Search results for: hedonic pricing

Authors: Hatem Abou-Senna

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Interstate 4 (I-4) is a primary east-west transportation corridor between Tampa and Daytona cities, serving commuters, commercial and recreational traffic. I-4 is known to have severe recurring congestion during peak hours. The congestion spans about 11 miles in the evening peak period in the central corridor area as it is considered the only non-tolled limited access facility connecting the Orlando Central Business District (CBD) and the tourist attractions area (Walt Disney World). Florida officials had been skeptical of tolling I-4 prior to the recent legislation, and the public through the media had been complaining about the excessive toll facilities in Central Florida. So, in search for plausible mitigation to the congestion on the I-4 corridor, this research is implemented to evaluate the effectiveness of different toll pricing alternatives that might divert traffic from I-4 to the toll facilities during the peak period. The network is composed of two main diverging limited access highways, freeway (I-4) and toll road (SR 417) in addition to two east-west parallel toll roads SR 408 and SR 528, intersecting the above-mentioned highways from both ends. I-4 and toll road SR 408 are the most frequently used route by commuters. SR-417 is a relatively uncongested toll road with 15 miles longer than I-4 and $5 tolls compared to no monetary cost on 1-4 for the same trip. The results of the calibrated Orlando PARAMICS network showed that percentages of route diversion vary from one route to another and depends primarily on the travel cost between specific origin-destination (O-D) pairs. Most drivers going from Disney (O1) or Lake Buena Vista (O2) to Lake Mary (D1) were found to have a high propensity towards using I-4, even when eliminating tolls and/or providing real-time information. However, a diversion from I-4 to SR 417 for these OD pairs occurred only in the cases of the incident and lane closure on I-4, due to the increase in delay and travel costs, and when information is provided to travelers. Furthermore, drivers that diverted from I-4 to SR 417 and SR 528 did not gain significant travel-time savings. This was attributed to the limited extra capacity of the alternative routes in the peak period and the longer traveling distance. When the remaining origin-destination pairs were analyzed, average travel time savings on I-4 ranged between 10 and 16% amounting to 10 minutes at the most with a 10% increase in the network average speed. High propensity of diversion on the network increased significantly when eliminating tolls on SR 417 and SR 528 while doubling the tolls on SR 408 along with the incident and lane closure scenarios on I-4 and with real-time information provided. The toll roads were found to be a viable alternative to I-4 for these specific OD pairs depending on the user perception of the toll cost which was reflected in their specific travel times. However, on the macroscopic level, it was concluded that route diversion through toll reduction or elimination on surrounding toll roads would only have a minimum impact on reducing I-4 congestion during the peak period.

Keywords: congestion pricing, dynamic feedback assignment, microsimulation, paramics, route diversion

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Authors: Vinícius L. L. Morrone, David Douek, Helder M. F. Pereira, Bernadete L. M. Grandolpho

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This work aimed to identify the relationships between the level of consumer environmental awareness and their search for sustainable properties, as well as to understand the main sustainability structures considered by these consumers during the decision process. Additionally, the paper looked up to the influence environmental awareness and financial status have over the disposition of buyers to pay more for sustainable properties. To achieve these objectives, 318 questionnaires were answered electronically, after being sent to the Green Building Brazil email basis, as to other Real Estate developers client basis. From all the questionnaires answered, 71 were discarded, leaving a total amount of 247 admitted questionnaires to be analyzed. The responses were evaluated based on the theory of consumer decision making, especially on the influence factors of this process. The data were processed using a PLS model, using the R software. The results have shown that the level of consumer environmental awareness effectively affects the consumer’s will of acquiring a sustainable property or, at least, a property with some environmental friendly structures. The consumer’s environmental awareness also positively impacts the importance consumers give to individual environmental friendly structures. Also, as a consumer value to those individual structures raises, it is also observed a raise in his will to buy a sustainable property. Additionally, the impact of consumer’s environmental awareness and financial status over the willingness to pay more for a property with those attributes. The results indicate that there was no relationship between consumers' environmental awareness and their willingness to pay more for a sustainable property. On the other hand, the financial status and the family income of the consumers showed a positive relation with the willingness to pay more for a sustainable property. This indicates that consumers with better financial conditions, which according to the analysis do not necessarily have a greater environmental awareness, are those who are willing to pay more for a sustainable property. Thus, this study indicates that, even if the environmental awareness impact positively the demand for sustainable structures and properties, this impact is not price reflected, due to the price elasticity of the consumption, especially for a category of lower income consumers. This paper adds to the literature in the way it projects some guidelines to the consumer’s decision process in the Real Estate market in emerging economies, as well as it presents some drivers to pricing decisions.

Keywords: consumer behavior, environmental awareness, real estate pricing, sustainable buildings

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Authors: Michal Levy

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Despite the emotional impact students' misbehavior and aggression has on teacher's emotional wellbeing, teachers frequently use suppressive strategies in the classroom, which maintain a discordance between felt and expressed emotions. The current study sought to gain a deeper insight into teachers' utilization of discordant emotional labor strategies (i.e., expressive suppression, surface acting and emotional dissonance) and their motives to using these strategies in student aggression. A qualitative study was conducted on 16 special education Jewish Israeli teachers. Thematic analysis of the in-depth semi-structured interviews revealed novice teachers were inclined to use expressive suppression, while experienced teachers used emotional dissonance. The teacher's motives for using discordant emotional labor strategies included both instrumental and hedonic goals. Implications for policymakers and professionals in practice are discussed to improve teachers' emotional wellbeing.

