Search results for: economic policy uncertainty

Authors: Ayala Kobo-Greenhut, Amos Notea, Izhar Ben-Shlomo

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In R&D projects, there is no doubt about the need to change a current concept to an alternative one over time (i.e., concept leaping). Concept leaping is required since with most R&D projects uncertainty is present as they take place in dynamic environments. Despite the importance of concept leaping when needed, R&D teams may fail to do so (i.e., frozen concept). This research suggests a possible reason why frozen concept happens in the framework of quality engineering and control engineering. We suggest that frozen concept occurs since concept determines the derived plan and its implementation may be considered as equivalent to a closed-loop process, and is subject to the problem of not recognizing gaps as failures. We suggest that although implementing quality practices into an R&D project’s routine has many advantages, it intensifies the frozen concept problem since working according to quality practices relates to exploitation of learning behavior, while leaping to a new concept relates to exploring learning behavior.

Keywords: closed loop, control engineering, design, leaping, frozen concept, quality engineering, quality practices

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Authors: Sun-Ki Choi

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The U.S. student loan policy was initiated to improve the equality of educational opportunity and help low-income families to provide higher education opportunities for their children. However, with the increase in the average student loan amount, college graduates with student loans experience problems and restrictions in their early-career choices. This study examines the early career labor market choices of college graduates who obtained student loans to finance their higher education. In this study, National Survey of College Graduates (NSCG) data for 2017 and 2019 was used to estimate the effects of student loans on the employment status and current job wages of graduates with student loans. In the analysis, two groups of workers, those with student loans and those without loans, were compared. Using basic models and Mahalanobis distance matching, it was found that graduates who rely on student loans to finance their education are more likely to participate in the labor market than those who do not. Moreover, in entry-level jobs, graduates with student loans receive lower salaries than those without student loans. College graduates make job-related decisions based on their current and future wages and fringe benefits. Graduates with student loans tend to demonstrate risk-averse behaviors due to their financial restrictions. Thus, student loan debt creates inequity in the early-career labor market for college graduates. Furthermore, this study has implications for policymakers and researchers in terms of the student loan policy.

Keywords: student loan, wage differential, unintended consequences, mahalanobis distance matching

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Authors: Abiodun O. Ibude

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Several organizations have devised the strategy of engaging the services of staff not directly employed by them in their production and service delivery. Some organizations also engage on contracting another organization to carry out a part of service or production process on their behalf. Outsourcing is becoming an important alternative employment option for most organizations. This paper attempts an exposition on the rights of workers within the more specific context of outsourcing as a human resource management phenomenon. Outsourced employees and their rights are treated conceptually and analytically in a generic sense as a mere subset of the larger whole, that is, labor. Outsourced employees derive their rights, like all workers, from their job context as well as the legal environment (municipal and global) in which they operate. The dynamics of globalization and the implications of this development for labor practices receive considerable attention in this exposition. In this regard, a guarded proposition is made, to examine the practice and effect of engaging outsourcing as an economic decision designed primarily to cut down on operational costs rather than a Human Resources Management decision to improve worker welfare. The population of the study was selected from purposive and simple random sampling techniques. Data obtained were analyzed through a simple percentage, Pearson product-moment correlation, and cross-tabulation. From the research conducted, it was discovered that, although outsourcing possesses opportunities for organizations, there are drawbacks arising from its implementation of job securities. It was also discovered that some employees are being exploited through this strategy. This gives rise to lower motivation and thereby decline in performance. In conclusion, there is need for examination of Human Resource Managers’ strategies that can serve as management policy tools for the protection of the rights of outsourced employees.

Keywords: legal environment, operational cost, outsourcing, protection

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Authors: El Andari Chifaa, Bouaziz Rached

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The central focus of this paper was to check whether the Okun’s law in Tunisia is valid or not. For this purpose, we have used quarterly time series data during the period 1990Q1-2014Q1. Firstly, we applied the error correction model instead of the difference version of Okun's Law, the Engle-Granger and Johansen test are employed to find out long run association between unemployment, production, and how error correction mechanism (ECM) is used for short run dynamic. Secondly, we used the gap version of Okun’s law where the estimation is done from three band pass filters which are mathematical tools used in macro-economic and especially in business cycles theory. The finding of the study indicates that the inverse relationship between unemployment and output is verified in the short and long term, and the Okun's law holds for the Tunisian economy, but with an Okun’s coefficient lower than required. Therefore, our empirical results have important implications for structural and cyclical policymakers in Tunisia to promote economic growth in a context of lower unemployment growth.

Keywords: Okun’s law, validity, unit root, cointegration, error correction model, bandpass filters

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Authors: G. K. Pandey, D. Ramadasu, I. Banerjee, V. Vinod, G. Padmakumar, V. Prakash, K. K. Rajan

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Detailed thermal hydraulic investigations are very essential for safe and reliable functioning of liquid metal cooled fast breeder reactors. These investigations are further more important for components with complex profile, since there is no direct correlation available in literature to evaluate the hydraulic characteristics of such components directly. In those cases available correlations for similar profile or geometries may lead to significant uncertainty in the outcome. Hence experimental approach can be adopted to evaluate these hydraulic characteristics more precisely for better prediction in reactor core components. Prototype Fast Breeder Reactor (PFBR), a sodium cooled pool type reactor is under advanced stage of construction at Kalpakkam, India. Several components of this reactor core require hydraulic investigation before its usage in the reactor. These hydraulic investigations on full scale models, carried out by experimental approaches using water as simulant fluid are discussed in the paper.

