Search results for: cross price elasticity

Authors: Jiahau Guo, Yihe Zhang

Abstract:

This paper proposes solutions for pricing options on stocks paying discrete dividends in markets with daily price limits. We first extend the intraday density function of Guo and Chang (2020) to a multi-day one and use the framework of Haug et al. (2003) to value European options on stocks paying discrete dividends. Next, we adopt the fast Fourier transform (FFT) to derive accurate and efficient formulae for American options and further employ the three-point Richardson extrapolation to accelerate the computation. Finally, the accuracy of our proposed methods is verified by simulations.

Keywords: daily price limit, discrete dividend, early exercise, fast Fourier transform, multi-day density function, Richardson extrapolation

Procedia PDF Downloads 138

Authors: Sucihatiningsih Dian Wisika Prajanti, Himawan Arif Susanto

Abstract:

Fruits are perishable products and have relatively low price, especially at harvest time. Generally, farmers only sell the products shortly after the harvest time without any processing. Farmers also only play role as price takers leading them to have less power to set the price. Sometimes, farmers are manipulated by middlemen, especially during abundant harvest. Therefore, it requires an effort to cultivate fruits and create innovation to make them more durable and have higher economic value. The purpose of this research is how to increase the added- value of fruits that have high economic value. The research involved 60 farmers of Salak fruit as the sample. Then, descriptive analysis was used to analyze the data in this study. The results showed the selling price of Salak fruit is very low. Hence, to increase the added-value of the fruits, fruit processing is carried out by freezing - frying which can cause the fruits last longer. In addition to increase these added-value, the products can be accommodated for further processed without worrying about their crops rotted or unsold.

Keywords: fruits processing, Salak fruit, freezing frying, farmer’s welfare, Sleman, Yogyakarta

Procedia PDF Downloads 325

Authors: Hamidreza Joodaki, Sara Farzaneh, Jaleh Afshar Qhazvin

Abstract:

Tourism industry is considered as the greatest and most various industry in the world. Most of these countries know this dynamic industry as main source of income, occupation, growth of private sector and development of infrastructure. One of the old methods of investment in countries such as Iran have transitional economy, is buying land and house, sometimes is resulted to high profit and of course for this reason hustler's are very interested in this background. Nowadays buying and selling land in the areas with pleasant climate in our country is considered. Since, Shahmirzad is a city with fair and desired environmental attractions is located in the border of deserted cities, mainly has special climatic position and these conditions are resulted to attraction of passenger, tourist for passing their leisure hours from Semnan and other cities of the area and from other provinces in hot seasons and with regard to these suitable conditions in the city buying land and housing also have been considered by most of residents of Semnan and cities around Shahmirzad by now. The aim of present research is investigation the role of tourism in increasing price of land and housing in Shahmirzad city. By studying on price of land and housing especially in central area, that gardens of the city are located in this area, we have concluded that role of tourism have caused in price of land and housing specially these prices in central and old areas are more expensive than towns around the city.

Keywords: tourism, climate conditions, price of land and housing, Shahmirzad

Procedia PDF Downloads 269

Authors: Carmen Cantuarias-Villessuzanne, Jeffrey Blain, Radmila Pineau

Abstract:

Our research project aims at analyzing the sensitiveness of French households to urban biodiversity and urban ecosystem services (UES). Opinion surveys show that the French population is sensitive to biodiversity and ecosystem services loss, but the value given to these issues within urban fabric and real estate market lacks evidence. Using GIS data and economic evaluation, by hedonic price methods, weassess the isolated contribution of the explanatory variables of biodiversityand UES on the price of residential real estate. We analyze the variation of the valuefor three urban ecosystem services - flood control, proximity to green spaces, and refreshment - on the price of real estate whena property changes ownership. Our modeling and mapping focus on the price at theIRIS scale (statistical information unit) from 2014 to 2019. The main variables are internal characteristics of housing (area, kind of housing, heating), external characteristics(accessibility and infrastructure, economic, social, and physical environmentsuch as air pollution, noise), and biodiversity indicators and urban ecosystemservices for the Ile-de-France region. Moreover, we compare environmental values on the enhancement of greenspaces and their impact on residential choices. These studies are very useful for real estate developers because they enable them to promote green spaces, and municipalities to become more attractive.

