Search results for: olive oil price

Authors: Jefferson Hernandez, Juan Padilla

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Estimation of price elasticity of demand is a valuable tool for the task of price settling. Given its relevance, it is an active field for microeconomic and statistical research. Price elasticity in the industry of oil and gas, in particular for fuels sold in gas stations, has shown to be a challenging topic given the market and state restrictions, and underlying correlations structures between the types of fuels sold by the same gas station. This paper explores the Lotka-Volterra model for the problem for price elasticity estimation in the context of fuels; in addition, it is introduced multivariate random effects with the purpose of dealing with errors, e.g., measurement or missing data errors. In order to model the underlying correlation structures, the Inverse-Wishart, Hierarchical Half-t and LKJ distributions are studied. Here, the Bayesian paradigm through Markov Chain Monte Carlo (MCMC) algorithms for model estimation is considered. Simulation studies covering a wide range of situations were performed in order to evaluate parameter recovery for the proposed models and algorithms. Results revealed that the proposed algorithms recovered quite well all model parameters. Also, a real data set analysis was performed in order to illustrate the proposed approach.

Keywords: price elasticity, volume, correlation structures, Bayesian models

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Authors: Kazem Alirezalu, Javad Hesari, Zabihollah Nemati, Boukaga Farmani

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The application of natural plant extracts which are rich in promising antioxidants and antimicrobial ingredients in the production of frankfurter-type sausages addresses consumer demands for healthier, more functional meat products. The effects of olive leaves, green tea and Urtica dioica L. extracts on physicochemical, microbiological and sensory characteristic of frankfurter-type sausage were investigated during 45 days of storage at 4 °C. The results revealed that pH and phenolic compounds decreased significantly (P < 0.05) in all samples during storage. Sausages containing 500 ppm green tea extract (1.78 mg/kg) showed the lowest TBARS values compared to olive leaves (2.01 mg/kg), Urtica dioica L. (2.26 mg/kg) extracts and control (2.74 mg/kg). Plant extracts significantly (P < 0.05) reduced the count of total mesophilic bacteria, yeast and mold by at least 2 log cycles (CFU/g) than those of control samples. Sensory characteristics of texture showed no difference (P > 0.05) between sausage samples, but sausage containing Urtica dioica L. extract had the highest score regarding flavor, freshness odor, and overall acceptability. Based on the results, sausage containing plant extracts could have a significant impact on antimicrobial activity, antioxidant capacity, sensory score, and shelf life stability of frankfurter-type sausage.

Keywords: antimicrobial, antioxidant, frankfurter-type sausage, green tea, olive oil, shelf life, Urtica dioica L.

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Authors: Selma Hamimed, Abdelwaheb Chatti

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The current study deals with the biological treatment of saline wastewaters generated by various agro-food industries using Yarrowia lipolytica. The ability of this yeast was studied on the mixture of olive mill wastewater and tuna wash processing wastewater. Results showed that the high proportion of olive mill wastewater in the mixture about (75:25) is the suitable one for the highest Y. lipolytica biomass production, reaching 11.3 g L⁻¹ after seven days. In addition, results showed significant removal of chemical oxygen demand (COD) and phosphorous of 97.49 % and 98.90 %, respectively. On the other hand, Y. lipolytica was found to be effective to desalinate all mixtures reaching a removal of 92.21 %. Moreover, the analytical results using Fourier transform infrared spectroscopy (FTIR), X-ray diffraction (XRD), and scanning electron microscopy (SEM) confirmed the biosorption of NaCl on the surface of the yeast as nanocrystals form with a size of 47.3 nm.

Keywords: nanocrystallization of NaCl, desalination, wastewater treatment, yarrowia lipolytica

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Authors: M. Stoklasa, H. Starzyczna, K. Matusinska

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This article deals with the perceived quality of regional products in the Moravian-Silesian region in the Czech Republic. Research was focused on finding out what do consumers perceive as a quality product and what characteristics make a quality product. The data were obtained by questionnaire survey and analysed by IBM SPSS. From the thousands of respondents the representative sample of 719 for MS region was created based on demographic factors of gender, age, education and income. The research analysis disclosed that consumers in MS region are still price oriented and that the preference of quality over price does not depend on regional brand knowledge.