Keywords: fast breeder reactor, cavitation, pressure drop, reactor components

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Authors: Luz-Marina Roberts, Ancil Kirk, Aisha Donaldson, Anya Seepaul, Jade Lakhan, Shianna Tikasingh

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Climate change has produced a crisis that particularly threatens small island states in the Caribbean. Developers and climate enthusiasts alike are now forced to find new and sustainable ways of building. Focus on existing buildings is particularly needed in Trinidad and Tobago, like other islands, especially as these countries are vulnerable to climate threats and geographic locations with close proximity to a hurricane. Additionally, since many colonial-era style buildings still exist, the idea that they are energy inefficient is at the forefront of the work of policy-makers. The question that remains is can these buildings be retrofitted to reflect the modern era while considering climate resilience. This paper aims to investigate the energy efficiency of colonial-era buildings in Port of Spain and whether these buildings in Trinidad and Tobago, if found to be energy inefficient, can be more energy efficient and sustainable. This involves collecting surveys from building management in colonial-era buildings and researching literature on colonial architecture in the Caribbean and modern innovations in green building designs. Additionally, the data and experiences from the Town and Country Planning Division in the Ministry of Planning and Development of Trinidad and Tobago will inform the paper. This research will aid in re-envisioning how green infrastructure can be applied to urban environments with older buildings and help inform planning policy as it relates to sustainability and energy efficiency.

Keywords: spatial planning, climate resilience, energy efficiency, sustainable development

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Authors: A. Bentley, A. Prost, N. Daruwalla, D. Osrin

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Background: This study aims to investigate the relationship between experiences of violence against women in the family, and levels of self-esteem in women residing in informal settlement (slum) areas of Mumbai, India. The authors hypothesise that violence against women in Indian households extends beyond that of intimate partner violence (IPV), to include other members of the family and that experiences of violence are associated with lower levels of self-esteem. Methods: Experiences of violence were assessed through a cross-sectional survey of 598 women, including questions about specific acts of emotional, economic, physical and sexual violence across different time points, and the main perpetrator of each. Self-esteem was assessed using the Rosenberg self-esteem questionnaire. A global score for self-esteem was calculated and the relationship between violence in the past year and Rosenberg self-esteem score was assessed using multivariable linear regression models, adjusted for years of education completed, and clustering using robust standard errors. Results: 482 (81%) women consented to interview. On average, they were 28.5 years old, had completed 6 years of education and had been married 9.5 years. 88% were Muslim and 46% lived in joint families. 44% of women had experienced at least one act of violence in their lifetime (33% emotional, 22% economic, 24% physical, 12% sexual). Of the women who experienced violence after marriage, 70% cited a perpetrator other than the husband for at least one of the acts. 5% had low self-esteem (Rosenberg score < 15). For women who experienced emotional violence in the past year, the Rosenberg score was 2.6 points lower (p < 0.001). It was 1.2 points lower (p = 0.03) for women who experienced economic violence. For physical or sexual violence in the past year, no statistically significant relationship with Rosenberg score was seen. However, for a one-unit increase in the number of different acts of each type of violence experienced in the past year, a decrease in Rosenberg score was seen (-0.62 for emotional, -0.76 for economic, -0.53 for physical and -0.47 for sexual; p < 0.05 for all). Discussion: The high prevalence of violence experiences across the lifetime was likely due to the detailed assessment of violence and the inclusion of perpetrators within the family other than the husband. Experiences of emotional or economic violence in the past year were associated with lower Rosenberg scores and therefore lower self-esteem, but no relationship was seen between experiences of physical or sexual violence and Rosenberg score overall. For all types of violence in the past year, a greater number of different acts were associated with a decrease in Rosenberg score. Emotional violence showed the strongest relationship with self-esteem, but for all types of violence the more complex the pattern of perpetration with different methods used, the lower the levels of self-esteem. Due to the cross-sectional nature of the study causal directionality cannot be attributed. Further work to investigate the relationship between severity of violence and self-esteem and whether self-esteem mediates relationships between violence and poorer mental health would be beneficial.

Keywords: family violence, India, informal settlements, Rosenberg self-esteem scale, self-esteem, violence against women

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Authors: Emad A. Mohammed

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Utilizing the capabilities of Data Mining and Artificial Intelligence in the prediction of the minimum miscibility pressure (MMP) required for multi-contact miscible (MCM) displacement of reservoir petroleum by hydrocarbon gas flooding using Fuzzy Logic models and Artificial Neural Network models will help a lot in giving accurate results. The factors affecting the (MMP) as it is proved from the literature and from the dataset are as follows: XC2-6: Intermediate composition in the oil-containing C2-6, CO2 and H2S, in mole %, XC1: Amount of methane in the oil (%),T: Temperature (°C), MwC7+: Molecular weight of C7+ (g/mol), YC2+: Mole percent of C2+ composition in injected gas (%), MwC2+: Molecular weight of C2+ in injected gas. Fuzzy Logic and Neural Networks have been used widely in prediction and classification, with relatively high accuracy, in different fields of study. It is well known that the Fuzzy Inference system can handle uncertainty within the inputs such as in our case. The results of this work showed that our proposed models perform better with higher performance indices than other emprical correlations.

