Search results for: Randy Price

Authors: Raheel Asif, Michael Frommel

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This paper focuses on analyzing the exchange rate exposure of exporting & domestic firms in (the so far rarely addressed) largest Eastern European transition economies, i.e., Russia and the three EU accession countries, Poland, Hungary, and Czech Republic (CEEC-3). It also controls for possible effects of different exchange rate regimes, Great Financial crisis (2007-08), Russian Financial crisis (2014-15), the formation of EU & turn of year effect. Substantially improving the results from the existing literature on these transition economies, we find for more than 51% of our sample firms in CEEC-3 countries and 29% in Russia shows a significant exchange rate exposure. However, the magnitude and direction of firms’ exposure depends on the particular bilateral exchange rate and differs between CEEC-3 and Russia. We find that share price increases with an appreciation of the domestic currency against the EURO and US Dollar (USD) in CEEC-3; however, the effect is more pronounced for EURO as expected. Whereas, for Russian firms share price increases with a depreciation of the domestic currency against the USD only. Those differences may result from a differing dominance of exposure channels in the respective economies, such as the country-specific export structure, competitiveness channels, and dependence on foreign debt. Finally, the switch from a pegged to a flexible exchange rate regime appears to have a less pronounced effect for the exchange rate exposure of firms in all countries except for USD in Poland and Russia.

Keywords: exchange rate exposure, transition economies, central and eastern Europe, international finance

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Authors: Mirza Adil Ahmad Mughal

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Transcendental analytics, in the critique of pure reason, combines space and time as conditions of the possibility of the phenomenon from the transcendental aesthetic with the pure magnitude-intuition notion. The property of continuity as a qualitative result of the additive magnitude brings the possibility of connecting with experience, even though only as a potential because of the a priori necessity from assumption, as syntheticity of the a priori task of a scientific method of philosophy given by Kant, which precludes the application of categories to something not empirically reducible to the content of such a category's corresponding and possible object. This continuity as the qualitative result of a priori constructed notion of magnitude lies as a fundamental assumption and property of, what in Microeconomic theory is called as, 'choice rules' which combine the potentially-empirical and practical budget-price pairs with preference relations. This latter result is the purest qualitative side of the choice rules', otherwise autonomously, quantitative nature. The theoretical, barring the empirical, nature of this qualitative result is a synthetic a priori truth, which, if at all, it should be, if the axiomatic structure of the economic theory is held to be correct. It has a potentially verifiable content as its possible object in the form of quantitative price-budget pairs. Yet, the object that serves the respective Kantian category is qualitative itself, which is utility. This article explores the validity of Kantian qualifications for this application of 'categories' to the economic structure of society.

Keywords: categories of understanding, continuity, convexity, psyche, revealed preferences, synthetic a priori

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Authors: Ewa Krasnodębska

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The article presents the costs and income maize cultivation for grain four selected varieties with different numbers of FAO in 2013-2014. Results of the experiments are derived from a field experiment conducted in indywidulnym farm specializing in the production plant located in the eastern part of Mazowieckie voivodship. The experiment examined the profitability of four varieties of maize cultivation: medium early: P8400 (FAO 240) and P8589 (FAO 250), and an average of late: PR38N86 (FAO 270) and P9027 (FAO 260). In order to evaluate the profitability of grain maize production was calculated income from 1 ha of crops in zł and profitability index taking into account the direct payments up to 1 ha. Analyzing the value of crop production can be concluded that the value of the total production of each variety was very much varied and very much depend on the sales price and yield of maize obtained from 1 ha of cultivation. The largest average seed yield of two years at a moisture content of 15% was achieved in a variety PR38N86, which amounted to 12.1 t / ha and the lowest in the variety P8400 - 9.8 t / ha. Income from 1 ha of crops including EU subsidies ranged from 4916.4 zł / ha in 2013 for variety and only 528.7 PR38N86 zł / ha for a variety of P8400 in 2014. Profitability index reached the highest average late PR38N86 variety of FAO 290 over the entire two-year period under study, and the lowest rate of profitability achieved P8400 medium early variety of FAO 240. The profitability of production ranged from 8964.0 zł / ha in 2013 for a variety of PR38N86 to 5616.0 zł / ha for a variety of P8400 in 2014. Cultivation of maize for grain production is attractive and does not require large amounts of work, but its economic rationale is based primarily on the resulting yield and the price of buying.

Keywords: corn, grain, income, profitability

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Authors: Daud Mustafa Minhas, Raja Rehan Khalid, Georg Frey

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The next generation power systems are equipped with abundantly available free renewable energy resources (RES). During their low-cost operations, the price of electricity significantly reduces to a lower value, and sometimes it becomes negative. Therefore, it is recommended not to operate the traditional power plants (e.g. coal power plants) and to reduce the losses. In fact, it is not a cost-effective solution, because these power plants exhibit some shutdown and startup costs. Moreover, they require certain time for shutdown and also need enough pause before starting up again, increasing inefficiency in the whole power network. Hence, there is always a trade-off between avoiding negative electricity prices, and the startup costs of power plants. To exploit this trade-off and to increase the profit of a power plant, two main contributions are made: 1) introducing retrofit technology for state of art coal power plant; 2) proposing optimal control strategy for a power plant by exploiting different flexibility features. These flexibility features include: improving ramp rate of power plant, reducing startup time and lowering minimum load. While, the control strategy is solved as mixed integer linear programming (MILP), ensuring optimal solution for the profit maximization problem. Extensive comparisons are made considering pre and post-retrofit coal power plant having the same efficiencies under different electricity price scenarios. It concludes that if the power plant must remain in the market (providing services), more flexibility reflects direct economic advantage to the plant operator.