Keywords: urban ecosystem services, sustainable real estate, urban biodiversity perception, hedonic price, environmental values

Procedia PDF Downloads 107

Authors: Smitha Yadav, Snehal Pathak

Abstract:

Aggregate compositions in the construction and demolition (C&D) waste have potential to replace normal aggregates. However, to re-utilise these aggregates, the concrete produced with these recycled aggregates needs to provide the desired compressive strength and durability. This paper examines the performance of recycled aggregate concrete made up of 60% recycled aggregates of 20 mm size in terms of durability tests namely rapid chloride permeability, drying shrinkage, water permeability, modulus of elasticity and creep without compromising the compressive strength. The experimental outcome indicates that recycled aggregate concrete provides strength and durability same as controlled concrete when processed for removal of adhered mortar.

Keywords: compressive strength, recycled aggregate, shrinkage, rapid chloride permeation test, modulus of elasticity, water permeability

Procedia PDF Downloads 273

Authors: Renzo Munoz-Najar, Cristina Wong, Daniel De La Torre Ugarte

Abstract:

The literature on price transmission usually deals with asymmetries related to different commodities and/or the short and long term. The role of domestic regional differences and the relationship with asymmetries within a country are usually left out. This paper looks at the asymmetry in the transmission of rice prices from the international price to the farm gate prices in four northern regions of Peru for the last period 2001-2016. These regions are San Martín, Piura, Lambayeque and La Libertad. The relevance of the study lies in its ability to assess the need for policies aimed at improving the competitiveness of the market and ensuring the benefit of producers. There are differences in planting and harvesting dates, as well as in geographic location that justify the hypothesis of the existence of differences in the price transition asymmetries between these regions. Those differences are due to at least three factors geography, infrastructure development, and distribution systems. For this, the Threshold Vector Error Correction Model and the Autoregressive Vector Model with Threshold are used. Both models, collect asymmetric effects in the price adjustments. In this way, it is sought to verify that farm prices react more to falls than increases in international prices due to the high bargaining power of intermediaries. The results of the investigation suggest that the transmission of prices is significant only for Lambayeque and La Libertad. Likewise, the asymmetry in the transmission of prices for these regions is checked. However, these results are not met for San Martin and Piura, the main rice producers nationwide. A significant price transmission is verified only in the Lambayeque and La Libertad regions. San Martin and Piura, in spite of being the main rice producing regions of Peru, do not present a significant transmission of international prices; a high degree of self-sufficient supply might be at the center of the logic for this result. An additional finding is the short-term adjustment with respect to international prices, it is higher in La Libertad compared to Lambayeque, which could be explained by the greater bargaining power of intermediaries in the last-mentioned region due to the greater technological development in the mills.

Keywords: asymmetric price transmission, rice prices, price transmission, regional economics

Procedia PDF Downloads 190

Authors: Juan Manuel Sanchez-Cartas, Gonzalo Leon

Abstract:

A price competition algorithm for ABMs based on game theory principles is proposed to deal with the simulation of theoretical market models. The algorithm is applied to the classical Hotelling’s model and to a two-sided market model to show it leads to the optimal behavior predicted by theoretical models. However, when theoretical models fail to predict the equilibrium, the algorithm is capable of reaching a feasible outcome. Results highlight that the algorithm can be implemented in other simulation models to guarantee rational users and endogenous optimal behaviors. Also, it can be applied as a tool of verification given that is theoretically based.

Keywords: agent-based models, algorithmic game theory, multi-sided markets, price optimization

Procedia PDF Downloads 412

Authors: Ioannis P. Panapakidis, Marios N. Moschakis

Abstract:

The Greek Energy Market is structured as a mandatory pool where the producers make their bid offers in day-ahead basis. The System Operator solves an optimization routine aiming at the minimization of the cost of produced electricity. The solution of the optimization problem leads to the calculation of the System Marginal Price (SMP). Accurate forecasts of the SMP can lead to increased profits and more efficient portfolio management from the producer`s perspective. Aim of this study is to provide a comparative analysis of various machine learning models such as artificial neural networks and neuro-fuzzy models for the prediction of the SMP of the Greek market. Machine learning algorithms are favored in predictions problems since they can capture and simulate the volatilities of complex time series.

Keywords: deregulated energy market, forecasting, machine learning, system marginal price

Procedia PDF Downloads 179

Authors: Concepcion Gonzalez-Concepcion, Maria Candelaria Gil-Fariña, Celina Pestano-Gabino

Abstract:

We analyze six relevant economic and financial variables for the period 2000M1-2015M3 in the context of the Spanish economy: a financial index (IBEX35), a commodity (Crude Oil Price in euros), a foreign exchange index (EUR/USD), a bond (Spanish 10-Year Bond), the Spanish National Debt and the Consumer Price Index. The goal of this paper is to analyze the main relations between them by computing the Wavelet Power Spectrum and the Cross Wavelet Coherency associated with Morlet wavelets. By using a special toolbox in MATLAB, we focus our interest on the period variable. We decompose the time-frequency effects and improve the interpretation of the results by non-expert users in the theory of wavelets. The empirical evidence shows certain instability periods and reveals various changes and breaks in the causality relationships for sample data. These variables were individually analyzed with Daubechies Wavelets to visualize high-frequency variance, seasonality, and trend. The results are included in Proceeding 20th International Academic Conference, 2015, International Institute of Social and Economic Sciences (IISES), Madrid.