Keywords: regional brands, quality products, characteristics of quality, quality over price

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Authors: Cristian Păuna

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After the widespread release of electronic trading, automated trading systems have become a significant part of the business intelligence system of any modern financial investment company. An important part of the trades is made completely automatically today by computers using mathematical algorithms. The trading decisions are taken almost instantly by logical models and the orders are sent by low-latency automatic systems. This paper will present a real-time price prediction methodology designed especially for algorithmic trading. Based on the price cyclicality function, the methodology revealed will generate price cyclicality bands to predict the optimal levels for the entries and exits. In order to automate the trading decisions, the cyclicality bands will generate automated trading signals. We have found that the model can be used with good results to predict the changes in market behavior. Using these predictions, the model can automatically adapt the trading signals in real-time to maximize the trading results. The paper will reveal the methodology to optimize and implement this model in automated trading systems. After tests, it is proved that this methodology can be applied with good efficiency in different timeframes. Real trading results will be also displayed and analyzed in order to qualify the methodology and to compare it with other models. As a conclusion, it was found that the price prediction model using the price cyclicality function is a reliable trading methodology for algorithmic trading in the financial market.

Keywords: algorithmic trading, automated trading systems, financial markets, high-frequency trading, price prediction

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Authors: Esra Yel, Tabriz Aslanov, Merve Sogancioglu, Suheyla Kocaman, Gulnare Ahmetli

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The disposal of waste plastics has become a major worldwide environmental problem. Pyrolysis of waste plastics is one of the routes to waste minimization and recycling that has been gaining interest. In pyrolysis, the pyrolysed material is separated into gas, liquid (both are fuel) and solid (char) products. All fractions have utilities and economical value depending upon their characteristics. The first objective of this study is to determine the co-pyrolysis product fractions of waste HDPE- (high density polyethylene) and LDPE (low density polyethylene)-olive pomace (OP) and to determine the qualities of the solid product char. Chars obtained at 700 °C pyrolysis were used in biocomposite preparation as additive. As the second objective, the effects of char on biocomposite quality were investigated. Pyrolysis runs were performed at temperature 700 °C with heating rates of 5 °C/min. Biocomposites were prepared by mixing of chars with bisphenol-F type epoxy resin in various wt%. Biocomposite properties were determined by measuring electrical conductivity, surface hardness, Young’s modulus and tensile strength of the composites. The best electrical conductivity results were obtained with HDPE-OP char. For HDPE-OP char and LDPE-OP char, compared to neat epoxy, the tensile strength values of the composites increased by 102% and 78%, respectively, at 10% char dose. The hardness measurements showed similar results to the tensile tests, since there is a correlation between the hardness and the tensile strength.

Keywords: biocomposite, char, olive pomace, pyrolysis

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Authors: Katerina Kormusheva

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Pricing plays a pivotal role in the marketing discipline as it directly influences consumer perceptions, purchase decisions, and overall market positioning of a product or service. This paper seeks to expand current knowledge in the area of discriminatory and differential pricing, a main area of marketing research. The methodology includes developing a framework and a model for determining how many price points to implement in differential pricing. We focus on choosing the levels of differentiation, derive a function form of the model framework proposed, and lastly, test it empirically with data from a large-scale marketing pricing experiment of services in telecommunications.

Keywords: marketing, differential pricing, price points, optimization

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Authors: Kawsar Ahmed, Hong Wang

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The study's goal was to estimate the causal mediation impact of tobacco tax before and after price hikes among low-income male smokers, with a particular emphasis on the effect estimating pathways framework for continuous and dichotomous variables. From July to December 2021, a cross-sectional investigation of observational data (n=739) was collected from Bangladeshi low-wage smokers. The Quasi-Bayesian technique, binomial probit model, and sensitivity analysis using a simulation of the computational tools R mediation package had been used to estimate the effect. After a price rise for tobacco products, the average number of cigarettes or bidis sticks taken decreased from 6.7 to 4.56. Tobacco product rising prices have a direct effect on low-income people's decisions to quit or lessen their daily smoking habits of Average Causal Mediation Effect (ACME) [effect=2.31, 95 % confidence interval (C.I.) = (4.71-0.00), p<0.01], Average Direct Effect (ADE) [effect=8.6, 95 percent (C.I.) = (6.8-0.11), p<0.001], and overall significant effects (p<0.001). Tobacco smoking choice is described by the mediated proportion of income effect, which is 26.1% less of following price rise. The curve of ACME and ADE is based on observational figures of the coefficients of determination that asses the model of hypothesis as the substantial consequence after price rises in the sensitivity analysis. To reduce smoking product behaviors, price increases through taxation have a positive causal mediation with income that affects the decision to limit tobacco use and promote low-income men's healthcare policy.