Keywords: discrete optimization, power plant flexibility, profit maximization, unit commitment model

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Authors: Anil Giri, Kyle Lovercamp, Sankalp Sharma

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Farm level incomes fluctuate significantly due to extreme weather events such as drought. In the light of recent extreme weather events it is important to understand the implications of extreme weather events, flood and drought, on farm level incomes. This study examines the variation in farm level incomes for the United States in drought and no- drought years. Factoring heterogeneity in different enterprises (crop, livestock) and geography this paper analyzes the impact of drought in farm level incomes at state and national level. Livestock industry seems to be affected more by the lag in production of input feed for production, crops, as preliminary results show. Furthermore, preliminary results also show that while crop producers are not affected much due to drought, as price and quantity effect worked on opposite direction with same magnitude, that was not the case for livestock and horticulture enterprises. Results also showed that even when price effect was not as high the crop insurance component helped absorb much of shock for crop producers. Finally, the effect was heterogeneous for different states more on the coastal states compared Midwest region. This study should generate a lot of interest from policy makers across the world as some countries are actively seeking to increase subsidies in their agriculture sector. This study shows how subsidies absorb the shocks for one enterprise more than others. Finally, this paper should also be able to give an insight to economists to design/recommend policies such that it is optimal given the production level of different enterprises in different countries.

Keywords: farm level income, United States, crop, livestock

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Authors: Anwar Hussain, Muhammad Iqbal

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The changes in the prices of the agriculture commodities combined with changes in population and agriculture productivity affect farmers’ profitability and standard of living. This study intends to estimate various domestic terms of trade for agriculture sector and also to assess the volatility in the standard of living and profitability of farmers. The terms of trade has been estimated for Pakistan and its provinces using producer prices indices, consumer price indices, input prices indices and quantity indices using the data for the period 1990-91 to 2008-09. The domestic terms of trade of agriculture sector has been improved in terms of both approaches i.e. the ratio of producer prices indices to consumer prices indices and the real per capita income approach. However, the cross province estimates indicated that the terms of trade also improved for Khyber Pakhtunkhwa, Sindh and Punjab while Balochistan’s domestic terms of trade deteriorated drastically. In other words the standard of living of the farmers in Pakistan and its provinces except Balochistan improved. Using the input prices, the domestic terms of trade deteriorated for Pakistan as a whole and its provinces as well. This also explores that as a whole the profitability of the farmers reduced during the study period. The farmers pay more prices for inputs as compared to they receive for their produce. This further indicates that the poverty at the gross root level has been increased. Further, summing, the standard of living of the farmers improved but their profitability reduced, which indicates that the farmers do not completely rely on the farm income but also utilize some other sources of income for their livelihood. The study supports to give subsidies on farm inputs so as to improve the profitability of the farmers.

Keywords: agricultural terms of trade, farmers’ profitability, farmers’ standard of living, consumer and producer price indices, quantity indices

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Authors: P. K. Sarkar, Amit Kumar Jain

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The demand for Urban transportation is characterised by a large scale temporal and spatial variations which causes heavy congestion inside metro trains in peak hours near Centre Business District (CBD) of the city. The conventional approach to address peak hour congestion, metro trains has been to increase the supply by way of introduction of more trains, increasing the length of the trains, optimising the time table to increase the capacity of the system. However, there is a limitation of supply side measures determined by the design capacity of the systems beyond which any addition in the capacity requires huge capital investments. The demand side interventions are essentially required to actually spread the demand across the time and space. In this study, an attempt has been made to identify the potential Transport Demand Management tools applicable to Urban Rail Transportation systems with a special focus on differential pricing. A conceptual price elasticity model has been developed to analyse the effect of various combinations of peak and nonpeak hoursfares on demands. The elasticity values for peak hour, nonpeak hour and cross elasticity have been assumed from the relevant literature available in the field. The conceptual price elasticity model so developed is based on assumptions which need to be validated with actual values of elasticities for different segments of passengers. Once validated, the model can be used to determine the peak and nonpeak hour fares with an objective to increase overall ridership, revenue, demand levelling and optimal utilisation of assets.

Keywords: urban transport, differential fares, congestion, transport demand management, elasticity

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Authors: G. Martino, F. Silva, E. Marchal

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The control over delivered iron ore blend characteristics is one of the most important aspects of the mining business. The iron ore price is a function of its composition, which is the outcome of the beneficiation process. So, end-to-end integrated planning of mine operations can reduce risks of penalties on the iron ore price. In a standard iron mining company, the production chain is composed of mining, ore beneficiation, and client supply. When mine planning and client supply decisions are made uncoordinated, the beneficiation plant struggles to deliver the best blend possible. Technological improvements in several fields allowed bridging the gap between departments and boosting integrated decision-making processes. Clusterization and classification algorithms over historical production data generate reasonable previsions for quality and volume of iron ore produced for each pile of run-of-mine (ROM) processed. Mathematical modeling can use those deterministic relations to propose iron ore blends that better-fit specifications within a delivery schedule. Additionally, a model capable of representing the whole production chain can clearly compare the overall impact of different decisions in the process. This study shows how flexibilization combined with a planning optimization model between the mine and the ore beneficiation processes can reduce risks of out of specification deliveries. The model capabilities are illustrated on a hypothetical iron ore mine with magnetic separation process. Finally, this study shows ways of cost reduction or profit increase by optimizing process indicators across the production chain and integrating the different plannings with the sales decisions.