Keywords: economic and financial variables, Spain, time-frequency domain, wavelet coherency

Procedia PDF Downloads 205

Authors: Lanlan Xiao, Yang Liu, Shuo Chen, Bingmei Fu

Abstract:

Most cancer-related deaths are due to metastasis. Metastasis is a complex, multistep processes including the detachment of cancer cells from the primary tumor and the migration to distant targeted organs through blood and/or lymphatic circulations. During hematogenous metastasis, the emigration of tumor cells from the blood stream through the vascular wall into the tissue involves arrest in the microvasculature, adhesion to the endothelial cells forming the microvessel wall and transmigration to the tissue through the endothelial barrier termed as extravasation. The narrow slit between endothelial cells that line the microvessel wall is the principal pathway for tumor cell extravasation to the surrounding tissue. To understand this crucial step for tumor hematogenous metastasis, we used Dissipative Particle Dynamics method to investigate an individual cell passing through a narrow slit numerically. The cell membrane was simulated by a spring-based network model which can separate the internal cytoplasm and surrounding fluid. The effects of the cell elasticity, cell shape and cell surface area increase, and slit size on the cell transmigration through the slit were investigated. Under a fixed driven force, the cell with higher elasticity can be elongated more and pass faster through the slit. When the slit width decreases to 2/3 of the cell diameter, the spherical cell becomes jammed despite reducing its elasticity modulus by 10 times. However, transforming the cell from a spherical to ellipsoidal shape and increasing the cell surface area only by 3% can enable the cell to pass the narrow slit. Therefore the cell shape and surface area increase play a more important role than the cell elasticity in cell passing through the narrow slit. In addition, the simulation results indicate that the cell migration velocity decreases during entry but increases during exit of the slit, which is qualitatively in agreement with the experimental observation.

Keywords: dissipative particle dynamics, deformability, surface area increase, cell migration

Procedia PDF Downloads 309

Authors: Wenfa Yu, Thuva Gnanasampanthan, John Finlay, Jessica Clarke, Charlotte Anderson, Tony Clare, Axel Rosenhahn

Abstract:

Marine biofouling is a worldwide problem at vast economic and ecological costs. Historically it was combated with toxic coatings such as tributyltin. As those coatings being banned nowadays, finding environmental friendly antifouling solution has become an urgent topic. In this study antifouling coatings consisted of natural occurring polysaccharides hyaluronic acid (HA), alginic acid (AA), chitosan (Ch) and polyelectrolyte polyethylenimine (PEI) are constructed into polyelectrolyte multilayers (PEMs) in a Layer-by-Layer (LbL) method. LbL PEM construction is a straightforward way to assemble biomacromolecular coatings on surfaces. Advantages about PEM include ease of handling, highly diverse PEM composition, precise control over the thickness and so on. PEMs have been widely employed in medical application and there are numerous studies regarding their protein adsorption, elasticity and cell adhesive properties. With the adjustment of coating composition, termination layer charge, coating morphology and cross-linking method, it is possible to prepare low marine biofouling coatings with PEMs. In this study, using spin coating technology, PEM construction was achieved at smooth multilayers with roughness as low as 2nm rms and highly reproducible thickness around 50nm. To obtain stability in sea water, the multilayers were covalently cross-linked either thermally or chemically. The cross-linking method affected surface energy, which was reflected in water contact angle, thermal cross-linking led to hydrophobic surfaces and chemical cross-linking generated hydrophilic surfaces. The coatings were then evaluated regarding its protein resistance and biological species resistance. While the hydrophobic thermally cross-linked PEM had low resistance towards proteins, the resistance of chemically cross-linked PEM strongly depended on the PEM termination layer and the charge of the protein, opposite charge caused high adsorption and same charge low adsorption, indicating electrostatic interaction plays a crucial role in the protein adsorption processes. Ulva linza was chosen as the biological species for antifouling performance evaluation. Despite of the poor resistance towards protein adsorption, thermally cross-linked PEM showed good resistance against Ulva spores settlement, the chemically cross-linked multilayers showed poor resistance regardless of the termination layer. Marine species adhesion is a complex process, although it involves proteins as bioadhesives, protein resistance its own is not a fully indicator for its antifouling performance. The species will pre select the surface, responding to cues like surface energy, chemistry, or charge and so on. Thus making it difficult for one single factors to determine its antifouling performance. Preparing PEM coating is a comprehensive work involving choosing polyelectrolyte combination, determining termination layer and the method for cross-linking. These decisions will affect PEM properties such as surface energy, charge, which is crucial, since biofouling is a process responding to surface properties in a highly sensitive and dynamic way.