Keywords: MMP, gas flooding, artificial intelligence, correlation

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Authors: R. Chedid, R. Ghajar

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Lebanon electricity crisis continues to escalate. Rationing hours still apply across the country but with different rates. The capital Beirut is subjected to 3 hours cut while other cities, town and villages may endure 9 to 14 hours of power shortage. To mitigate this situation, private diesel generators distributed illegally all over the country are being used to bridge the gap in power supply. Almost each building in large cities has its own generator and individual villages may have more than one generator supplying their loads. These generators together with their private networks form incomplete and ill-designed and managed microgrids (MG) but can be further developed to become renewable energy-based MG operating in island- or grid-connected modes. This paper will analyze the potential of introducing MG to help resolve the energy crisis in Lebanon. It will investigate the usefulness of developing MG under the prevailing situation of existing private power supply service providers and in light of the developed national energy policy that supports renewable energy development. A case study on a distribution feeder in a rural area will be analyzed using HOMER software to demonstrate the usefulness of introducing photovoltaic (PV) arrays along the existing diesel generators for all the stakeholders; namely, the developers, the customers, the utility and the community at large. Policy recommendations regarding MG development in Lebanon will be presented on the basis of the accumulated experience in private generation and the privatization and public-private partnership laws.

Keywords: decentralized systems, distributed generation, microgrids, renewable energy

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Authors: Eman AbdelSabour

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Sustainability is increasingly being considered as a critical aspect in shaping the urban environment. It works as an invention development basis for global urban growth. Currently, different models and structures impact the means of interpreting the criteria that would be included in defining a sustainable city. There is a collective need to improve the growth path to an extremely durable path by presenting different suggestions regarding multi-scale initiatives. The global rise in urbanization has led to increased demand and pressure for better urban planning choice and scenarios for a better sustainable urban alternative. The need for an assessment tool at the urban scale was prompted due to the trend of developing increasingly sustainable urban development (SUD). The neighborhood scale is being managed by a growing research committee since it seems to be a pertinent scale through which economic, environmental, and social impacts could be addressed. Although neighborhood design is a comparatively old practice, it is in the initial years of the 21st century when environmentalists and planners started developing sustainable assessment at the neighborhood level. Through this, urban reality can be considered at a larger scale whereby themes which are beyond the size of a single building can be addressed, while it still stays small enough that concrete measures could be analyzed. The neighborhood assessment tool has a crucial role in helping neighborhood sustainability to perform approach and fulfill objectives through a set of themes and criteria. These devices are also known as neighborhood assessment tool, district assessment tool, and sustainable community rating tool. The primary focus of research has been on sustainability from the economic and environmental aspect, whereas the social, cultural issue is rarely focused. Therefore, this research is based on Doha, Qatar, the current urban conditions of the neighborhoods is discussed in this study. The research problem focuses on the spatial features in relation to the socio-cultural aspects. This study is outlined in three parts; the first section comprises of review of the latest use of wellbeing assessment methods to enhance decision process of retrofitting physical features of the neighborhood. The second section discusses the urban settlement development, regulations and the process of decision-making rule. An analysis of urban development policy with reference to neighborhood development is also discussed in this section. Moreover, it includes a historical review of the urban growth of the neighborhoods as an atom of the city system present in Doha. Last part involves developing quantified indicators regarding subjective well-being through a participatory approach. Additionally, applying GIS will be utilized as a visualizing tool for the apparent Quality of Life (QoL) that need to develop in the neighborhood area as an assessment approach. Envisaging the present QoL situation in Doha neighborhoods is a process to improve current condition neighborhood function involves many days to day activities of the residents, due to which areas are considered dynamic.

Keywords: neighborhood, subjective wellbeing, decision support tools, Doha, retrofiring

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Authors: Haidy S. Ghali, Engy Serag, A. Samer Ezeldin

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Copper is an essential raw material used in the construction industry. During the year 2021 and the first half of 2022, the global market suffered from a significant fluctuation in copper raw material prices due to the aftermath of both the COVID-19 pandemic and the Russia-Ukraine war, which exposed its consumers to an unexpected financial risk. Thereto, this paper aims to develop two ANN-LSTM price prediction models, using Python, that can forecast the average monthly copper prices traded in the London Metal Exchange; the first model is a multivariate model that forecasts the copper price of the next 1-month and the second is a univariate model that predicts the copper prices of the upcoming three months. Historical data of average monthly London Metal Exchange copper prices are collected from January 2009 till July 2022, and potential external factors are identified and employed in the multivariate model. These factors lie under three main categories: energy prices and economic indicators of the three major exporting countries of copper, depending on the data availability. Before developing the LSTM models, the collected external parameters are analyzed with respect to the copper prices using correlation and multicollinearity tests in R software; then, the parameters are further screened to select the parameters that influence the copper prices. Then, the two LSTM models are developed, and the dataset is divided into training, validation, and testing sets. The results show that the performance of the 3-Month prediction model is better than the 1-Month prediction model, but still, both models can act as predicting tools for diverse economic situations.

Keywords: copper prices, prediction model, neural network, time series forecasting

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Authors: Safia Hocine, Djamil Aïssani

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Risk models, recently studied in the literature, are becoming increasingly complex. It is rare to find explicit analytical relations to calculate the ruin probability. Indeed, the stability issue occurs naturally in ruin theory, when parameters in risk cannot be estimated than with uncertainty. However, in most cases, there are no explicit formulas for the ruin probability. Hence, the interest to obtain explicit stability bounds for these probabilities in different risk models. In this paper, we interest to the stability bounds of the univariate classical risk model established using the regenerative processes approach. By adopting an algorithmic approach, we implement this approximation and determine numerically the bounds of ruin probability in the case of large claims (heavy-tailed distribution).