Keywords: clusterization and classification algorithms, integrated planning, mathematical modeling, optimization, penalty minimization

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Authors: D. Mowla, N. Rasti, P. Keshavarz

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Reduction of fossil fuels sources, increasing of pollution gases emission, and global warming effects increase the demand of renewable fuels. One of the main candidates of alternative fuels is biodiesel. Biodiesel limits greenhouse gas effects due to the closed CO₂ cycle. Biodiesel has more biodegradability, lower combustion emissions such as CO, SO_x, HC, PM and lower toxicity than petro diesel. However, biodiesel has high production cost due to high price of plant oils as raw material. So, the utilization of waste cooking oils (WCOs) as feedstock, due to their low price and disposal problems reduce biodiesel production cost. In this study, production of biodiesel by transesterification of methanol and WCO using modified sodic potassic (SP) clinoptilolite zeolite and sodic potassic calcic (SPC) clinoptilolite zeolite as heterogeneous catalysts have been investigated. These natural clinoptilolite zeolites were modified by KOH solution to increase the site activity. The optimum biodiesel yields for SP clinoptilolite and SPC clinoptilolite were 95.8% and 94.8%, respectively. Produced biodiesel were analyzed and compared with petro diesel and ASTM limits. The properties of produced biodiesel confirm well with ASTM limits. The density, kinematic viscosity, cetane index, flash point, cloud point, and pour point of produced biodiesel were all higher than petro diesel but its acid value was lower than petro diesel. Finally, the reusability and regeneration of catalysts were investigated. The results indicated that the spent zeolites cannot be reused directly for the transesterification, but they can be regenerated easily and can obtain high activity.

Keywords: biodiesel, renewable fuel, transesterification, waste cooking oil

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Authors: Selin Guney, Andres Riquelme

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Among the main purposes of optimal and efficient forecasts of agricultural commodity prices is to guide the firms to advance the economic decision making process such as planning business operations and marketing decisions. Governments are also the beneficiaries and suppliers of agricultural price forecasts. They use this information to establish a proper agricultural policy, and hence, the forecasts affect social welfare and systematic errors in forecasts could lead to a misallocation of scarce resources. Various empirical approaches have been applied to forecast commodity prices that have used different methodologies. Most commonly-used approaches to forecast commodity sectors depend on classical time series models that assume values of the response variables are precise which is quite often not true in reality. Recently, this literature has mostly evolved to a consideration of fuzzy time series models that provide more flexibility in terms of the classical time series models assumptions such as stationarity, and large sample size requirement. Besides, fuzzy modeling approach allows decision making with estimated values under incomplete information or uncertainty. A number of fuzzy time series models have been developed and implemented over the last decades; however, most of them are not appropriate for forecasting repeated and nonconsecutive transitions in the data. The modeling scheme used in this paper eliminates this problem by introducing Markov modeling approach that takes into account both the repeated and nonconsecutive transitions. Also, the determination of length of interval is crucial in terms of the accuracy of forecasts. The problem of determining the length of interval arbitrarily is overcome and a methodology to determine the proper length of interval based on the distribution or mean of the first differences of series to improve forecast accuracy is proposed. The specific purpose of this paper is to propose and investigate the potential of a new forecasting model that integrates methodologies for determining the proper length of interval based on the distribution or mean of the first differences of series and Fuzzy Time Series- Markov Chain model. Moreover, the accuracy of the forecasting performance of proposed integrated model is compared to different univariate time series models and the superiority of proposed method over competing methods in respect of modelling and forecasting on the basis of forecast evaluation criteria is demonstrated. The application is to daily corn and soybean prices observed at three commercially important North Carolina markets; Candor, Cofield and Roaring River for corn and Fayetteville, Cofield and Greenville City for soybeans respectively. One main conclusion from this paper is that using fuzzy logic improves the forecast performance and accuracy; the effectiveness and potential benefits of the proposed model is confirmed with small selection criteria value such MAPE. The paper concludes with a discussion of the implications of integrating fuzzy logic and nonarbitrary determination of length of interval for the reliability and accuracy of price forecasts. The empirical results represent a significant contribution to our understanding of the applicability of fuzzy modeling in commodity price forecasts.

Keywords: commodity, forecast, fuzzy, Markov

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Authors: Linda D. F. Bambara, Marie Sawadogo

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Jatropha curcas (jatropha) is the plant that has been the most studied for biofuel production in West Africa. There exist however other plants such as Balanites aegyptiaca (balanites) that have been targeted as a potential feedstock for biofuel production. This biomass could be an alternative feedstock for the production of straight vegetable oil (SVO) at costs lower than jatropha-based SVO production costs. This study aims firstly to determine, through an MILP model, the optimal organization that minimizes the costs of the oilseeds supply of two biomass conversion units (BCU) exploiting respectively jatropha seeds and the balanitès seeds. Secondly, the study aims to carry out a comparative study of these costs obtained for each BCU. The model was then implemented on two theoretical cases studies built on the basis of the common practices in Burkina Faso and two scenarios were carried out for each case study. In Scenario 1, 3 pre-processing locations ("at the harvesting area", "at the gathering points", "at the BCU") are possible. In scenario 2, only one location ("at the BCU") is possible. For each biomass, the system studied is the upstream supply chain (harvesting, transport and pre-processing (drying, dehulling, depulping)), including cultivation (for jatropha). The model optimizes the area of land to be exploited based on the productivity of the studied plants and material losses that may occur during the harvesting and the supply of the BCU. It then defines the configuration of the logistics network allowing an optimal supply of the BCU taking into account the most common means of transport in West African rural areas. For the two scenarios, the results of the implementation showed that the total area exploited for balanites (1807 ha) is 4.7 times greater than the total area exploited for Jatropha (381 ha). In both case studies, the location of pre-processing “at the harvesting area” was always chosen for scenario1. As the balanites trees were not planted and because the first harvest of the jatropha seeds took place 4 years after planting, the cost price of the seeds at the BCU without the pre-processing costs was about 430 XOF/kg. This cost is 3 times higher than the balanites's one, which is 140 XOF/kg. After the first year of harvest, i.e. 5 years after planting, and assuming that the yield remains constant, the same cost price is about 200 XOF/kg for Jatropha. This cost is still 1.4 times greater than the balanites's one. The transport cost of the balanites seeds is about 120 XOF/kg. This cost is similar for the jatropha seeds. However, when the pre-processing is located at the BCU, i.e. for scenario2, the transport costs of the balanites seeds is 1200 XOF/kg. These costs are 6 times greater than the transport costs of jatropha which is 200 XOF/kg. These results show that the cost price of the balanites seeds at the BCU can be competitive compared to the jatropha's one if the pre-processing is located at the harvesting area.