Keywords: discordant strategies, emotional labor, student aggression, teachers

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Authors: Raymond C. Hawkins II, Catherine A. Hawkins

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The System Contextual Integrated Model (SCIM), developed as a trans-theoretical framework for selecting measures for psychotherapy process and outcome, is reformulated for behavioral health applications. The SCIM “healing cycle” is an allostatic hedonic affective-cognitive right-hemisphere–left-hemisphere coordinated process involving positive alliesthesia that mitigates traumatic pain and generates psychological flexibility. The SCIM “trauma cycle” is an allostatic overload alliesthesia opponent process with long-lasting pathology sequelae. The social ecological context moderates the “healing cycle” and the “trauma cycle.” Repeated evocation of the “healing cycle” in a therapeutic relationship can gradually relieve trauma sequelae. The SCIM is applied to pain, obese binge eating, and substance use disorders.

Keywords: allostasis, alliesthesia, opponent process, behavioral health, assessment

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Authors: Jianlin Wang, Jiajia Zhao

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This paper applies the theory and empirical method to examine the relationship between electricity price and coal price, as well as electricity and industry output, for China during Jan 1999-Dec 2012. Our results indicate that there is no any causality between coal price and electricity price under other factors are controlled. However, we found a bi-directional causality between electricity consumption and industry output. Overall, the electricity price set by China’s NDRC is inefficient, which lead to the electricity supply shortage after 2004. It is time to reform electricity price system for China’s reformers.

Keywords: electricity price, coal price, power supply, China

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Authors: Athina Thanou, Eirini Eleni Tsiropoulou, Symeon Papavassiliou

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The problem of museum visitor experience and congestion management – in various forms - has come increasingly under the spotlight over the last few years, since overcrowding can significantly decrease the quality of visitors’ experience. Evidence suggests that on busy days the amount of time a visitor spends inside a crowded house museum can fall by up to 60% compared to a quiet mid-week day. In this paper we consider the aforementioned problem, by treating museums as evolving social systems that induce constraints. However, in a cultural heritage space, as opposed to the majority of social environments, the momentum of the experience is primarily controlled by the visitor himself. Visitors typically behave selfishly regarding the maximization of their own Quality of Experience (QoE) - commonly expressed through a utility function that takes several parameters into consideration, with crowd density and waiting/visiting time being among the key ones. In such a setting, congestion occurs when either the utility of one visitor decreases due to the behavior of other persons, or when costs of undertaking an activity rise due to the presence of other persons. We initially investigate how visitors’ behavioral risk attitudes, as captured and represented by prospect theory, affect their decisions in resource sharing settings, where visitors’ decisions and experiences are strongly interdependent. Different from the majority of existing studies and literature, we highlight that visitors are not risk neutral utility maximizers, but they demonstrate risk-aware behavior according to their personal risk characteristics. In our work, exhibits are organized into two groups: a) “safe exhibits” that correspond to less congested ones, where the visitors receive guaranteed satisfaction in accordance with the visiting time invested, and b) common pool of resources (CPR) exhibits, which are the most popular exhibits with possibly increased congestion and uncertain outcome in terms of visitor satisfaction. A key difference is that the visitor satisfaction due to CPR strongly depends not only on the invested time decision of a specific visitor, but also on that of the rest of the visitors. In the latter case, the over-investment in time, or equivalently the increased congestion potentially leads to “exhibit failure”, interpreted as the visitors gain no satisfaction from their observation of this exhibit due to high congestion. We present a framework where each visitor in a distributed manner determines his time investment in safe or CPR exhibits to optimize his QoE. Based on this framework, we analyze and evaluate how visitors, acting as prospect-theoretic decision-makers, respond and react to the various pricing policies imposed by the museum curators. Based on detailed evaluation results and experiments, we present interesting observations, regarding the impact of several parameters and characteristics such as visitor heterogeneity and use of alternative pricing policies, on scalability, user satisfaction, museum capacity, resource fragility, and operation point stability. Furthermore, we study and present the effectiveness of alternative pricing mechanisms, when used as implicit tools, to deal with the congestion management problem in the museums, and potentially decrease the exhibit failure probability (fragility), while considering the visitor risk preferences.

Keywords: museum resource and visitor management, congestion management, propsect theory, cyber physical social systems

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Authors: Dimitrios J. Dimitriou

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Considering a worldwide tendency, air transports are growing very fast and many changes have taken place in planning, management and decision making process. Given the complexity of airport operation, the best use of existing capacity is the key driver of efficiency and productivity. This paper deals with the evaluation framework for the ground access at airports, by using a set of mode choice indicators providing key messages towards airport’s ground access performance. The application presents results for a sample of 12 European airports, illustrating recommendations to define policy and improve service for the air transport access chain.