Keywords: heavy-tailed distribution, large claims, regenerative process, risk model, ruin probability, stability

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Authors: Marina Shakleina, Konstantin Shaklein, Stanislav Yakiro

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The digitalization of modern human life over the last decade has facilitated the acquisition, storage, and processing of data, which are used to detect changes in consumer preferences and to improve the internal efficiency of the production process. This emerging trend has attracted academic interest in the use of big data in research. The study focuses on modeling the social comfort of the Russian population for the period 2010-2021 using big data. Big data provides enormous opportunities for understanding human interactions at the scale of society with plenty of space and time dynamics. One of the most popular big data sources is Google Trends. The methodology for assessing social comfort using big data involves several steps: 1. 574 words were selected based on the Harvard IV-4 Dictionary adjusted to fit the reality of everyday Russian life. The set of keywords was further cleansed by excluding queries consisting of verbs and words with several lexical meanings. 2. Search queries were processed to ensure comparability of results: the transformation of data to a 10-point scale, elimination of popularity peaks, detrending, and deseasoning. The proposed methodology for keyword search and Google Trends processing was implemented in the form of a script in the Python programming language. 3. Block and summary integral indicators of social comfort were constructed using the first modified principal component resulting in weighting coefficients values of block components. According to the study, social comfort is described by 12 blocks: ‘health’, ‘education’, ‘social support’, ‘financial situation’, ‘employment’, ‘housing’, ‘ethical norms’, ‘security’, ‘political stability’, ‘leisure’, ‘environment’, ‘infrastructure’. According to the model, the summary integral indicator increased by 54% and was 4.631 points; the average annual rate was 3.6%, which is higher than the rate of economic growth by 2.7 p.p. The value of the indicator describing social comfort in Russia is determined by 26% by ‘social support’, 24% by ‘education’, 12% by ‘infrastructure’, 10% by ‘leisure’, and the remaining 28% by others. Among 25% of the most popular searches, 85% are of negative nature and are mainly related to the blocks ‘security’, ‘political stability’, ‘health’, for example, ‘crime rate’, ‘vulnerability’. Among the 25% most unpopular queries, 99% of the queries were positive and mostly related to the blocks ‘ethical norms’, ‘education’, ‘employment’, for example, ‘social package’, ‘recycling’. In conclusion, the introduction of the latent category ‘social comfort’ into the scientific vocabulary deepens the theory of the quality of life of the population in terms of the study of the involvement of an individual in the society and expanding the subjective aspect of the measurements of various indicators. Integral assessment of social comfort demonstrates the overall picture of the development of the phenomenon over time and space and quantitatively evaluates ongoing socio-economic policy. The application of big data in the assessment of latent categories gives stable results, which opens up possibilities for their practical implementation.

Keywords: big data, Google trends, integral indicator, social comfort

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Authors: Tsai Yu-hsin, Chung Yi-Hsin

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The employment of an HSR system, resulting in elevation in the inter-city/-region accessibility, is likely to promote spatial interaction between places in the HSR and extended territory. The inter-city/-region travel via HSR could be, among others, affected by the land use, transportation, and location of the HSR station at both trip origin and destination ends. However, relatively few insights have been shed on these impacts and spatial patterns of the HSR travel. The research purposes, as phase one of a series of HSR related research, of this study are threefold: to analyze the general spatial patterns of HSR trips, such as the spatial distribution of trip origins and destinations; to analyze if specific land use, transportation characteristics, and trip characteristics affect HSR trips in terms of the use of HSR, the distribution of trip origins and destinations, and; to analyze the socio-economic characteristics of HSR travelers. With the Taiwan HSR starting operation in 2007, this study emphasizes on the intermediate-term impact of HSR, which is made possible with the population and housing census and industry and commercial census data and a station area intercept survey conducted in the summer 2014. The analysis will be conducted at the city, inter-city, and inter-region spatial levels, as necessary and required. The analysis tools include descriptive statistics and multivariate analysis with the assistance of SPSS, HLM and ArcGIS. The findings, on the one hand, can provide policy implications for associated land use, transportation plan and the site selection of HSR station. On the other hand, on the travel the findings are expected to provide insights that can help explain how land use and real estate values could be affected by HSR in following phases of this series of research.

Keywords: high speed rail, land use, travel, spatial pattern

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Authors: Gulnara Galeeva

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The Analytic Hierarchy Process is widely used in the economic and financial studies, including the formation of investment portfolios. In this study, a generalized method of obtaining a vector of priorities for the case with separate pairwise comparisons of the expert opinion being presented as a set of several equal evaluations on a ratio scale is examined. The author claims that this method allows solving an important and up-to-date problem of excluding vagueness and ambiguity of the expert opinion in the decision making theory. The study describes the authentic wide pairwise comparison matrix. Its application in the formation of the efficient investment portfolio of intangible assets of a small business enterprise with limited funding is considered. The proposed method has been successfully approbated on the practical example of a functioning dental clinic. The result of the study confirms that the wide pairwise comparison matrix can be used as a simple and reliable method for forming the enterprise investment policy. Moreover, a comparison between the method based on the wide pairwise comparison matrix and the classical analytic hierarchy process was conducted. The results of the comparative analysis confirm the correctness of the method based on the wide matrix. The application of a wide pairwise comparison matrix also allows to widely use the statistical methods of experimental data processing for obtaining the vector of priorities. A new method is available for simple users. Its application gives about the same accuracy result as that of the classical hierarchy process. Financial directors of small and medium business enterprises get an opportunity to solve the problem of companies’ investments without resorting to services of analytical agencies specializing in such studies.