Keywords: Balanites aegyptiaca, biomass conversion, Jatropha curcas, optimization, post-harvest operations

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Authors: Kang Lin Peng

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Space tourism emerged in 2001 and became famous in 2021, following the development of space technology. The space market is twisted because of the excess demand. Space tourism is currently rare and extremely expensive, with biased luxury product pricing, which is the seller’s market that consumers can not bargain with. Spaceship companies such as Virgin Galactic, Blue Origin, and Space X have been charged space tourism prices from 200 thousand to 55 million depending on various heights in space. There should be a reasonable price based on a fair basis. This study aims to derive a spacetime pricing model, which is different from the general pricing model on the earth’s surface. We apply general relativity theory to deduct the mathematical formula for the space tourism pricing model, which covers the traditional time-independent model. In the future, the price of space travel will be different from current flight travel when space travel is measured in lightyear units. The pricing of general commodities mainly considers the general equilibrium of supply and demand. The pricing model considers risks and returns with the dependent time variable as acceptable when commodities are on the earth’s surface, called flat spacetime. Current economic theories based on the independent time scale in the flat spacetime do not consider the curvature of spacetime. Current flight services flying the height of 6, 12, and 19 kilometers are charging with a pricing model that measures time coordinate independently. However, the emergence of space tourism is flying heights above 100 to 550 kilometers that have enlarged the spacetime curvature, which means tourists will escape from a zero curvature on the earth’s surface to the large curvature of space. Different spacetime spans should be considered in the pricing model of space travel to echo general relativity theory. Intuitively, this spacetime commodity needs to consider changing the spacetime curvature from the earth to space. We can assume the value of each spacetime curvature unit corresponding to the gradient change of each Ricci or energy-momentum tensor. Then we know how much to spend by integrating the spacetime from the earth to space. The concept is adding a price p component corresponding to the general relativity theory. The space travel pricing model degenerates into a time-independent model, which becomes a model of traditional commodity pricing. The contribution is that the deriving of the space tourism pricing model will be a breakthrough in philosophical and practical issues for space travel. The results of the space tourism pricing model extend the traditional time-independent flat spacetime mode. The pricing model embedded spacetime as the general relativity theory can better reflect the rationality and accuracy of space travel on the universal scale. The universal scale from independent-time scale to spacetime scale will bring a brand-new pricing concept for space traveling commodities. Fair and efficient spacetime economics will also bring to humans’ travel when we can travel in lightyear units in the future.

Keywords: space tourism, spacetime pricing model, general relativity theory, spacetime curvature

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Authors: Raymond Awinbilla

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The call for tree planting has long been set in motion by the government of Ghana. The Forestry Commission encourages plantation development through numerous interventions including formulating policies and enacting legislations. However, forest policies have failed and that has generated a major concern over the vast gap between the intentions of national policies and the realities established. This study addresses three objectives;1) Assessing the farmers' response and contribution to the tree planting initiative, 2) Identifying socio-economic factors hindering the development of smallholder plantations as a livelihood strategy, and 3) Determining the level of support available for smallholder tree growers and the factors influencing it. The field work was done in 12 farming communities in Ghana. The article illuminates that farmers have responded to the call for tree planting and have planted both exotic and indigenous tree species. Farmers have converted 17.2% (369.48ha) of their total land size into plantations and have no problem with land tenure. Operations and marketing constraints include lack of funds for operations, delay in payment, low price of wood, manipulation of price by buyers, documentation by buyers, and no ready market for harvesting wood products. Environmental institutions encourage tree planting; the only exception is with the Lands Commission. Support availed to farmers includes capacity building in silvicultural practices, organisation of farmers, linkage to markets and finance. Efforts by the Government of Ghana to enhance forest resources in the country could rely on the input of local populations.

Keywords: livelihood strategy, marketing constraints, environmental institutions, silvicultural practices

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Authors: Mohammadreza Nematollahi, Bahareh Mosadegh Sedghy, Alireza Tajbakhsh

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The last two decades have witnessed substantial attention to organic and sustainable agricultural supply chains. Motivated by real-world practices, this paper aims to address two main challenges observed in organic product supply chains: decentralized decision-making process between farmers and their retailers, and competition between organic products and their conventional counterparts. To this aim, an agricultural supply chain consisting of two farmers, a conventional farmer and an organic farmer who offers an organic version of the same product, is considered. Both farmers distribute their products through a single retailer, where there exists competition between the organic and the conventional product. The retailer, as the market leader, sets the wholesale price, and afterward, the farmers set their production quantity decisions. This paper first models the demand functions of the conventional and organic products by incorporating the effect of asymmetric brand equity, which captures the fact that consumers usually pay a premium for organic due to positive perceptions regarding their health and environmental benefits. Then, profit functions with consideration of some characteristics of organic farming, including crop yield gap and organic cost factor, are modeled. Our research also considers both economies and diseconomies of scale in farming production as well as the effects of organic subsidy paid by the government to support organic farming. This paper explores the investigated supply chain in three scenarios: decentralized, centralized, and coordinated decision-making structures. In the decentralized scenario, the conventional and organic farmers and the retailer maximize their own profits individually. In this case, the interaction between the farmers is modeled under the Bertrand competition, while analyzing the interaction between the retailer and farmers under the Stackelberg game structure. In the centralized model, the optimal production strategies are obtained from the entire supply chain perspective. Analytical models are developed to derive closed-form optimal solutions. Moreover, analytical sensitivity analyses are conducted to explore the effects of main parameters like the crop yield gap, organic cost factor, organic subsidy, and percent price premium of the organic product on the farmers’ and retailer’s optimal strategies. Afterward, a coordination scenario is proposed to convince the three supply chain members to shift from the decentralized to centralized decision-making structure. The results indicate that the proposed coordination scenario provides a win-win-win situation for all three members compared to the decentralized model. Moreover, our paper demonstrates that the coordinated model respectively increases and decreases the production and price of organic produce, which in turn motivates the consumption of organic products in the market. Moreover, the proposed coordination model helps the organic farmer better handle the challenges of organic farming, including the additional cost and crop yield gap. Last but not least, our results highlight the active role of the organic subsidy paid by the government as a means of promoting sustainable organic product supply chains. Our paper shows that although the amount of organic subsidy plays a significant role in the production and sales price of organic products, the allocation method of subsidy between the organic farmer and retailer is not of that importance.