Keywords: airport ground access, air transport chain, airport access performance, airport policy

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Authors: Mitra Arami

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The main objective of this paper is to identify the factors that influence Kuwaiti consumers’ behavior towards online shopping. A survey was conducted among B2C e-commerce customers using a structured self-administered questionnaire. The findings of this study show that B2C e-commerce customer behavior in Kuwait is strongly influenced by customer entertainment but weakly influenced by customer trust. While the overall research project involves exploratory research using mixed methods, the focus of this paper is on a quantitative analysis of responses obtained from a survey of Kuwaiti customers, with the design of the questionnaire instrument being based on the findings of a qualitative analysis. The main findings of the analysis include a list of key factors that affect Kuwait online shoppers, and quantitative indications of the relative strengths of the various relationships. This study provides a basis for further research and more in depth studies to find the scope of online shopping in Kuwait especially, the influence of hedonic and utilitarian motivations on user engagement.

Keywords: e-commerce, online shopping, customer behavior, quantitative analysis, Kuwait

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Authors: Saurabh Agarwal

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This paper attempts to formalise the effect of demographic variables like marital status, gender, occupation and age on the source of investment advice which, in turn, affect the herd behaviour of investors and probability of investment in near future. Further, postulations have been made for most preferred investment option and purpose of saving and source of investment. Impact of theoretical analysis on choice among investment alternatives has also been investigated. The analysis contributes to understanding the different investment choices made by households in India. The insights offered in the paper indirectly contribute in uncovering the various unexplained asset pricing puzzles.

Keywords: portfolio choice, investment decisions, investor’s behaviour, Indian securities market

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Authors: Bita Mashayekhi, Mohammad Ara

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The purpose of this study is to provide some empirical evidence about implementing Activity-Based Costing (ABC) in the hospitality industry in Iran. For this purpose, we consider the Tabriz International Hotel as our sample hotel and then gather the relevant data from its cost accounting system in 2012. Then, we use ABC as our costing method and compare the cost of each service unit with that cost which had been extracted for the traditional costing method. The results show a different cost per unit for two methods. Also, because of its more precise and detailed provided information, an ABC system facilitates the decision-making process for managers on decisions related to profitability analysis, budgeting, pricing, and so on.

Keywords: Activity-Based Costing (ABC), activity, cost driver, hospitality industry

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Authors: Suttipong Phosuksirikul, Rawichar Chaipojjana, Arunsri Leejeerajumnean

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The aim of research was to define the relations between volatile compounds, some parameters (pH, titratable acidity (TA), total soluble solid (TSS), lactic acid bacteria count) and consumer preference of commercial fermented milks. These relations tend to be used for controlling and developing new fermented milk product. Three leading commercial brands of fermented milks in Thailand were evaluated by consumers (n=71) using hedonic scale for four attributes (sweetness, sourness, flavour, and overall liking), volatile compounds using headspace-solid phase microextraction (HS-SPME) GC-MS, pH, TA, TSS and LAB count. Then the relations were analyzed by principal component analysis (PCA). The PCA data showed that all of four attributes liking scores were related to each other. They were also related to TA, TSS and volatile compounds. The related volatile compounds were mainly on fermented produced compounds including acetic acid, furanmethanol, furfural, octanoic acid and the volatiles known as artificial fruit flavour (beta pinene, limonene, vanillin, and ethyl vanillin). These compounds were provided the information about flavour addition in commercial fermented milk in Thailand.

Keywords: fermented milk, volatile compounds, preference, PCA

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Authors: Sara Sousa

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The environmental goods and services have often been neglected in crucial decisions affecting the environment mainly because the difficulty in estimating their economic value, since we are dealing with non-market goods and, thus, without a price associated. Nevertheless, the inexistence of prices does not necessarily mean these goods have no value. The environment is a key element in today's society that seeks to be as sustainable as possible, where the environmental assets have both use and non-use values. To estimate the use value, researchers may apply the revealed preference methods. This paper provides a theoretical review of the main concepts and methodologies on the economic valuation of the environment, with particular emphasis on the revealed preference techniques. Based on a detailed literature review, this study concludes that, despite some inherent limitations, the revealed preference methodologies – travel cost, hedonic price, and averting behaviour – represent essential tools for the researchers who accept the challenge to estimate the use value of environmental goods and services based on the actual individuals` behaviour. The main purpose of this study is to contribute to an increased theoretical information on the economic valuation of environmental assets, allowing researchers and policymakers to improve future decisions regarding the environment.