Keywords: hyaluronic acid, polyelectrolyte multilayers, protein resistance, Ulva linza zoospores

Procedia PDF Downloads 136

Authors: Muhammad Siddique, Volodymyr Lugovskyy

Abstract:

This paper explores how nations might mitigate the unfavorable impacts of oil price volatility on economic growth by switching to renewable energy sources. The impacts of uncertain factor prices on economic activity are examined by looking at the Realized Volatility (RV) of oil prices rather than the more traditional method of looking at oil price shocks. The United States of America (USA), China (C), India (I), United Kingdom (UK), Germany (G), Malaysia (M), and Pakistan (P) are all included to round out the traditional literature's examination of selected nations, which focuses on oil-importing and exporting economies. Granger Causality Tests (GCT), Impulse Response Functions (IRF), and Variance Decompositions (VD) demonstrate that in a Vector Auto-Regressive (VAR) scenario, the negative impacts of oil price volatility extend beyond what can be explained by oil price shocks alone for all of the nations in the sample. Different nations have different levels of vulnerability to changes in oil prices and other factors that may play a role in a sectoral composition and the energy mix. The conventional method, which only takes into account whether a country is a net oil importer or exporter, is inadequate. The potential economic advantages of initiatives to decouple the macroeconomy from volatile commodities markets are shown through simulations of volatility shocks in alternative energy mixes (with greater proportions of renewables). It is determined that in developing countries like Pakistan, increasing the use of renewable energy sources might lessen an economy's sensitivity to changes in oil prices; nonetheless, a country-specific study is required to identify particular policy actions. In sum, the research provides an innovative justification for mitigating economic growth's dependence on stable oil prices in our sample countries.

Keywords: oil price volatility, renewable energy, economic growth, developed and developing economies

Procedia PDF Downloads 55

Authors: Manoj Kumar

Abstract:

Ionization cross sections of molecules due to electron impact play an important role in chemical processes in various branches of applied physics, such as radiation chemistry, gas discharges, plasmas etching in semiconductors, planetary upper atmospheric physics, mass spectrometry, etc. In the present work, we have calculated the total ionization cross sections for Adenine (C₅H₅N₅), a biologically important molecule, by electron impact in the incident electron energy range from ionization threshold to 2 keV employing a well-known Jain-Khare semiempirical formulation based on Bethe and Möllor cross sections. In the non-availability of the experimental results, the present results are in good agreement qualitatively as well as quantitatively with available theoretical results. The present results drive our confidence for further investigation of complex bio-molecule with better accuracy. Notwithstanding, the present method can deduce reliable cross-sectional data for complex targets with adequate accuracy and may facilitate the acclimatization of calculated cross-sections into atomic molecular cross-section data sets for modeling codes and other applications.

Keywords: electron impact ionization cross-sections, oscillator strength, jain-khare semiempirical approach

Procedia PDF Downloads 83

Authors: Bernice V. Y. Wong, Kong Fah Tee

Abstract:

Cross-laminated timber is increasingly being used in the construction of high-rise buildings due to its simple manufacturing system. In term of fire resistance, cross-laminated timber panels are promoted as having excellent fire resistance, comparable to that of non-combustible materials and to heavy timber construction, due to the ability of thick wood assemblies to char slowly at a predictable rate while maintaining most of their strength during the fire exposure. This paper presents an overview of fire performance of cross-laminated timber and evaluation of its resistance to elevated temperature in comparison to homogeneous timber panels. Charring rates for cross-laminated timber panels of those obtained experimentally were compared with those provided by Eurocode simplified calculation methods.