Keywords: analytical game-theoretic model, product competition, supply chain coordination, sustainable organic supply chain

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Authors: Daniela Rimnacova, Maryna Vorokhta, Martina Svabova

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CO₂ adsorption capacity of several materials - waste (power fly ash, slag, carbonized sewage sludge), rocks (Czech Silurian shale, black coal), and carbon (synthesized carbon, activated carbon as a reference material) - were measured on dry samples using a unique hand-made manometric sorption apparatus at a temperature of 45 °C and pressures of up to 7 MPa. The main aim was finding utilization of the waste materials and rocks for removal of the air or water pollutants caused by anthropogenic activities, as well as for the carbon dioxide storage. The equilibrium amount of the adsorbate depends on temperature, gas saturation pressure, porosity, surface area and volume of pores, and last but not least, on the composition of the adsorbents. Given experimental conditions can simulate in-situ situations in the rock bed and can be achieved just by a high-pressure apparatus. The CO₂ excess adsorption capacities ranged from 0.018 mmol/g (ash) to 13.55 mmol/g (synthesized carbon). The synthetized carbon had the highest adsorption capacity among all studied materials as well as the highest price. This material is usually used for the adsorption of specific pollutants. The excess adsorption capacity of activated carbon was 9.19 mmol/g. It is used for water and air cleaning. Ash can be used for chemisorption onto ash particle surfaces or capture of special pollutants. Shale is a potential material for enhanced gas recovery or CO₂ sequestration in-situ. Slag is a potential material for capture of gases with a possibility of the underground gas storage after the adsorption process. The carbonized sewage sludge is quite a good adsorbent for the removal and capture of pollutants, as well as shales or black coal which show an interesting relationship between the price and adsorption capacity.

Keywords: adsorption, CO₂, high pressure, porous materials

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Authors: Chih-Hsiang Chang, I-Fan Ho

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This study examines the credibility of the signaling as explanation for IPO initial underpricing. Findings reveal the initial underpricing and the long-term underperformance of IPOs in Taiwan. However, we only find weak support for signaling as explanation of IPO underpricing.

Keywords: signaling, IPO initial underpricing, IPO long-term underperformance, Taiwan’s stock market

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Authors: Chechen Liao, Pui-Lai To, Chuang-Chun Liu

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Online shopping has become very popular recently. In today’s highly competitive online retail environment, retaining existing customers is a necessity for online retailers. This study focuses on the antecedents and consequences of Internet buyer regret and satisfaction in the online consumer purchasing process. This study examines the roles that online consumer’s purchasing process evaluations (i.e., search experience difficulty, service-attribute evaluations, product-attribute evaluations and post-purchase price perceptions) and alternative evaluation (i.e., alternative attractiveness) play in determining buyer regret and satisfaction in e-commerce. The study also examines the consequences of regret, satisfaction and habit in regard to repurchase intention. In addition, this study attempts to investigate the moderating role of habit in attaining a better understanding of the relationship between repurchase intention and its antecedents. Survey data collected from 431 online customers are analyzed using structural equation modeling (SEM) with partial least squares (PLS) and support provided for the hypothesized links. These results indicate that online consumer’s purchasing process evaluations (i.e., search experience difficulty, service-attribute evaluations, product-attribute evaluations and post-purchase price perceptions) have significant influences on regret and satisfaction, which in turn influences repurchase intention. In addition, alternative evaluation (i.e., alternative attractiveness) has a significant positive influence on regret. The research model can provide a richer understanding of online customers’ repurchase behavior and contribute to both research and practice.

Keywords: online shopping, purchase evaluation, regret, satisfaction

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Authors: Alhaji M. H. Conteh, Xiangbin Yan, Issa Fofana, Brima Gegbe, Tamba I. Isaac

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Rice grain is Sierra Leone’s staple food and the nation imports over 120,000 metric tons annually due to a shortfall in its cultivation. Thus, the insufficient level of the crop's cultivation in Sierra Leone is caused by many problems and this led to the endlessly widening supply and demand for the crop within the country. Consequently, this has instigated the government to spend huge money on the importation of this grain that would have been otherwise cultivated domestically at a cheaper cost. Hence, this research attempts to explore the response of rice supply with respect to its demand in Sierra Leone within the period 1980-2010. The Nerlovian adjustment model to the Sierra Leone rice data set within the period 1980-2010 was used. The estimated trend equations revealed that time had significant effect on output, productivity (yield) and area (acreage) of rice grain within the period 1980-2010 and this occurred generally at the 1% level of significance. The results showed that, almost the entire growth in output had the tendency to increase in the area cultivated to the crop. The time trend variable that was included for government policy intervention showed an insignificant effect on all the variables considered in this research. Therefore, both the short-run and long-run price response was inelastic since all their values were less than one. From the findings above, immediate actions that will lead to productivity growth in rice cultivation are required. To achieve the above, the responsible agencies should provide extension service schemes to farmers as well as motivating them on the adoption of modern rice varieties and technology in their rice cultivation ventures.