Keywords: economic valuation, environmental goods, revealed preference methods, total economic value

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Authors: Nasser Alsadoun

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Today's companies in Saudi Arabian capital market must comply with strict criteria and adhere to rigid corporate governance rules and continuous disclosure requirements. Unlike other regulators in the region, decision makers of the Capital Market Authority (hereafter CMA) of Saudi Arabia believes that the announcements of economic sanctions and penalties for non-compliance firms will foster more effective regulatory compliance and hence improve the quality of financial reporting. An implied argument put forward by the opponents, however, states that such penalties are unnecessary and stated to be onerous for non-compliance firms. Over that last years, the CMA has publicly announced several economic fines levied on some listed companies for their failing to comply with corporate governance and continuous disclosure regulation clauses, with the amount of fine levied ranges between 50,000 SR to 100,000 SR for each failing. Economic theory suggests that rational investors make decisions based on a cost-benefit principal. The regulatory intervention made by CMA on the announcement of economic sanctions has been costly to the society (economy) hoping that it improves the transparency of financial statements. It is argued, therefore, that threat of regulators and economic sanctions will provide incentives for firms’ managers to report more relevant and reliable accounting information, and the benefit of such announcements is likely to be reflected in the context of the quality of the financial reports. Yet, the economic consequences of the revealed fines announcement for non-compliance firms in Saudi Arabian market have not been examined. Thus, this study attempts to empirically examine whether market participants are pricing the supposed benefits of rigid governance and disclosure rules in the Saudi market. The study employs an event study methodology to assess the impact of CMA economic sanctions announcements on the market price of non-compliance firms. The study also estimates and examines bid–ask spread behavior of violated firms around the CMA announcements. The findings indicate that the CMA fines announcements for failing to comply with governance and disclosure rules do not appear to play any significant role in securities pricing. In addition, tests of bid-ask behavior does not indicate any significant increases in information asymmetry surrounding these announcements. While the CMA has developed many goals to increase the awareness of listed companies with the best governance and disclosure practices, it seems they have to develop more goals to improve market efficiency and increase investors and public awareness.

Keywords: governance and disclosure violations, financial reporting quality, regulatory intervention, market efficiency

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Authors: Babulayi B. Wilson

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Unsatisfactory performance of construction projects in both the industrialised and developing countries indicate that there could be several defects in construction projects phases. Notwithstanding the fact that some project defects are often conceived at the initiation phase of construction projects, insufficient knowledge of contract procedures has been identified as one of the major sources of construction disputes. Contract procedures are a set of rules that outlines the primary obligations and liabilities of parties involved in the implementation of a construction project. Engineering professional bodies often codify contract procedures into standard forms of contract such as the Institution of Civil Engineers (ICE, UK) and Association of Consulting Engineers (ACE, UK) and keep them under constant review by updating any clause to reflect any change in case law or relevant piece of legislation. Even so, it is the responsibility of a professional body or conditions of contract draftsperson to introduce contract-specific clauses that may be necessary for business efficacy but not covered in the chosen standard conditions of contract. In Botswana, the use of clients’ drafted and/or un-adapted for environment of use international forms of contract in conjunction with client-drafted pricing schedules is common. The product of the latter often impact negatively upon contractors’ claims and payments, in that, tender rates and prices can only be deemed to be sufficient if the chosen conditions of contract compliment the pricing schedule (use of standardised procurement documents). In addition, client drafted and the use of borrowed forms of contract such as FIDIC often conflict with domicile law resulting in costly disputes on the part of the client. It is upon the preceding text that the object of the research is to measure the level of knowledge of contract procedures amongst key stakeholders in the Botswana construction industry by requesting a representative sample from the industry and academia to respond to tutorial questions prepared from two commonly used forms of contract for civil works, that is, FIDIC (International Form of Contract) and ICE (UK). The questions were prepared under the following captions: (a) preparation of tender documents (b) obligations of the parties (c) contract administration; and (d) claims, variations, and valuation of variations. After ascertaining that the level of knowledge of contract procedures is insufficient among most practitioners in the Botswana construction industry, major procurement entities, and engineering institutions of learning; a guide to drafting a condition of a construction contract was developed and then validated through seminars and workshops. In the present, the effectiveness of the guide is not yet measured but feedback from seminars and workshops conducted indicates an appreciation of the guide by the majority of major construction industry stakeholders.

Keywords: contract procedures, conditions of contract, professional practice, construction law, forms of contract

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Authors: Younghyun Jeon, Seungjoo Maeng

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In the Ad-hoc network, the great interests regarding MIMO scheme leads to their combination, which is also utilized into its applicable network. We manage the field of the problem into Reverse-link MIMO Ad-hoc Network (RMAN) and propose the methodology to maximize the data rate with its power consumption using Node-Cooperative beamforming technique. Based on the result of mathematical optimization formulation, we design the algorithm to construct optimal orthogonal weight vector according to channel feedback and control its transmission power according to QoS-pricing value level. In simulation results, we show the validity of the proposed mathematical optimization result and algorithm which mean that the sum-rate of each link is converged into some point.

Keywords: ad-hoc network, MIMO, cooperative beamforming, transmit power

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Authors: B. R. Madushan, S. B. Navaratne, I. Wickramasinge

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Toddy sediment (TS) was cultured in a PDA medium to determine initial yeast load, and also it was undergone sun, shade, solar, dehumidified cold air (DCA) and hot air oven (at 400, 500 and 60oC) drying with a view to preserve viability of yeast. Thereafter, this study was conducted according to two factor factorial design in order to determine best preservation method. Therein the dried TS from the best drying method was taken and divided into two portions. One portion was mixed with 3: 7 ratio of TS: rice flour and the mixture was divided in to two again. While one portion was kept under in house condition the other was in a refrigerator. Same procedure was followed to the rest portion of TS too but it was at the same ratio of corn flour. All treatments were vacuum packed in triple laminate pouches and the best preservation method was determined in terms of leavening index (LI). The TS obtained from the best preservation method was used to make foods (bread and hopper) and organoleptic properties of it were evaluated against same of ordinary foods using sensory panel with a five point hedonic scale. Results revealed that yeast load or fresh TS was 58×106 CFU/g. The best drying method in preserving viability of yeast was DCA because LI of this treatment (96%) is higher than that of other three treatments. Organoleptic properties of foods prepared from best preservation method are as same as ordinary foods according to Duo trio test.