Keywords: analytic hierarchy process, decision processes, investment portfolio, intangible assets

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Authors: Adesuwa Omorede, Karin Axelsson

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The war and violence around the world today has brought a mass increase of forcibly displaced individuals to seek refuge in the European Union, where they have to leave their homes and restart a new life built on other cultural, social, economic and legal premises than they are used to. Since 2014, the EU has accepted to help with the crisis by providing protection and refuge, and countries like Germany, Hungary, Austria, and Sweden accepted around two-thirds of EU’s asylum seekers. In 2015 for instance, Sweden harbored large numbers of refugees, which lead to a drastic rise in population. This drastic rise brought an overwhelming challenge to Sweden since they needed to find quick and suitable solutions to accommodate these thousands of refugees. Further, it posed a challenge for Sweden to immediately tackle the problem of integrating the new arrivals in the labor market. With an unstable societal integration and little or no skills to connect to the workforce, these immigrants faced a shaky beginning, as they had to struggle with not just integrating into a new society but also to get suitable jobs. These uncertainties brought pressure on the immigrants, which drove a number of them to move from city to city seeking for a place and alternatives for their well-being, safe haven, and self-provision. As a result, they brought in their own skills, experiences, and cultural orientation into exploring and exploiting new opportunities and filling the gaps in their new environment. In so doing, immigrants contributing with multidisciplinary collaborations, insights, international relations and national growth through the exploitation of entrepreneurial opportunities. The study, seek to understand how these uncertainties led migrant entrepreneurs towards entrepreneurial activities. Furthermore, it contributes to understanding their processes towards exploring and exploiting opportunities for entrepreneurship as well as their role in contributing to local and national growth. To reach these aims, an inductive qualitative study was conducted using semi-structured interviews of several migrant entrepreneurs – both female and male – that took part in two different entrepreneurial projects in mid-Sweden. The first project was a business program for African women; the other was an entrepreneurship hub for immigrants. Both were focused on inspiring and coaching immigrants during their entrepreneurial process. An integrated part was to work with the participants’ entrepreneurial skills and abilities. In addition, archival documents were collected. The data was analyzed using content analysis for qualitative research. The study aims to contribute to the entrepreneurship literature by understanding the influences of cognitive and environmental factors towards entrepreneurial activities. This study also provides several suggestions for policymakers on how they can better integrate migrants into becoming contributors to the society.

Keywords: entrepreneurial intentions, entrepreneurial processes, migrant entrepreneurship, uncertainty

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Authors: Sabiu Abdullahi Yau

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Nigeria is a high fertility country that experiences eye-popping population growth, with no end in sight. However, there is evidence that its large population inhibits government’s efforts in meeting the basic needs of the people. Moreover, past and present governments of Nigeria have been committing huge amount of financial resources to meet the basic infrastructural requirements capable of propelling growth and development. Despite the country’s large population and abundant natural resources, poverty, unemployment, rural-urban migration, deforestation and inadequate infrastructural facilities have been persistently on the increase resulting in consistent failure of government policies to impact positively on the economy. This paper, however, identifies and critically analyses the major development challenges caused by population growth in Nigeria using secondary data. The paper concludes that for the Nigeria’s economy to develop, all the identified challenges posed by rapid population growth must be promptly and squarely addressed.

Keywords: economic development, population, growth, Nigeria

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Authors: Tafadzwa Shumba, Rose C. Nyatondo, Regret Sunge

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This research analyses the impact of budget deficits on the economic performance of Zimbabwe. The study employs the autoregressive distributed lag (ARDL) confines testing method to co-integration and long-run estimation using time series data from 1980-2018. The Augmented Dick Fuller (ADF) and the Granger approach were used to testing for stationarity and causality among the factors. Co-integration test results affirm a long term association between GDP development rate and descriptive factors. Causality test results show a unidirectional connection between budget shortfall to GDP development and bi-directional causality amid debt and budget deficit. This study also found unidirectional causality from debt to GDP growth rate. ARDL estimates indicate a significantly positive long term and significantly negative short term impact of budget shortfall on GDP. This suggests that budget deficits have a short-run growth retarding effect and a long-run growth-inducing effect. The long-run results follow the Keynesian theory that posits that fiscal deficits result in an increase in GDP growth. Short-run outcomes follow the neoclassical theory. In light of these findings, the government is recommended to minimize financing of recurrent expenditure using a budget deficit. To achieve sustainable growth and development, the government needs to spend an absorbable budget deficit focusing on capital projects such as the development of human capital and infrastructure.

Keywords: ARDL, budget deficit, economic performance, long run

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Authors: V. S. S. Kumar, B. Vikram, G. C. S. Reddy

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Time and cost are the two critical objectives of construction project management and are not independent but intricately related. Trade-off between project duration and cost are extensively discussed during project scheduling because of practical relevance. Generally when the project duration is compressed, the project calls for an increase in labor and more productive equipments, which increases the cost. Thus, the construction time-cost optimization is defined as a process to identify suitable construction activities for speeding up to attain the best possible savings in both time and cost. As there is hidden tradeoff relationship between project time and cost, it might be difficult to predict whether the total cost would increase or decrease as a result of compressing the schedule. Different combinations of duration and cost for the activities associated with the project determine the best set in the time-cost optimization. Therefore, the contractors need to select the best combination of time and cost to perform each activity, all of which will ultimately determine the project duration and cost. In this paper, the fuzzy set theory is used to model the uncertainties in the project environment for time-cost trade off analysis.