Keywords: Nerlovian adjustment model, price elasticities, Sierra Leone, trend equations

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Authors: Olanrewaju Aladeitan, Obiageli Phina Anaghara-Uzor

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

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

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Authors: Yakubu Suleiman, S. A. Musa

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The research was conducted to determine the physical characteristics of banana fruits that influenced consumer preferences for the fruit in Northern Nigeria. Socio-economic characteristics of the respondents were also identified. Simple descriptive statistics and Hedonic prices model were used to analyze the data collected for socio-economic and consumer preference respectively with the aid of 1000 structured questionnaires. The result revealed the value of R2 to be 0.633, meaning that, 63.3% of the variation in the banana price was brought about by the explanatory variables included in the model and the variables are: colour, size, degree of ripeness, softness, surface blemish, cleanliness of the fruits, weight, length, and cluster size of fruits. However, the remaining 36.7% could be attributed to the error term or random disturbance in the model. It could also be seen from the calculated result that the intercept was 1886.5 and was statistically significant (P < 0.01), meaning that about N1886.5 worth of banana fruits could be bought by consumers without considering the variables of banana included in the model. Moreover, consumers showed that they have significant preference for colours, size, degree of ripeness, softness, weight, length and cluster size of banana fruits and they were tested to be significant at either P < 0.01, P < 0.05, and P < 0.1 . Moreover, the result also shows that consumers did not show significance preferences to surface blemish, cleanliness and variety of the banana fruit as all of them showed non-significance level with negative signs. Based on the findings of the research, it is hereby recommended that plant breeders and research institutes should concentrate on the production of banana fruits that have those physical characteristics that were found to be statistically significance like cluster size, degree of ripeness,’ softness, length, size, and skin colour.

Keywords: analysis, consumers, preference, variables

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Authors: Gabriel Woldu, Maria Sassi

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Coffee performs a pivotal role in Ethiopia's GDP, revenue, employment, domestic demand, and export earnings. Ethiopia's coffee production and exports show high variability in the amount of production and export earnings. Despite being the continent's fifth-largest coffee producer, Ethiopia has not developed its ability to shine as a major exporter in the globe's green coffee exports. Ethiopian coffee exports were not stable and had high volume and earnings fluctuations. The main aim of this study was to analyze the dynamics of the export of coffee variation to different importing nations using a first-order Markov Chain model. 14 years of time-series data has been used to examine the direction and structural change in the export of coffee. A compound annual growth rate (CAGR) was used to determine the annual growth rate in the coffee export quantity, value, and per-unit price over the study period. The major export markets for Ethiopian coffee were Germany, Japan, and the USA, which were more stable, while countries such as France, Italy, Belgium, and Saudi Arabia were less stable and had low retention rates for Ethiopian coffee. The study, therefore, recommends that Ethiopia should again revitalize its market to France, Italy, Belgium, and Saudi Arabia, as these countries are the major coffee-consuming countries in the world to boost its export stake to the global coffee markets in the future. In order to further enhance export stability, the Ethiopian Government and other stakeholders in the coffee sector should have to work on reducing the volatility of coffee output and exports in order to improve production and quality efficiency, so that stabilize markets as well as to make the product attractive and price competitive in the importing countries.

Keywords: coffee, CAGR, Markov chain, direction of trade, Ethiopia

Procedia PDF Downloads 110

Authors: Belayneh Yohannes

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In Ethiopia, onion production is increasing from time to time mainly due to its high profitability per unit area. Onion has a significant contribution to generating cash income for farmers in the Raya Azebo district. Therefore, enhancing onion producers’ access to the market and improving market linkage is an essential issue. Hence, this study aimed to analyze structure-conduct-performance of onion market and identifying factors affecting the market supply of onion producers. Data were collected from both primary and secondary sources. Primary data were collected from 150 farm households and 20 traders. Four onion marketing channels were identified in the study area. The highest total gross margin is 27.6 in channel IV. The highest gross marketing margin of producers of the onion market is 88% in channel II. The result from the analysis of market concentration indicated that the onion market is characterized by a strong oligopolistic market structure, with the buyers’ concentration ratio of 88.7 in Maichew town and 82.7 in Mekelle town. Lack of capital, licensing problems, and seasonal supply was identified as the major entry barrier to onion marketing. Market conduct shows that the price of onion is set by traders while producers are price takers. Multiple linear regression model results indicated that family size in adult equivalent, irrigated land size, access to information, frequency of extension contact, and ownership of transport significantly determined the quantity of onion supplied to the market. It is recommended that strengthening and diversifying extension services in information, marketing, post-harvest handling, irrigation application, and water harvest technology is highly important.

Keywords: oligopoly, onion, market chain, multiple linear regression

Procedia PDF Downloads 90

Authors: Jisoo Song

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Today’s mobile applications are communicating with servers more and more in order to access external services or information. Also, server-side code changes are more frequent than client-side code changes in a mobile application. The frequent changes lead to an increase in testing cost increase. To reduce costs, UI based test automation can be one of the solutions. It is a common automation technique in system-level testing. However, it can be unsuitable for mobile applications. When you automate tests based on UI elements for mobile applications, there are some limitations such as the overhead of script maintenance or the difficulty of finding invisible defects that UI elements cannot represent. To overcome these limitations, we present a new automation technique based on Rest API. You can automate system-level tests through test scripts that you write. These scripts call a series of Rest API in a user’s action sequence. This technique does not require testers to know the internal implementation details, only input and expected output of Rest API. You can easily modify test cases by modifying Rest API input values and also find problems that might not be evident from the UI level by validating output values. For example, when an application receives price information from a payment server and user cannot see it at UI level, Rest API based scripts can check whether price information is correct or not. More than 10 mobile applications at our company are being tested automatically based on Rest API scripts whenever application source code, mostly server source code, is built. We are finding defects right away by setting a script as a build job in CI server. The build job starts when application code builds are completed. This presentation will also include field cases from our company.