Keywords: biological leavening agent, coconut toddy, fermentation, yeast

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Authors: Boulis M. Ibrahim, Iordanis A. Kalaitzoglou

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A micro structural pricing model is proposed in which price components account for learning by incorporating changing expectations of the trading intensity and the risk level of incoming trades. An analysis of European carbon futures transactions finds expected trading intensity to increase the information component and decrease the liquidity component of price changes, but at different rates. Among the results, the expected persistence in trading intensity explains the majority of the auto correlations in the level and the conditional volatility of price changes, helps predict hourly patterns in the bid–ask spread and differentiates between the impact of buy versus sell and continuing versus reversing trades.

Keywords: CO2 emission allowances, market microstructure, duration, price discovery

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Authors: Timur Zhukov, Yuko Yamashita

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Music as a product of hedonic consumption has been researched at least since the early 20th century, but little light has been shed on how language affects its consumption process. At the intersection of music consumption, language impact, and consumer behavior, this research explores the influence of language on music consumption in Japan. Its aim is to clarify how listening to music in different languages affects the listener’s purchase intention and sharing intention by conducting a survey where respondents listen to three versions of the same song in different languages in random order. It uses an existing framework that views the flow of music consumption as a combination of responses (emotional response, sensory response, imaginal response, analytical responses) affecting the experiential response, which then affects the overall affective response, followed by the need to reexperience and lastly the purchase intention. In this research, the sharing intention has been added to the model to better fit the modern consumption model (e.g., AISAS). This research shows how positive and negative emotions and imaginal and analytical responses change depending on the language and what impact it has on consumer behavior. It concludes by proposing how modern music businesses can learn from the language differences and cater to the needs of the audiences who speak different languages.

Keywords: AISAS, consumer behavior, first language, music consumption, second language

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Authors: Guan-Ying Chen, Han-Tsung Liou, Shou-Ren Hu

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To address traffic congestion problems and encourage the use of public transportation systems in the Taipei metropolitan area, the Taipei City Government and the New Taipei City Government implemented a monthly ticket policy on April 16, 2018. This policy offers unlimited rides on the Taipei MRT, Taipei City Bus, New Taipei City Bus, Danhai Light Rail, and Public Bike (YouBike) on a monthly basis. Additionally, both city governments replaced the smart card discount policy with a new frequent flyer discount program (referred to as the loyal customer program) on February 1, 2020, introducing a differential pricing policy. Specifically, the more frequently the Taipei MRT system is used, the greater the discounts users receive. To analyze the impact of the Taipei public transport monthly ticket policy and the frequent user discount program on the passenger volume of the Taipei MRT system and the transferring behaviors of MRT users, this study conducts a trip-chain analysis using transaction data from Taipei MRT smart cards between September 2017 and December 2020. To achieve these objectives, the study employs four indicators: 1) number of passengers, 2) average number of rides, 3) average trip distance, and 4) instances of multiple consecutive rides. The study applies the t-test and Mann-Kendall trend test to investigate whether the proposed indicators have changed over time due to the implementation of the discount policy. Furthermore, the study examines the travel behaviors of passengers who use monthly tickets. The empirical results of the study indicate that the implementation of the Taipei public transport monthly ticket policy has led to an increase in the average number of passengers and a reduction in the average trip distance. Moreover, there has been a significant increase in instances of multiple consecutive rides, attributable to the unlimited rides offered by the monthly tickets. The impact of the frequent user discount program on changes in MRT passengers is not as pronounced as that of the Taipei public transportation monthly ticket policy. This is partly due to the fact that the frequent user discount program is only applicable to the Taipei MRT system, and the passenger volume was greatly affected by the COVID-19 pandemic. The findings of this research can serve as a reference for Taipei MRT Corporation in formulating its fare strategy and can also provide guidance for the Taipei and New Taipei City Governments in evaluating differential pricing policies for public transportation systems.