Keywords: fuzzy sets, uncertainty, qualitative factors, decision making

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Authors: Usman Khan

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The article discusses mass migration, which has been a problem throughout history. People moved for a variety of reasons, including better job opportunities, prosperous, healthy lifestyles, and other basic needs. This research focuses on the issues and challenges that immigrants face when they arrive at their destination countries especially Saudi Arab. Among these issues are the Kapala system, irregular salaries, living conditions, document seizure, and so on. The primary data sources for this qualitative anthropological study include in-depth interviews and focus group discussions (FGDs). The research was carried out in the villages of Zulam and Shagokas in Khyber Pakhtunkhwa's Dir Lower District. The article concludes by stating that the agents and employers treated labor migrants/workers inhumanely. Throughout the process, they have been subjected to severe exploitation and suffering. Finally, the migrants sent back remittances that aided the region's economic and infrastructure development.

Keywords: Migration, Exploitation, labour, Middle East, Kafala and Tanazol System.

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Authors: Tongpong Sriboon, Prapita Thanarak, Chaitawatch Khunrangabsang

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Nowadays, the usage of power generated from photovoltaic system has been promoted significantly in Thailand. The targeted result which is to increase the Solar Power Generation in 2036 to 6000 megawatts (MW) was planned by Alternative Energy Development Plan (AEDP 2015) and Power Development Plan (PDP 2015). The solar rooftop 200 MW was promoted and supported under the Feed-in Tariff scheme (FiT) in two phases; phase I in 2012 and phase II in 2015. However, the number of people interested in supporting the projects reduced due to many reasons which range from the first process to the last that is to sell electricity back to Electricity Authority. This paper will review this situation especially in total electricity generated from solar rooftop system during the day that has been sold back to the grid utility in different capacity FiT rates. With many stakeholders involved, the regulations and criteria were established to maintain the standard of the system. Besides, lots of problems have occurred during the processes including reliability and quality. These problems were shortly followed by other irrevocably issues concerning politics, social, economic etc. In order to effectively develop solar PV power system in Thailand, the problems and solutions were compared to those from six countries including Japan, Australia. America, China, German and Malaysia. This paper particularly focuses on policies and measurement implemented to encourage the rising in solar PV system interest. This review enables one to gain insight into the nature of the changes that have taken place in each and every country mentioned above as well as the underlying reasons behind them. Brief analysis is carried out on identify key challenges and opportunities for solar PV application. This could help create a development path that is suitable with situations to enhance the overall performance of solar PV power generating system in Thailand.

Keywords: solar PV rooftop, PV policy, self-consumption, solar PV power generation

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Authors: Aziz Rezapour, Abdosaleh Jafari, Marziye Hadian, Elaheh Mazaheri

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Introduction: Cardiac rehabilitation is an accurate educational and sporting program designed to help heart patients to increase their physical activities and reduce the risk factors that make their health worse and help to a healthier lifestyle so that they can return to their families and society with a better spirit. The aim of this study was to examine the cost-effectiveness and cost-utility of cardiac rehabilitation programs for patients with cardiovascular diseases. Methods: In the present review study, published articles related to cost-effectiveness and cost-utility of cardiac rehabilitation programs for patients with cardiovascular diseases within the time interval between 2004 and 2019 were searched using electronic databases. The methodological quality of the structure of articles was examined by Drummond’s standard checklist. Results: The results of reviewing studies showed that most of the studies related to the economic evaluation of cardiac rehabilitation programs in patients with cardiovascular disease were flawed in Drummond’s criteria, and only one study adhered to Drummond’s criteria. The results of the present study indicated use of cardiac rehabilitation programs in patients with cardiovascular disease was cost-effective. Conclusion: The results of this review study showed that although the results of the studies were different in terms of a number of aspects, such as the study perspective, the time horizons, and the costs of rehabilitation programs, they achieved a similar conclusion, they concluded that the use of cardiac rehabilitation programs in patients with cardiovascular diseases, leading to higher quality-adjusted life years (QALYs) and lower costs.

Keywords: economic evaluation, systematic review, cardiac rehabilitation, Drummond’s checklist

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Authors: Nadine Osbild

Abstract:

Recent urban development projects often try to cater to both high-tech innovation/start-up culture and local culture/sustainable living. In the process, the so-called “creative class” (Florida 2002) has become a focal point for innovative answers to increasing urban pressures. Our paper explores local subculture and art scenes as a place where current innovation policies and alternative approaches to urban future-making collide. We explore the (re-)making of prevalent understanding of creativity in the context of Munich – an economically successful and over-saturated city with a relatively conservative approach to innovation and disruption and no apparent need for the “creative class” remedy. In particular, we investigate the opportunities and manifestations of subculture in three urban development projects that are envisioned as collaborations between innovators and (sub)culturally oriented creativity. Following a co-production STS approach, we observe that these development projects serve as sites where understandings of innovation and creativity are configured and stabilized in keeping with broader socio-political and economic rationalities. What is more, the projects materialize a de-facto split between the two understandings of a “creative scene,” whereby alternative and potentially disruptive forms of creativity become sidelined or even prevented in Munich’s imagination of urban development in the name of innovation and economic growth. Thus taming the unruliness of creativity, Munich also manages to tame the disruptive threats of innovation, ensuring that the innovation-centered modes of future-making still leave socio-economic hierarchies intact while displacing (counter-)visions rooted in the subculture.