Keywords: case studies at SK Planet, introduction of rest API based test automation, limitations of UI based test automation

Procedia PDF Downloads 421

Authors: Boudjenah-Haroun Saliha, Isselnane Souad, Nouani Abdelwahab, Baaissa Babelhadj, Mati Abderrahmane

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Algeria is experiencing significant development of the dairy sector, where consumption of milk and milk products increased by 2.7 million tons in 2008 to 4,400,000 tons in 2013, and cheese production has reached 1640 tons in the year 2014 with average consumption of 0.7 kg/person/year. Although rennet is still the most used coagulating enzyme in cheese, its production has been growing worldwide shortage. This shortage is primarily due to a growing increase in the production and consumption of cheese, and the inability to increase in parallel the production of rennet. This shortage has caused very large fluctuations in its price). To overcome these obstacles, much research has been undertaken to find effective and competitive substitutes used industrially. For this, the selection of a local production of rennet substitute is desirable. It would allow a permanent supply with limited dependence on imports and price fluctuations. Investigations conducted by our research team showed that extracts coagulants from the stomachs of older camels are characterized by a coagulating power than those from younger camels. The objective of this work is to study the possibility of substituting commercial rennet coagulant by gastric enzymes from adult camels for coagulation bovine milk. Excerpts from the raw camel coagulants obtained are characterized through their teneures proteins and clotting and proteolytic activities. Milk clotting conditions by the action of these extracts were optimized. Milk clotting time all treated with enzyme preparations and under different conditions was calculated. Bovine rennet has been used for comparison. The results show that crude extracts from gastric adult camel can be good substituting bovine rennet.

Keywords: Algeria, camel, cheese, coagulation, gastric extracts, milk

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Authors: Laxuman Thakuri

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Despite the large number of in-depth case studies focused on policy analysis, institutional arrangement, and collective action of common property resource management; how the local institutions take the pricing decision of forest products in community forest management and what kinds of effects produce it, the answers of these questions are largely silent among the policy-makers and researchers alike. The study examined how the local institutions take the pricing decision of forest products in the lowland community forestry of Nepal and how the decisions affect to equitable distribution of benefits and livelihood improvement which are also objectives of Nepalese community forestry. The study assumes that forest products pricing decisions have multiple effects on equitable distribution and livelihood improvement in the areas having heterogeneous socio-economic conditions. The dissertation was carried out at four community forests of lowland, Nepal that has characteristics of high value species, matured-experience of community forest management and better record-keeping system of forest products production, pricing and distribution. The questionnaire survey, individual to group discussions and direct field observation were applied for data collection from the field, and Lorenz curve, gini-coefficient, χ²-text, and SWOT (Strong, Weak, Opportunity, and Threat) analysis were performed for data analysis and results interpretation. The dissertation demonstrates that the low pricing strategy of high-value forest products was supposed crucial to increase the access of socio-economically weak households, and to and control over the important forest products such as timber, but found counter productive as the strategy increased the access of socio-economically better-off households at higher rate. In addition, the strategy contradicts to collect a large-scale community fund and carry out livelihood improvement activities as per the community forestry objectives. The crucial part of the study is despite the fact of low pricing strategy; the timber alone contributed large part of community fund collection. The results revealed close relation between pricing decisions and livelihood objectives. The action research result shows that positive price discrimination can slightly reduce the prevailing inequality and increase the fund. However, it lacks to harness the full price of forest products and collects a large-scale community fund. For broader outcomes of common property resource management in terms of resource sustainability, equity, and livelihood opportunity, the study suggests local institutions to harness the full price of resource products with respect to the local market.

Keywords: community, equitable, forest, livelihood, socioeconomic, Nepal

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Authors: S. Farzad, M. Ali Mandegari, J. F. Görgens

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The South African Sugar Industry, which has a significant impact on the national economy, is currently facing problems due to increasing energy price and low global sugar price. The available bagasse is already combusted in low-efficiency boilers of the sugar mills while bagasse is generally recognized as a promising feedstock for second generation bioethanol production. Establishment of biorefinery annexed to the existing sugar mills, as an alternative for the revitalization of sugar industry producing biofuel and electricity has been proposed and considered in this study. Since the scale is an important issue in the feasibility of the technology, this study has taken into account a typical sugar mill with 300 ton/hr sugar cane capacity. The biorefinery simulation is carried out using Aspen PlusTM V8.6, in which the sugar mill’s power and steam demand has been considered. Hence, sugar mills in South Africa can be categorized as highly efficient, efficient, and not efficient with steam consumption of 33, 40, and 60 tons of steam per ton of cane and electric power demand of 10 MW; three different scenarios are studied. The sugar cane bagasse and tops/trash are supplied to the biorefinery process and the wastes/residues (mostly lignin) from the process are burnt in the CHP plant in order to produce steam and electricity for the biorefinery and sugar mill as well. Considering the efficient sugar mill, the CHP plant has generated 5 MW surplus electric powers, but the obtained energy is not enough for self-sufficiency of the plant (Biorefinery and Sugar mill) due to lack of 34 MW heat. One of the advantages of second generation biorefinery is its low impact on the environment and carbon footprint, thus the plant should be self-sufficient in energy without using fossil fuels. For this reason, a portion of fresh bagasse should be sent to the CHP plant to meet the energy requirements. An optimization procedure was carried out to find out the appropriate portion to be burnt in the combustor. As a result, 20% of the bagasse is re-routed to the combustor which leads to 5 tons of LP Steam and 8.6 MW electric power surpluses.