Keywords: frequent user discount program, mass rapid transit, monthly ticket, smart card

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Authors: Marina Chavleishvili

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Introduction: Today, the study of monopolies, including natural monopolies, is topical. In real life, pure monopolies are natural monopolies. Natural monopolies are used widely and are regulated by the state. In particular, the prices and rates are regulated. The paper considers the problems associated with the operation of natural monopolies in Georgia, in particular, their microeconomic analysis, pricing mechanisms, and legal mechanisms of their operation. The analysis was carried out on the example of the power industry. The rates of natural monopolies in Georgia are controlled by the Georgian National Energy and Water Supply Regulation Commission. The paper analyzes the positive role and importance of the regulatory body and the issues of improving the legislative base that will support the efficient operation of the branch. Methodology: In order to highlight natural monopolies market tendencies, the domestic and international markets are studied. An analysis of monopolies is carried out based on the endogenous and exogenous factors that determine the condition of companies, as well as the strategies chosen by firms to increase the market share. According to the productivity-based competitiveness assessment scheme, the segmentation opportunities, business environment, resources, and geographical location of monopolist companies are revealed. Main Findings: As a result of the analysis, certain assessments and conclusions were made. Natural monopolies are quite a complex and versatile economic element, and it is important to specify and duly control their frame conditions. It is important to determine the pricing policy of natural monopolies. The rates should be transparent, should show the level of life in the country, and should correspond to the incomes. The analysis confirmed the significance of the role of the Antimonopoly Service in the efficient management of natural monopolies. The law should adapt to reality and should be applied only to regulate the market. The present-day differential electricity tariffs varying depending on the consumed electrical power need revision. The effects of the electricity price discrimination are important, segmentation in different seasons in particular. Consumers use more electricity in winter than in summer, which is associated with extra capacities and maintenance costs. If the price of electricity in winter is higher than in summer, the electricity consumption will decrease in winter. The consumers will start to consume the electricity more economically, what will allow reducing extra capacities. Conclusion: Thus, the practical realization of the views given in the paper will contribute to the efficient operation of natural monopolies. Consequently, their activity will be oriented not on the reduction but on the increase of increments of the consumers or producers. Overall, the optimal management of the given fields will allow for improving the well-being throughout the country. In the article, conclusions are made, and the recommendations are developed to deliver effective policies and regulations toward the natural monopolies in Georgia.

Keywords: monopolies, natural monopolies, regulation, antimonopoly service

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Authors: Vita Lele, Vadims Bartkevics, Iveta Pugajeva, Paulina Zavistanaviciute, Daiva Zadeike, Grazina Juodeikiene, Elena Bartkiene

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Different combinations of appropriate technological properties showing lactic acid bacteria (Pediococcus pentosaceus VLGL183 and Enterococcus pseudoavium VLGL 234, Lactobacillus plantarum VLGL135 and Pediococcus pentosaceus VLGL183, Pediococcus pentosaceus VLGL183 and Lactobacillus brevis VLGL173, Pediococcus pentosaceus VLGL183 and Leuconostoc mesenteroides VLGL242, Pediococcus pentosaceus VLGL183 and Lactobacillus curvatus VLGL51, Lactobacillus plantarum VLGL135 and Lactobacillus curvatus VLGL51) for wheat sourdough production were used, and the influence of different sourdoughs on wheat bread quality parameters was evaluated. The highest overall acceptability (135.8 mm in 140 mm hedonic scale) of the bread produced with L. plantarum VLGL135 and P. pentosaceus VLGL183 sourdough was established. Also, bread produced with above mention sourdough, has the highest specific volume, shape coefficient, moisture content, and porosity, 3.40 ml /g; 2.59, 33.7 %, and 76.6 %, respectively. It was found, that the used sourdoughs reduce acrylamide content in bread (from 29.5 to 67.2%), just, the isolated lactic acid bacteria strains could be recommended for higher quality and safer bread production.

Keywords: acrylamide, lactic acid bacteria, quality, sourdough, wheat bread

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Authors: Medani Prasad Rijal

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The study outlines the impacts of decentralized forest policy on natural Sal (shorea robusta) forests in the Terai region of Nepal. The government has implemented community forestry program to manage the forest resources and improve the livelihood of local people collectively. The forest management authorities such as conserve, manage, develop and use of forest resources were shifted to the local communities, however, the ownership right of the forestland retained by the government. Local communities took the decision on harvesting, distribution, and sell of forest products by fixing the prices independently. The local communities were putting the low value of forest products and distributed among the user households on the name of collective decision. The decision of low valuation is devaluating the worth of forest products. Therefore, the study hypothesized that decision-making capacities are equally prominent next to the decentralized policy and program formulation. To accomplish the study, individual to group level discussions and questionnaire survey methods were applied with executive committee members and user households. The study revealed that the local intuition called Community Forest User Group (CFUG) committee normally took the decisions on consensus basis. Considering to the access and affording capacity of user households having poor economic backgrounds, low pricing mechanism of forest products has been practiced, even though the Sal timber is far expensive in the local market. The local communities thought that low pricing mechanism is accessible to all user households from poor to better off households. However, the analysis of forest products distribution opposed the assumption as most of the Sal timber, which is the most valuable forest product of community forest only purchased by the limited households of better economic conditions. Since the Terai region is heterogeneous by socio-economic conditions, better off households always have higher affording capacity and possibility of taking higher timber benefits because of low price mechanism. On the other hand, the minimum price rate of forest products has poor contribution in community fund collection. Consequently, it has poor support to carry out poverty alleviation activities to poor people. The local communities have been fixed Sal timber price rate around three times cheaper than normal market price, which is a strong evidence of forest product devaluation itself. Finally, the study concluded that the capacity building of local executives as the decision-makers of natural Sal forests is equally indispensable next to the policy and program formulation for effective decentralized forest management. Unilateral decentralized forest policy may devaluate the forest products rather than devolve of power to the local communities and empower to them.