Keywords: timber structure, cross-laminated timber, charring rate, timber fire resistance

Procedia PDF Downloads 384

Authors: Şakir Bingöl, Abdullah Emre Aydemir, Abdullah Saado, Ahmet Akıl, Elif Canbaz, Feyza Nur Bulgurcu, Gizem Uzun, Günsu Bilge Dal, Muhammedcan Pirinççi

Abstract:

Smart contracts, which can be applied in many different areas, from financial applications to the internet of things, come to the fore with their security, low cost, and self-executing features. In this paper, it is focused on peer-to-peer (P2P) energy trading and the implementation of the smart contract on the Ethereum blockchain. It is assumed a microgrid consists of consumers and prosumers that can produce solar and wind energy. The proposed architecture is a system where the prosumer makes the purchase or sale request in the smart contract and the maximum price obtained through the distribution system operator (DSO) by forecasting. It is aimed to forecast the hourly maximum unit price of energy by using deep learning instead of a fixed pricing. In this way, it will make the system more reliable as there will be more dynamic and accurate pricing. For this purpose, Istanbul's energy generation, energy consumption and market clearing price data were used. The consistency of the available data and forecasting results is observed and discussed with graphs.

Keywords: energy trading smart contract, deep learning, microgrid, forecasting, Ethereum, peer to peer

Procedia PDF Downloads 89

Authors: Yanping He-Ulbricht, Marc Oliver Rieger

Abstract:

Based on survey data collected from people with Chinese roots living in Germany, this paper examines the impact of assimilation degree and language priming (Chinese or German) on individuals’ perceived fairness of economic and social differences and their attitude towards these. The results show that both the language used and the length of time spent in a foreign culture have a significant impact. Subjects who had spent less than 10 years in Germany demonstrated a higher readiness to accept government intervention in markets with price limits than those who had lived there longer. Subjects who were asked and answered in German perceived the current economic situation as less fair and were also less inclined to accept inequality, even when it leads to a Pareto improvement. While the difference in fairness perception of inequality was a cultural effect, the difference in attitudes towards government intervention was rather a result of learning process. The findings imply that both learning processes of individuals and culture play an important role in perception and preferences regarding social and economic differences.

Keywords: assimilation, bilingualism, cross-cultural comparison, income inequality, language priming, price fairness

Procedia PDF Downloads 44

Authors: A. Hocine, A. Ghouaoula, S. M. Medjdoub, M. Cherifi

Abstract:

The present paper proposed a meso–macro model describing the mechanical behaviour composite laminates of staking sequence [+θ/-θ]s under tensil loading. The behaviour of a layer is ex-pressed through elasticity coupled to damage. The elastic strain is due to the elasticity of the layer and can be modeled by using the classical laminate theory, and the laminate is considered as an orthotropic material. This means that no coupling effect between strain and curvature is considered. In the present work, the damage is associated to cracking of the matrix and parallel to the fibers and it being taken into account by the changes in the stiffness of the layers. The anisotropic damage is completely described by a single scalar variable and its evolution law is specified from the principle of maximum dissipation. The stress/strain relationship is investigated in plane stress loading.

Keywords: damage, behavior modeling, meso-macro model, composite laminate, membrane loading

Procedia PDF Downloads 451

Authors: Mohammad Rahim Rahnama

Abstract:

The study employs Monte Carlo method for simulation of rented housing in Mashhad second largest city in Iran. A total number of 334 rental residential units in Mashhad, including both apartments and houses (villa), were randomly selected from advertisements placed in Khorasan Newspapers during the months of July and August of 2015. In order to simulate the monthly rent price, the rent index was calculated through combining the mortgage and the rent price. In the next step, the relation between the variables of the floor area and that of the number of bedrooms for each unit, in both apartments and houses(villa), was calculated through multivariate regression using SPSS and was coded in XML. The initial model was called using simulation button in SPSS and was simulated using triangular and binominal algorithms. The findings revealed that the average simulated rental index was 548.5$ per month. Calculating the sensitivity of rental index to a number of bedrooms we found that firstly, 97% of units have three bedrooms, and secondly as the number of bedrooms increases from one to three, for the rent price of less than 200$, the percentage of units having one bedroom decreases from 10% to 0. Contrariwise, for units with the rent price of more than 571.4$, the percentage of bedrooms increases from 37% to 48%. In the light of these findings, it becomes clear that planning to build rental residential units, overseeing the rent prices, and granting subsidies to rental residential units, for apartments with two bedrooms, present a felicitous policy for regulating residential units in Mashhad.

Keywords: Mashhad, Monte Carlo, simulation, rent price, residential unit

Procedia PDF Downloads 244

Authors: Dongqi Sun, Juan Tao, Yingying Wu

Abstract:

This paper reexamines the appropriateness of contrarian trades as a proxy of informed trades, using high frequency Chinese stock data. Employing this measure for 5 minute intervals, a U-shaped intraday pattern of probability of informed trades (PIN) is found for the CSI300 stocks, which is consistent with previous findings for other markets. However, while dividing the trades into different sizes, a reversed U-shaped PIN from large-sized trades, opposed to the U-shaped pattern for small- and medium-sized trades, is observed. Drawing from the mixed evidence with different trade sizes, the price impact of trades is further investigated. By examining the relationship between trade imbalances and unexpected returns, larges-sized trades are found to have significant price impact. This implies that in those intervals with large trades, it is non-contrarian trades that are more likely to be informed trades. Taking account of the price impact of large-sized trades, non-contrarian trades are used to proxy for informed trading in those intervals with large trades, and contrarian trades are still used to measure informed trading in other intervals. A stronger U-shaped PIN is demonstrated from this modification. Auto-correlation and information advantage tests for robustness also support the modified informed trading measure.