Keywords: creative districts, science and technology studies, public engagement, innovation studies

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Authors: G. Salavwa, P. Erhijakpor Jr., H. Ukwu

Abstract:

This study will explore child labour issues in Nigeria because it is capable of affecting the physical and general well-being of children who perform hazardous work. This feat will be achieved through qualitative research methodology. Data collection shall be elicited by oral interviews and documental content analysis to delve on the application of the Convention on the Rights of the Child (CRC), International Labour Organization ILO and Geneva Convention relating to child labour practices in Nigeria. This will include the relevance of present domestic laws relating to child labour as implemented in Nigeria, together with factors that contribute to the practice of child labour in the country. The oral interview data analysis will be performed by breaking the interview data into significant statements and themes. This shall be done by comparing and determining the commonalities that are prevalent in the participants’ views regarding child labour menace in Nigeria. Presumably, findings from this study shall unveil that a poor educational policy, a widespread poverty level which is mostly prevalent amongst families in the rural areas of the country, a lack of employment for adults, have led to the ineffectiveness of the local child labour laws in Nigeria. These has in turn culminated into a somewhat non-implementation of the international laws of the CRC, ILO and Geneva Declaration on child labour to which the Nigerian government is a signatory. Based on the finding, this study will calls on the government of Nigeria to extend its free educational policy from the elementary, secondary to tertiary educations. The government also has to ensure that offenders of children’s rights should face a severe punishment.

Keywords: commonalities, tertiary, constitution, qualitative

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Authors: Hefin Gwilym

Abstract:

This paper will explore the political biographies of social workers in a neoliberal era. The findings are based on a research project for a successfully completed professional doctorate in social work. The methodology deployed for the research is a combination of constructivist grounded theory and biographical inquiry. The paper will present findings from 14 biographical interviews and will focus on one case study of a participant whose life story is richly informed by political social work. The 14 participants reflect different genders, ethnic identities, cultural and linguistic identities, age and length of social work careers. The participants also reflect different forms of political engagement, such as, as political activists and members of political parties, including parliamentarians. The findings demonstrate how deeply ingrained the social work identity is amongst the participants and how their political identity has remained strongly social democratic in nature despite the many changes in the social work profession since the rise of neoliberalism as a thought collective and policy package. The individual case study will explore the early roots of political identity in the childhood and nurturing years and the interface with subsequent social work and political careers. It will also explore the evolution of the participant’s political identity in the social work career. The case study will also present findings on how the participant has contributed to the political field with policy involvement and initiatives. The presentation will conclude with a discussion on how this particular group of social workers can best contribute to the future direction of the social work profession.

Keywords: political social work, political biographies, neoliberal, grounded theory

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Authors: Darren Zou

Abstract:

Forecasting the stock market is a very challenging task. Various economic indicators such as GDP, exchange rates, interest rates, and unemployment have a substantial impact on the stock market. Time series models are the traditional methods used to predict stock market changes. In this paper, a machine learning method, Bayesian Additive Regression Tree (BART) is used in predicting stock market indexes based on multiple economic indicators. BART can be used to model heterogeneous treatment effects, and thereby works well when models are misspecified. It also has the capability to handle non-linear main effects and multi-way interactions without much input from financial analysts. In this research, BART is proposed to provide a reliable prediction on day-to-day stock market activities. By comparing the analysis results from BART and with time series method, BART can perform well and has better prediction capability than the traditional methods.

Keywords: BART, Bayesian, predict, stock

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Authors: Rowena R. De Guzman

Abstract:

Association of Southeast Asian Nations (ASEAN) integration requires that higher education institutions (HEIs) must adjust the quality of their educational services and develop a global mindset, through various quality assurance (QA) activities to a level producing global graduates and encouraging human resource mobility. For Philippine HEIs, QA involves enormous tasks and responsibilities, whereby the implementation of which involves various parties, agencies and stakeholders; and in that case innovations have to be installed to engage the whole system in the QA process. In this study, collaborative governance (CG), a concept from the field of public administration, is introduced in educational management, particularly in the area of QA management. The paper suggests that the exercise of and attitude toward CG in QA is relevant to the practice of activities across QA indicators in higher educational services among stakeholders from participating HEIs. Participants representing different interests are collectively empowered, and this compelled them to participate and support the QA activities of the HEIs. It is recommended to embed CG model in the system for HEIs undergoing or intending to undergo QA achieve their desired QA outcomes. The study supports the commitment of the Philippine government to the evolving policy and efforts to achieve comparable qualifications across the Asia-Pacific region under the auspices of the UNESCO.

Keywords: ASEAN integration, collaborative governance, global education, government policy, higher education, international demands, quality assurance

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Authors: Kréhi Serge Agbli, Samuel Portebos, Michaël Salomon

Abstract:

Here a methodology is considered aiming at evaluating the economic benefit of the provision of a primary frequency control unit using a Battery Energy Storage System (BESS). In this methodology, two control types (basic and hysteresis) are implemented and the corresponding minimum energy storage system power allowing to maintain the frequency drop inside a given threshold under a given contingency is identified and compared using DigSilent’s PowerFactory software. Following this step, the corresponding energy storage capacity (in MWh) is calculated. As PowerFactory is dedicated to dynamic simulation for transient analysis, a first order model related to the IEEE 9 bus grid used for the analysis under PowerFactory is characterized and implemented on MATLAB-Simulink. Primary frequency control is simulated using the two control types over one-month grid's frequency deviation data on this Simulink model. This simulation results in the energy throughput both basic and hysteresis BESSs. It emerges that the 15 minutes operation band of the battery capacity allocated to frequency control is sufficient under the considered disturbances. A sensitivity analysis on the width of the control deadband is then performed for the two control types. The deadband width variation leads to an identical sizing with the hysteresis control showing a better frequency control at the cost of a higher delivered throughput compared to the basic control. An economic analysis comparing the cost of the sized BESS to the potential revenues is then performed.