Keywords: community forestry program, decentralized forest policy, Nepal, Sal forests, Terai

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Authors: Joseph Ndegwa

Abstract:

Changes are required if energy systems are to foster long-term growth. The main problems are increasing access to inexpensive, dependable, and sufficient energy supply while addressing environmental implications at all levels. Policies can help to promote sustainable development by providing adequate and inexpensive energy sources to underserved regions, such as liquid and gaseous fuels for cooking and electricity for household and commercial usage. Promoting energy efficiency. Increased utilization of new renewables. Spreading and implementing additional innovative energy technologies. Markets can achieve many of these goals with the correct policies, pricing, and regulations. However, if markets do not work or fail to preserve key public benefits, tailored government policies, programs, and regulations can achieve policy goals. The main strategies for promoting sustainable energy systems are simple. However, they need a broader recognition of the difficulties we confront, as well as a firmer commitment to specific measures. Making markets operate better by minimizing pricing distortions, boosting competition, and removing obstacles to energy efficiency are among the measures. Complementing the reform of the energy industry with policies that promote sustainable energy. Increasing investments in renewable energy. Increasing the rate of technical innovation at each level of the energy innovation chain. Fostering technical leadership in underdeveloped nations by transferring technology and enhancing institutional and human capabilities. promoting more international collaboration. Governments, international organizations, multilateral financial institutions, and civil society—including local communities, business and industry, non-governmental organizations (NGOs), and consumers—all have critical enabling roles to play in the problem of sustainable energy. Partnerships based on integrated and cooperative approaches and drawing on real-world experience will be necessary. Setting the required framework conditions and ensuring that public institutions collaborate effectively and efficiently with the rest of society are common themes across all industries and geographical areas in order to achieve sustainable development. Powerful tools for sustainable development include energy. However, significant policy adjustments within the larger enabling framework will be necessary to refocus its influence in order to achieve that aim. Many of the options currently accessible will be lost or the price of their ultimate realization (where viable) will grow significantly if such changes don't take place during the next several decades and aren't started right enough. In any case, it would seriously impair the capacity of future generations to satisfy their demands.

Keywords: sustainable development, reliable, price, policy

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Authors: S. Habte, K. Ouazzane, P. Patel, S. Patel

Abstract:

The dynamic and highly competitive nature of the consumer electronics retail industry means that businesses in this industry are experiencing different decision making challenges in relation to pricing, inventory control, consumer satisfaction and product offerings. To overcome the challenges facing retailers and create opportunities, we propose a generic data warehousing solution which can be applied to a wide range of consumer electronics retailers with a minimum configuration. The solution includes a dimensional data model, a template SQL script, a high level architectural descriptions, ETL tool developed using C#, a set of APIs, and data access tools. It has been successfully applied by ASK Outlets Ltd UK resulting in improved productivity and enhanced sales growth.

Keywords: consumer electronics, data warehousing, dimensional data model, generic, retail industry

Procedia PDF Downloads 384

Authors: Ijeoma Chinyere Ukonu, Linda Ojeyokan

Abstract:

This study produced and compared the acceptability of white bean cake (akara) and soy bean cake (akara) through sensory evaluation. Two varieties of beans were used; white (haricot) beans and soy beans; processed in the wet (paste) form and dry (flour) form. They were all used in the production of samples of bean cake (akara) under the same condition. Sensory evaluation was carried out on the products; 100% white beans cake paste was labeled (A1), 50% white bean and 50% soya bean cake paste was (B1), 100% white bean cake flour was (A2); 50% white bean cake flour and 50% soya bean cake flour (B2). A five (5) point hedonic scale rating, very good (5), good (4), fair (3), poor (2) and very poor (1) was administered on the ten panel of judge. 40 questionnaires were administered to the general public to access their knowledge of soya beans akara. Correlation analysis was carried out to determine which product is more acceptable. Table, percentages and mean score were methods employed in analyzing data collected. The analysis revealed that soya bean (akara) is generally acceptable except for sample B1 that was rated poor with 2 points, white beans cake was rated very well with 5 points. It was recommended that the hospitality industry could introduce soya bean cakes in the breakfast menu. Families can also include these products in their breakfast.

Keywords: akara, bean cake, soybean, white bean

Procedia PDF Downloads 231

Authors: Kar Lin Nyam, Phey Yee Lim

Abstract:

The aim of this study was to determine the antioxidant potential, nutritional composition, and functional properties of kenaf leaves powder. Besides, the effect of kenaf leaves powder in bread qualities, properties, and consumer acceptability were evaluated. Different formulations of bread fortified with 0%, 4% and 8% kenaf leaves powder, respectively were produced. Physical properties of bread, such as loaf volume, dough expansion, crumb colour, and bread texture, were determined. Nine points hedonic scale was utilized in sensory evaluation to determine the best formulation (the highest overall acceptability). Proximate composition, calcium content, and antioxidant properties were also determined for the best formulation. 4% leaves powder bread was the most preferred by the panelists followed by control bread, and the least preferred was being 8% leaves powder bread. 4% leaves powder bread had significantly higher value of DPPH radical scavenging capacity (8.05 mg TE/100g), total phenolic content (12.88 mg GAE/100g) and total flavonoid content (13.26 mg QE/100g) compared to control bread (1.38 mg TE/100g, 8.17 mg GAE/100g, and 8.77 mg QE/100g respectively). Besides, 4% leaves powder bread also showed higher in calcium content and total dietary fiber compared to control bread. Kenaf leaves powder is suitable to be used as a source of natural antioxidant for fortification and nutrient improver in bread.