Keywords: contrarian trades, informed trading, price impact, trade imbalance

Procedia PDF Downloads 137

Authors: Ming Liu, Zhihui Sun, Xiaoning Zhang

Abstract:

This paper studies a deterministic container transportation problem, jointly optimizing the berth allocation, quay crane assignment and yard storage allocation at container ports. The problem is formulated as an integer program to coordinate the decisions. Because of the large scale, it is then transformed into a set partitioning formulation, and a framework of branchand- price algorithm is provided to solve it.

Keywords: branch-and-price, container terminal, joint scheduling, maritime logistics

Procedia PDF Downloads 258

Authors: Erjola Reufi, Thomas Beer

Abstract:

Plain, unreinforced concrete is a brittle material, with a low tensile strength, limited ductility and little resistance to cracking. In order to improve the inherent tensile strength of concrete there is a need of multi directional and closely spaced reinforcement, which can be provided in the form of randomly distributed fibers. Fiber reinforced concrete (FRC) is a composite material consisting of cement, sand, coarse aggregate, water and fibers. In this composite material, short discrete fibers are randomly distributed throughout the concrete mass. The behavioral efficiency of this composite material is far superior to that of plain concrete and many other construction materials of equal cost. The present experimental study considers the effect of steel fibers and polypropylene fiber on the modulus of elasticity of concrete. Hook end steel fibers of length 5 cm and 3 cm at volume fraction of 0.25%, 0.5% and 1.% were used. Also polypropylene fiber of length 12, 6, 3 mm at volume fraction 0.1, 0.25, and 0.4 % were used. Fifteen mixtures has been prepared to evaluate the effect of fiber on modulus of elasticity of concrete. Ultrasonic pulse velocity (UPV) and resonant frequency methods which are two non-destructive testing techniques have been used to measure the elastic properties of fiber reinforced concrete. This study found that ultrasonic wave propagation is the most reliable, easy and cost effective testing technique to use in the determination of the elastic properties of the FRC mix used in this study.

Keywords: fiber reinforced concrete(FRC), polypropylene fiber, resonance, ultrasonic pulse velocity, steel fiber

Procedia PDF Downloads 273

Authors: Qaiser Munir, Hamid Hussain

Abstract:

Oil prices are believed to have a major impact on several economic indicators, leading to several instances where a comparison between oil prices and a trade deficit of oil-importing countries have been carried out. Building upon the narrative, this paper sheds light on the ongoing debate by inquiring upon the possibility of asymmetric linkages between oil prices, industrial production, exchange rate, whole price index, and trade deficit. The analytical tool used to further understand the complexities of a recent approach called nonlinear auto-regressive distributed lag model (NARDL) is utilised. Our results suggest that there are significant asymmetric effects among the main variables of interest. Further, our findings indicate that any variation in oil prices, industrial production, exchange rate, and whole price index on trade deficit tend to fluctuate in the long run. Moreover, the long-run picture denotes that increased oil price leads to a negative impact on the trade deficit, which, in its true essence, is a disproportionate impact. In addition to this, the Wald test simultaneously conducted concludes the absence of any significant evidence of the asymmetry in the oil prices impact on the trade balance in the short-run.

Keywords: trade deficit, oil prices, developing economy, NARDL

Procedia PDF Downloads 109

Authors: Babak Safaei, Ahmad Ghanbari, Arash Rahmani

Abstract:

In the present study, the free vibration characteristics of double-walled carbon nanotubes (DWCNTs) are investigated. The small-scale effects are taken into account using the Eringen’s nonlocal elasticity theory. The nonlocal elasticity equations are implemented into the different classical beam theories namely as Euler-Bernoulli beam theory (EBT), Timoshenko beam theory (TBT), Reddy beam theory (RBT), and Levinson beam theory (LBT) to analyze the free vibrations of DWCNTs in which each wall of the nanotubes is considered as individual beam with van der Waals interaction forces. Generalized differential quadrature (GDQ) method is utilized to discretize the governing differential equations of each nonlocal beam model along with four commonly used boundary conditions. Then molecular dynamics (MD) simulation is performed for a series of armchair and zigzag DWCNTs with different aspect ratios and boundary conditions, the results of which are matched with those of nonlocal beam models to extract the appropriate values of the nonlocal parameter corresponding to each type of chirality, nonlocal beam model and boundary condition. It is found that the present nonlocal beam models with their proposed correct values of nonlocal parameter have good capability to predict the vibrational behavior of DWCNTs, especially for higher aspect ratios.