Keywords: battery energy storage system, electrical network frequency stability, frequency control unit, PowerFactor

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Authors: Sunil Arora, Anitya Kumar Jena, S. A. Ravi

Abstract:

India is at the cusp of major reforms in the hydrocarbon sector. Oil and gas sector is highly liberalised to attract private investment and to increase domestic production. Major hydrocarbon Exploration & Production (E&P) activity here have been undertaken by Government owned companies but with easing up and reworking of hydro carbon exploration licensing policies private players have also joined the fray towards achieving energy security for India. Government of India has come up with policy and administrative reforms including Hydrocarbon Exploration and Licensing Policy (HELP), Sagarmala (port-led development with coastal connectivity), and Development of Small Discovered Fields, etc. with the intention to make industry friendly conditions for investment, ease of doing business and reduce gestation period. To harness the potential resources of Deep water and Ultra deep water, High Pressure – High Temperature (HP-HT) regions, Coal Bed Methane (CBM), Shale Hydrocarbons besides Gas Hydrates, participation shall be required from both domestic and international players. Companies engaged in E&P activities in India have traditionally been managing through their captive supply base, but with crude prices under hammer, the need is being felt to outsource non-core activities. This necessitates establishment of a robust support services to cater to E&P Industry, which is currently non-existent to meet the bourgeon challenges. This paper outlines an agenda for creating an Integrated Services Hub (ISH) under Special Economic Zone (SEZ) to facilitate complete gamut of non-core support activities of E&P industry. This responsive and proficient multi-usage facility becomes viable with better resource utilization, economies of scale to offer cost effective services. The concept envisages companies to bring-in their core technical expertise leaving complete hardware peripherals outsourced to this ISH. The Integrated Services Hub, complying with the best in class global standards, shall typically provide following Services under Single Window Solution, but not limited to: a) Logistics including supply base operations, transport of manpower and material, helicopters, offshore supply vessels, warehousing, inventory management, sourcing and procurement activities, international freight forwarding, domestic trucking, customs clearance service etc. b) Trained/Experienced pool of competent Manpower (Technical, Security etc.) will be available for engagement by companies on either short or long term basis depending upon the requirements with provisions of meeting any training requirements. c) Specialized Services through tie-up with global best companies for Crisis Management, Mud/Cement, Fishing, Floating Dry-dock besides provision of Workshop, Repair and Testing facilities, etc. d) Tools and Tackles including drill strings, etc. A pre-established Integrated Services Hub shall facilitate an early start-up of activities with substantial savings in time lines. This model can be replicated at other parts of the world to expedite E&P activities.

Keywords: integrated service hub, India, oil gas, offshore supply base

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Authors: Sarah Müller-Sägebrecht

Abstract:

Today’s volatile environment challenges executives to make the right strategic decisions to gain sustainable success. Entrepreneurship scholars postulate mainly positive effects of environmental changes on entrepreneurship behavior, such as developing new business opportunities, promoting ingenuity, and the satisfaction of resource voids. A strategic solution approach to overcome threatening environmental changes and catch new business opportunities is business model innovation (BMI). Although this research stream has gained further importance in the last decade, BMI research is still insufficient. Especially BMI barriers, such as inefficient strategic decision-making processes, need to be identified. Strategic decisions strongly impact organizational future and are, therefore, usually made in groups. Although groups draw on a more extensive information base than single individuals, group-interaction effects can influence the decision-making process - in a favorable but also unfavorable way. Decisions are characterized by uncertainty and risk, whereby their intensity is perceived individually differently. Individual risk-willingness influences which option humans choose. The special nature of strategic decisions, such as in BMI processes, is that these decisions are not made individually but in groups due to their high organizational scope. These groups consist of different personalities whose individual risk-willingness can vary considerably. It is known from group decision theory that these individuals influence each other, observable in different group-interaction effects. The following research questions arise: i) Which impact has the individual risk-willingness on BMI decisions? And ii) how do group interaction effects impact BMI decisions? After conducting 26 in-depth interviews with executives from the manufacturing industry, the applied Gioia methodology reveals the following results: i) Risk-averse decision-makers have an increased need to be guided by facts. The more information available to them, the lower they perceive uncertainty and the more willing they are to pursue a specific decision option. However, the results also show that social interaction does not change the individual risk-willingness in the decision-making process. ii) Generally, it could be observed that during BMI decisions, group interaction is primarily beneficial to increase the group’s information base for making good decisions, less than for social interaction. Further, decision-makers mainly focus on information available to all decision-makers in the team but less on personal knowledge. This work contributes to strategic decision-making literature twofold. First, it gives insights into how group-interaction effects influence an organization’s strategic BMI decision-making. Second, it enriches risk-management research by highlighting how individual risk-willingness impacts organizational strategic decision-making. To date, it was known in BMI research that risk aversion would be an internal BMI barrier. However, with this study, it becomes clear that it is not risk aversion that inhibits BMI. Instead, the lack of information prevents risk-averse decision-makers from choosing a riskier option. Simultaneously, results show that risk-averse decision-makers are not easily carried away by the higher risk-willingness of their team members. Instead, they use social interaction to gather missing information. Therefore, executives need to provide sufficient information to all decision-makers to catch promising business opportunities.

Keywords: business model innovation, decision-making, group biases, group decisions, group-interaction effects, risk-willingness

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