Keywords: biorefinery, sugarcane bagasse, sugar mill, energy analysis, bioethanol

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Authors: Gianvito Colucci, Valeria Di Cosmo, Matteo Nicoli, Orsola Maria Robasto, Laura Savoldi

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The hydrogen value chain deployment is likely to be boosted in the near term by the energy security measures planned by European countries to face the recent energy crisis. In this context, some countries are recognized to have a crucial role in the geopolitics of hydrogen as importers, consumers and exporters. According to the European Hydrogen Backbone Initiative, Italy would be part of one of the 5 corridors that will shape the European hydrogen market. However, the set targets are very ambitious and require large investments to rapidly develop effective hydrogen policies: in this regard, scenario analysis is becoming increasingly important to support energy planning, and energy system optimization models appear to be suitable tools to quantitively carry on that kind of analysis. The work aims to assess the competitiveness of hydrogen in contributing to the Italian energy security in the coming years, under different price and import conditions, using the energy system model TEMOA-Italy. A wide spectrum of hydrogen technologies is included in the analysis, covering the production, storage, delivery, and end-uses stages. National production from fossil fuels with and without CCS, as well as electrolysis and import of low-carbon hydrogen from North Africa, are the supply solutions that would compete with other ones, such as natural gas, biomethane and electricity value chains, to satisfy sectoral energy needs (transport, industry, buildings, agriculture). Scenario analysis is then used to study the competition under different price and import conditions. The use of TEMOA-Italy allows the work to catch the interaction between the economy and technological detail, which is much needed in the energy policies assessment, while the transparency of the analysis and of the results is ensured by the full accessibility of the TEMOA open-source modeling framework.

Keywords: energy security, energy system optimization models, hydrogen, natural gas, open-source modeling, scenario analysis, TEMOA

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Authors: Mounir Azzam, Valerie Graw, Andreas Rienow

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The Syrian war, which commenced in 2011, has resulted in significant changes in the real estate market in the Damascus metropolitan area, with rising levels of insecurity and disputes over tenure rights. The quest for spatial justice is, therefore, imperative, and this study performs a spatiotemporal analysis to investigate the impact of the war on real estate differentiation. Using the hedonic price models including 2,411 housing transactions over the period 2010-2022, this study aims to understand the spatial dynamics of the real estate market in wartime. Our findings indicate that war variables have had a significant impact on the differentiation and depreciation of property prices. Notably, property attributes have a more substantial impact on real estate values than district location, with severely damaged buildings in Damascus city resulting in an 89% decline in prices, while prices in Rural Damascus districts have decreased by 50%. Additionally, this study examines the urban texture of Damascus using correlation and homogeneity statistics derived from the gray-level co-occurrence matrix obtained from Google Earth Engine. We monitored 250 samples from hedonic datasets within three different years of the Syrian war (2015, 2019, and 2022). Our findings show that correlation values were highly differentiated, particularly among Rural Damascus districts, with a total decline of 87.2%. While homogeneity values decreased overall between 2015 and 2019, they improved slightly after 2019. The findings have valuable implications, not only for investment prospects in setting up a successful reconstruction strategy but also for spatial justice of property rights in strongly encouraging sustainable real estate development.

Keywords: hedonic price, real estate differentiation, reconstruction strategy, spatial justice, urban texture analysis

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Authors: Armando Cartenì, Ilaria Henke

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The perceived public transport quality is an important driver that influences both customer satisfaction and mobility choices. The competition among transport operators needs to improve the quality of the services and identify which attributes are perceived as relevant by passengers. Among the “traditional” public transport quality attributes there are, for example: travel and waiting time, regularity of the services, and ticket price. By contrast, there are some “non-conventional” attributes that could significantly influence customer satisfaction jointly with the “traditional” ones. Among these, the beauty/aesthetics of the transport terminals (e.g. rail station and bus terminal) is probably one of the most impacting on user perception. Starting from these considerations, the point stressed in this paper was if (and how munch) the travel experience of the overall travel (e.g. how long is the travel, how many transport modes must be used) influences the perception of the public transport quality. The aim of this paper was to investigate the weight of the terminal quality (e.g. aesthetic, comfort and service offered) within the overall travel experience. The case study was the extra-urban Italian bus network. The passengers of the major Italian terminal bus were interviewed and the analysis of the results shows that about the 75% of the travelers, are available to pay up to 30% more for the ticket price for having a high quality terminal. A travel experience effect was observed: the average perceived transport quality varies with the characteristic of the overall trip. The passengers that have a “long trip” (travel time greater than 2 hours) perceived as “low” the overall quality of the trip even if they pass through a high quality terminal. The opposite occurs for the “short trip” passengers. This means that if a traveler passes through a high quality station, the overall perception of that terminal could be significantly reduced if he is tired from a long trip. This result is important and if confirmed through other case studies, will allow to conclude that the “travel experience impact" must be considered as an explicit design variable for public transport services and planning.

Keywords: transportation planning, sustainable mobility, decision support system, discrete choice model, design problem

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Authors: A. Merzouki, N. Haddaoui

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Polymers have a large reputation as electric insulators. These materials are characterized by weak weight, reduced price and a large domain of physical and chemical properties. They conquered new application domains that were until a recent past the exclusivity of metals. In this work, we used some composite materials (polymers/conductive fillers), as electrodes and we try to cover them with metallic lead layers in order to use them as courant collector grids in lead-acid battery plates.

Keywords: electrodeposition, polymer composites, carbon black, acetylene black

Procedia PDF Downloads 430