Keywords: double-walled carbon nanotubes, nonlocal continuum elasticity, free vibrations, molecular dynamics simulation, generalized differential quadrature method

Procedia PDF Downloads 262

Authors: Pratheeba Subramanian, Anjula Gurtoo, Mary Mathew

Abstract:

Transaction of patents in emerging patent markets is gaining momentum. Pricing patents for a transaction say patent sale remains a challenge. Patents vary in their pricing with some patents fetching higher prices than others. Sale of patents in portfolios further complicates pricing with multiple patents playing a role in pricing a bundle. In this paper, a set of 138 US patents sold individually as single invention lots and 462 US patents sold in bundles of 120 portfolios are investigated to understand the dynamics of selling prices of singletons and portfolios and their determinants. Firstly, price variations when patents are sold individually as singletons and portfolios are studied. Multivariate statistical techniques are used for analysis both at the lot level as well as at the individual patent level. The results show portfolios fetching higher prices than singletons at the lot level. However, at the individual patent level singletons show higher prices than per patent price of individual patent members within the portfolio. Secondly, to understand the price determinants, the effect of patent, seller, and bundling related characteristics on selling prices is studied separately for singletons and portfolios. The results show differences in the set of characteristics determining prices of singletons and portfolios. Selling prices of singletons are found to be dependent on the patent related characteristics, unlike portfolios whose prices are found to be dependent on all three aspects – patent, seller, and bundling. The specific patent, seller and bundling characteristics influencing selling price are discussed along with the implications.

Keywords: auction, patents, portfolio bundling, seller type, selling price, singleton

Procedia PDF Downloads 303

Authors: Dheyaa Wajid Abbood, Mohanad Salih Farhan, Awadh E. Ajeel

Abstract:

The basic goal of this study is the production of cheap building elements from plastic waste. environmentally friendly and of good thermal insulation. The study depends on the addition of plastic waste as aggregates to the mixes of concrete at different percentages by weight (12 percentages) to produce lightweight aggregate concrete the density (1095 - 1892) kg/m3.The experimental work includes 120 specimens of concrete 72 cubes (150*150*150)mm, 48 cylinder (150*300) mm. The results obtained for concrete were for local raw materials without any additional materials or treatment. The mechanical and thermal properties determined were (compressive strength, static modulus of elasticity, density, thermal conductivity (k), specific heat capacity (Cp), thermal expansion (α) after (7) days of curing at 20 0C. The increase in amount of plastic waste decreases the density of concrete which leads to decrease in the mechanical and to improvement in thermal properties. The average measured static modulus of elasticity are found less than the predicted static modulus of elasticity and splitting tensile strength (ACI 318-2008 and ACI 213R-2003). All cubes specimens when exposed to heat at (200, 400, 600 0C), the compressive strength of all mixes decreases gradually at 600 0C, the strength of lightweight aggregate concrete were disintegrated. Lightweight aggregate concrete is about 25% lighter than normal concrete in dead load, and to the improve the properties of thermal insulation of building blocks.

Keywords: LWAC, plastic waste, thermal property, thermal insulation

Procedia PDF Downloads 395

Authors: Widya Anggraini Pamungkas, Rosana Budi Setyawati, Awaludin Fitroh Rifai, Candra Pangesti Setiawan, Anatta Wahyu Budiiman, Inayati, Joko Waluyo, Sunu Herwi Pranolo

Abstract:

The increase in LPG consumption in Indonesia is not balanced with the amount of supply. The high demand for LPG due to the success of the government's kerosene-to-LPG conversion program and the Covid-19 pandemic in 2020 led to an increase in LPG consumption in the household sector and caused Indonesia's trade balance to experience a deficit. The high consumption of LPG encourages the need for alternative fuels as a substitute or which aims to substitute LPG; one of the materials that can be used is Dimethyl Ether (DME). Dimethyl ether (DME) is an organic compound with the chemical formula CH 3. OCH 3 has a high cetane number and has characteristics similar to LPG. DME can be produced from various sources, such as coal, biomass and natural gas. Based on the economic analysis conducted at 10% IRR, coal has the largest NPV of Rp. 20,034,837,497,241 with a payback period of 3.86 years, then biomass with an NPV of Rp. 10,401,526,072,850 and a payback period of 5.16. the latter is natural gas with an NPV of IDR 7,401,272,559,191 and a payback period of 6.17 years. Of the three sources of raw materials used, if the sensitivity is calculated using the selling price of DME equal to the selling price of LPG, it will get an NPV value that is greater than the NPV value when using the current DME price. The advantages of coal as a raw material for DME are not only because it is profitable, namely: low price and abundant resources, but has high greenhouse gas emissions.