Keywords: dietary fibre, calcium, total phenolic content, total flavonoid content

Procedia PDF Downloads 94

Authors: Thomas Chinwe Urama, Patrick Oseloka Ezepue, Peters Chimezie Nnanwa

Abstract:

This paper investigates the universal financial dynamics in two dominant stock markets in Sub-Saharan Africa, through an in-depth analysis of the cross-correlation matrix of price returns in Nigerian Stock Market (NSM) and Johannesburg Stock Exchange (JSE), for the period 2009 to 2013. The strength of correlations between stocks is known to be higher in JSE than that of the NSM. Particularly important for modelling Nigerian derivatives in the future, the interactions of other stocks with the oil sector are weak, whereas the banking sector has strong positive interactions with the other sectors in the stock exchange. For the JSE, it is the oil sector and beverages that have greater sectorial correlations, instead of the banks which have the weaker correlation with other sectors in the stock exchange.

Keywords: random matrix theory, cross-correlations, emerging markets, option pricing, eigenvalues eigenvectors, inverse participation ratios and implied volatility

Procedia PDF Downloads 267

Authors: Dewi Hapsari Ratna Muninggar, M. Rizal Martua Damanik

Abstract:

The purpose of this study was to develop a formulation of instant Indonesian traditional pancake (Surabi) based on composite rice and soybean flour and supplemented with Torbangun (Coleus amboinicus Lour) powder as an alternative snack for ADHD (Attention Deficit Hyperactivity Disorder) children. Completely randomised factorial design by two factors which were the ratio of composite rice and soybean flour (75:25; 70:30; 65:35) as well as the addition of Torbangun powder (3%; 5%; 7%) was used in this study. This study revealed that the best formula was instant surabi with 65:35 composite rice and soybean flour and 5% addition of Torbangun powder by considering hedonic test result, functional aspect and nutrients contribution. Then, both chemical and physical characteristics from the best formula of instant surabi were measured. Nutrients content of the chosen instant surabi per 100 g wet basis were 62.68 g moisture, 1.30 g ash, 6.81 g protein, 0.75 g fat, 28.47 g carbohydrate, 88.62 mg calcium, 4.14 mg iron, and 144 kcal energy while physical characteristics, such as water activity, cohesiveness, and hardness were 0.97, 0.569, 5582.2 g force consecutively. The results of this research suggested that instant surabi which can be possibly beneficial for ADHD children had 65:35 for rice and soybean flour ratio as well as 5% for the addition of Torbangun powder.

Keywords: ADHD children, instant surabi, soybean, torbangun

Procedia PDF Downloads 115

Authors: Tilouche Rahma, Sayeb Soumaya, Ben Hassen Mohamed

Abstract:

The wettability of materials is a very important aspect of surface science, it presents a key factor providing the best characteristic of product, especially in hygienic field. Hydrophobic polypropylene is used as nonwoven topsheet in disposable diaper, for its interesting properties (toughness, lightness...) by comparing with traditional product previously used. SURFACTANTs are widely used to reduce contact angle (water contact angles larger than 90° on smooth surfaces) and to change wetting properties. In the present work, we study ways to obtain hydrophilic polypropylene surface, by the deposition of a variety of surfactant on surfaces of varying morphology. We used two different methods for surface wetting: Spraying method and the coating method. The concentration of the wetting agent, the type of non-woven fabric and the parameters in the method for controlling, hugely affect the quality of treatment. Therefore need that the treatment is effective in terms of contact angle without affecting the mechanical properties of the nonwoven. For the assessment of the quality of treatment, two methods are used: The measurement of the contact angle and the strike trough time. Also, with subjective evaluation by Hedonic test (which involves the consumer preference (naive panel: group of moms). Finally, we selected the better treated topsheet referring to the assessment results.

Keywords: SURFACTANT, topsheet polypropylene, hydrophilic, hydrophobic

Procedia PDF Downloads 520

Authors: Samira Mohabbatdar, Abbas Ahmadi, Mohsen S. Sajadieh

Abstract:

This paper deals with a two-level supply chain consisted of one manufacturer and one retailer for single-type product. The demand function of the customers depends on price. We consider an integrated production inventory system where the manufacturer processes raw materials in order to deliver finished product with imperfect quality to the retailer. Then retailer inspects the products and after that delivers perfect products to customers. The proposed model is based on the joint total profit of both the manufacturer and the retailer, and it determines the optimal ordering lot-size, number of shipment and selling price of the retailer. A numerical example is provided to analyse and illustrate the behaviour and application of the model. Finally, sensitivity analysis of the key parameters are presented to test feasibility of the model.

Keywords: supply chain, pricing policy, defective quality, joint economic lot sizing

Procedia PDF Downloads 306