models in the Matrix of era six. This research is original as the division of SC into Eras, the Matrix of Era six (OMM) with Fuzzy-Delphi and Heuristic Learning in the AMM of Era seven provides a synergy of tools that were not combined before in the area of SC. Additionally the OMM of Era six is unique as it combines most characteristics of the SC, which is an original concept in itself.

Keywords: Leagile, automation, heuristic learning, supply chain models

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10741 Synthesis and Characterization of Anti-Psychotic Drugs Based DNA Aptamers

Authors: Shringika Soni, Utkarsh Jain, Nidhi Chauhan

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Aptamers are recently discovered ~80-100 bp long artificial oligonucleotides that not only demonstrated their applications in therapeutics; it is tremendously used in diagnostic and sensing application to detect different biomarkers and drugs. Synthesizing aptamers for proteins or genomic template is comparatively feasible in laboratory, but drugs or other chemical target based aptamers require major specification and proper optimization and validation. One has to optimize all selection, amplification, and characterization steps of the end product, which is extremely time-consuming. Therefore, we performed asymmetric PCR (polymerase chain reaction) for random oligonucleotides pool synthesis, and further use them in Systematic evolution of ligands by exponential enrichment (SELEX) for anti-psychotic drugs based aptamers synthesis. Anti-psychotic drugs are major tranquilizers to control psychosis for proper cognitive functions. Though their low medical use, their misuse may lead to severe medical condition as addiction and can promote crime in social and economical impact. In this work, we have approached the in-vitro SELEX method for ssDNA synthesis for anti-psychotic drugs (in this case ‘target’) based aptamer synthesis. The study was performed in three stages, where first stage included synthesis of random oligonucleotides pool via asymmetric PCR where end product was analyzed with electrophoresis and purified for further stages. The purified oligonucleotide pool was incubated in SELEX buffer, and further partition was performed in the next stage to obtain target specific aptamers. The isolated oligonucleotides are characterized and quantified after each round of partition, and significant results were obtained. After the repetitive partition and amplification steps of target-specific oligonucleotides, final stage included sequencing of end product. We can confirm the specific sequence for anti-psychoactive drugs, which will be further used in diagnostic application in clinical and forensic set-up.

Keywords: anti-psychotic drugs, aptamer, biosensor, ssDNA, SELEX

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10740 Co-Operation in Hungarian Agriculture

Authors: Eszter Hamza

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The competitiveness of economic operators is based on interoperability, which is relatively low in Hungary. The development of co-operation is high priority in Common Agricultural Policy 2014-2020. The aim of the paper to assess co-operations in Hungarian agriculture, estimate the economic outputs and benefits of co-operations, based on statistical data processing and literature. Further objective is to explore the potential of agricultural co-operation with the help of interviews and questionnaire survey. The research seeks to answer questions as to what fundamental factors play role in the development of co-operation, and what are the motivations of the actors and the key success factors and pitfalls. The results were analysed using econometric methods. In Hungarian agriculture we can find several forms of co-operation: cooperatives, producer groups (PG) and producer organizations (PO), machinery cooperatives, integrator companies, product boards and interbranch organisations. Despite the several appearance of the agricultural co-operation, their economic weight is significantly lower in Hungary than in western European countries. Considering the agricultural importance, the integrator companies represent the most weight among the co-operations forms. Hungarian farmers linked to co-operations or organizations mostly in relation to procurement and sales. Less than 30 percent of surveyed farmers are members of a producer organization or cooperative. The trust level is low among farmers. The main obstacle to the development of formalized co-operation, is producers' risk aversion and the black economy in agriculture. Producers often prefer informal co-operation instead of long-term contractual relationships. The Hungarian agricultural co-operations are characterized by non-dynamic development, but slow qualitative change. For the future, one breakout point could be the association of producer groups and organizations, which in addition to the benefits of market concentration, in the dissemination of knowledge, advisory network operation and innovation can act more effectively.

Keywords: agriculture, co-operation, producer organisation, trust level

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10739 Assortative Education and Working Arrangement among Married Couples in Indonesia

Authors: Ratu Khabiba, Qisha Quarina

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This study aims to analyse the effect of married couples’ assortative educational attainments on the division of economic activities among themselves in the household. This study contributes to the literature on women’s participation in employment, especially among married women, to see whether the traditional values about gender roles in the household still continue to shape the employment participation among married women in Indonesia, despite increasing women’s human capital through education. This study utilizes the Indonesian National Socioeconomic Survey (SUSENAS) 2016 and estimates the results using the multinomial logit model. Our results show that compared to high-educated educational homogamy couples, educational heterogamy couples, especially hypergamy, have a higher probability of being a single-worker type. Moreover, the high-educated educational homogamy couples have the highest probability of being a dual-worker type. Thus, we found evidence that the traditional values of gender role segregation seem to still play a significant role in married women’s employment decision in Indonesia, particularly for couples’ with educational heterogamy and low-educated educational homogamy couples.

Keywords: assortative education, dual-worker, hypergamy, homogamy, traditional values, women labor participation

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10738 Sovereign Debt Restructuring: A Study of the Inadequacies of the Contractual Approach

Authors: Salamah Ansari

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In absence of a comprehensive international legal regime for sovereign debt restructuring, majority of the complications arising from sovereign debt restructuring are frequently left to the uncertain market forces. The resort to market forces for sovereign debt restructuring has led to a phenomenal increase in litigations targeting assets of defaulting sovereign nations, internationally across jurisdictions with the first major wave of lawsuits against sovereigns in the 1980s with the Latin American crisis. Recent experiences substantiate that majority of obstacles faced during sovereign debt restructuring process are caused by inefficient creditor coordination and collective action problems. Collective action problems manifest as grab race, rush to exits, holdouts, the free rider problem and the rush to the courthouse. On defaulting, for a nation to successfully restructure its debt, all the creditors involved must accept some reduction in the value of their claims. As a single holdout creditor has the potential to undermine the restructuring process, hold-out creditors are snowballing with the increasing probability of earning high returns through litigations. This necessitates a mechanism to avoid holdout litigations and reinforce collective action on the part of the creditor. This can be done either through a statutory reform or through market-based contractual approach. In absence of an international sovereign bankruptcy regime, the impetus is mostly on inclusion of collective action clauses in debt contracts. The preference to contractual mechanisms vis- a vis a statutory approach can be explained with numerous reasons, but that's only part of the puzzle in trying to understand the economics of the underlying system. The contractual approach proposals advocate the inclusion of certain clauses in the debt contract for an orderly debt restructuring. These include clauses such as majority voting clauses, sharing clauses, non- acceleration clauses, initiation clauses, aggregation clauses, temporary stay on litigation clauses, priority financing clauses, and complete revelation of relevant information. However, voluntary market based contractual approach to debt workouts has its own complexities. It is a herculean task to enshrine clauses in debt contracts that are detailed enough to create an orderly debt restructuring mechanism while remaining attractive enough for creditors. Introduction of collective action clauses into debt contracts can reduce the barriers in efficient debt restructuring and also have the potential to improve the terms on which sovereigns are able to borrow. However, it should be borne in mind that such clauses are not a panacea to the huge institutional inadequacy that persists and may lead to worse restructuring outcomes.

Keywords: sovereign debt restructuring, collective action clauses, hold out creditors, litigations

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