Keywords: LPG, DME, coal, biomass, natural gas

Procedia PDF Downloads 82

Authors: A. H. Yehia, M. M. Rashwan, K. A. Assaf, K. Abd el Samee

Abstract:

The aim of this work is to use an environmental, cheap; organic non-traditional admixture to improve the structural behavior of sustainable reinforced concrete beams contains different ratios of recycled concrete aggregate. The used admixture prepared by using wastes from vegetable oil industry. Under and over reinforced concrete beams made from natural aggregate and different ratios of recycled concrete aggregate were tested under static load until failure. Eight beams were tested to investigate the performance and mechanism effect of admixture on improving deformation characteristics, modulus of elasticity and toughness of tested beams. Test results show efficiency of organic admixture on improving flexural behavior of beams contains 20% recycled concrete aggregate more over the other ratios.

Keywords: deflection, modulus of elasticity, non-traditional admixture, recycled concrete aggregate, strain, toughness, under and over reinforcement

Procedia PDF Downloads 429

Authors: Marjan Golmaryami, Marzieh Behzadi

Abstract:

Recent developments in stock exchange highlight the need for an efficient and accurate method that helps stockholders make better decision. Since stock markets have lots of fluctuations during the time and different effective parameters, it is difficult to make good decisions. The purpose of this study is to employ artificial neural network (ANN) which can deal with time series data and nonlinear relation among variables to forecast next day stock price. Unlike other evolutionary algorithms which were utilized in stock exchange prediction, we trained our proposed neural network with metaheuristic bat algorithm, with fast and powerful convergence and applied it in stock price prediction for the first time. In order to prove the performance of the proposed method, this research selected a 7 year dataset from Parsian Bank stocks and after imposing data preprocessing, used 3 types of ANN (back propagation-ANN, particle swarm optimization-ANN and bat-ANN) to predict the closed price of stocks. Afterwards, this study engaged MATLAB to simulate 3 types of ANN, with the scoring target of mean absolute percentage error (MAPE). The results may be adapted to other companies stocks too.

Keywords: artificial neural network (ANN), bat algorithm, particle swarm optimization algorithm (PSO), stock exchange

Procedia PDF Downloads 523

Authors: Rancy Chepchirchir Kosgey, John Olukuru

Abstract:

This study examines the impact of introduction of futures trading on the spot price volatility in the commodity market. The paper considers the United States of America, South Africa and Ethiopian economies. Three commodities i.e. coffee, maize and wheat from New York Merchantile Exchange, South African Futures Exchange and Ethiopian Commodity Exchange are analyzed. ARCH LM test is used to check for heteroskedasticity and GARCH and EGARCH are used to check for the behavior of volatility between the pre- and post-futures periods. For all the three economies, the results indicate presence of the ARCH effect in the log returns. For conditional and unconditional variances; spot price volatility for coffee has decreased after futures trading in all the economies and the EGARCH has also shown reduction in persistence of volatility in the post-futures period in the three economies; while that of maize has reduced for the Ethiopian economy while there has been an increase in both the US and South African economies. For wheat, the conditional variance has been found to rise in the post-futures period in all the three economies.

Keywords: derivatives, futures exchange, agricultural commodities, spot price volatility

Procedia PDF Downloads 407

Authors: Christopher Reichstein, Ralf-Christian Härting, Martina Häußler

Abstract:

With a continuously increasing speed of information exchange on the World Wide Web, retailers in the E-Commerce sector are faced with immense possibilities regarding different online purchase processes like dynamic price settings. By use of Dynamic Pricing, retailers are able to set short time price changes in order to optimize producer surplus. The empirical research illustrates the basics of Dynamic Pricing and identifies six influencing factors of Dynamic Pricing. The results of a structural equation modeling approach show five main drivers increasing the potential of dynamic price settings in the E-Commerce. Influencing factors are the knowledge of customers’ individual willingness to pay, rising sales, the possibility of customization, the data volume and the information about competitors’ pricing strategy.

Keywords: e-commerce, empirical research, experts, dynamic pricing (DP), influencing factors, potentials

Procedia PDF Downloads 231