Keywords: causal mediation analysis, directed acyclic graphs, tobacco price policy, sensitivity analysis, pathway estimation

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Authors: Majid Gharaipour Abbasabad

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This research is studying the effects that various densities of Zeatin, and BA hormones may have on the scale of transformation of plant nodes to new shoots, among seedlings produced by seed germination, and also surveys the amount of produced shoots and their lengths, inside the specific Olive seed lab medium (OM). It is also concerned with the effects that various densities of IBA hormone, and inoculating the shoots with Agrobacterium Rhizogenez A4 can have on shoots' root production. This is a totally random research, and each attendance group has had three occurrences, and ten samples per a hectare. The average amounts have been compared using Duncan's test method, which was done in 5% level. The results indicated that the highest rate of transformation of micro samples to shoots happened in the seed germination environments, containing Zetain with 5 mg, and also 15 mg per a liter densities. (respectively, 95% and 94%), while the highest rate of plants' stem production ,in micro samples, happened in the lab medium environments with 5mg per a liter Zetain density (4.5). In lab medium environments with 15 mg Zetain per liter, a decrease was observed in the number of produced stems (3.88). According to the produced stems' lenght, the longest stem length was observed in environments with 5 mg and also 15 mg per a liter Zetain, and 25 mg per a liter BA densities (respectively, 8.45 cm, 45.66 cm, 8.53 cm). Meanwhile, the lowest amount of transformation of micro samples to shoots, the lowest number of produced shoots, and the shortest shoots were observed in the environments without any hormones (respectively, 3.32 cm, 1.13, 19.66%). The results of root production in Olive indicated that attendance groups which were exposed to different hormones did not vary, and Agrobacterium Rhizogenez A4 had no effect on them, as well. The lowest root's growth rate (22%) happened in environments without any hormones and also, in environment with Agrobacterium Rhizogenez A4 (19.66%). The largest number of roots was observed in the environments, containing Agrobacterium Rhizogenez A4 plus IBA (10 mg/l) and Agrobacterium Rhizogenez A4 plus IBA (10 mg/l), (respectively, 8.46 and 8.70), which had a significant difference with environments merely containing 10 mg and 20 mg of IBA per a litre (respectively, 3.06 and 3.2). So it can be concluded that even though Agrobacterium Rhizogenez A4 had no impact on root's growth among shoots, it had an impact on the number of produced roots. It should be noted that even when the environment contained merely Agrobacterium Rhizogenez A4 without any hormones, only (1.16) roots were produced, which is significantly different from the attendance group with hormones (1.06).

Keywords: olive-effect of hormones-germination of seed, densities of zeatin, BA hormones, agriculture

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Authors: Saleh Alzahrani, Halim Boussabaine

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Many of Public Private Partnership (PPP) are developed based on a public project is to be awarded to a private party within a one contractual framework. PPP project risks typically include the development and construction of a new asset as well as its operation. Certainly the most severe consequences of risks through the construction period are price and time overruns. These events are among the most generally used situation in value for money analysis risks. The sources of risk change during the time in PPP project. In traditional procurement, the public sector usually has to cover all prices suffering from these risks. At least there is plenty to suggest that price suffering is a norm in some of the projects that are delivered under traditional procurement. This paper will find the impact of exogenous risk factors into actual construction price into PPP projects. The paper will present a brief literature review on PPP risk pricing strategies and then using system dynamics (SD) to analyses of the risks associated with the estimated project price. Based on the finding from these analyses a risk pricing association model is presented and discussed. The paper concludes with thoughts for future research.

Keywords: public private partnership (PPP), risk, risk pricing, system dynamics (SD)

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Authors: Yasemin Kavdir, Ugur Gozel

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This study was conducted to determine the nematicidal activity of green walnut husk (GWH) and olive pomace (OP) extracts against root-knot nematode (Meloidogyne incognita). Aqueous extracts of GWH and OP were mixed with sandy loam soil at the rates of 0, 6,12,18,24, 60 and 120 ml kg-1. All pots were arranged in a randomized complete block design and replicated four times under controlled atmosphere conditions. Tomato seedlings were grown in sterilized soil then they were transplanted to pots. Inoculation was done by pouring the 20 ml suspension including 1000 M. incognita juvenile pot-1 into 3 cm deep hole made around the base of the plant root. Tomato root and shoot growth and nematode populations have been determined. In general, both GWH and OP extracts resulted in better growth parameters compared to the control plants. However, GWH extract was the most effective in improving growth parameters. Applications of 24 ml kg-1 OP extract enhanced plant growth compared to other OP treatments while 60 ml kg-1 application rate had the lowest nematode number and root galling. In this study, applications of GWH and OP extracts reduced the number of Meloidogyne incognita and root galling compared to control soils. Additionally GWH and OP extracts can be used safely for tomato growth. It could be concluded that OP and GWH extracts used as organic amendments showed promising nematicidal activity in the control of M. incognita. This research was supported by TUBİTAK Grant Number 214O422.

Keywords: olive pomace, green walnut husk, Meloidogyne incognita, tomato, soil, extract

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Authors: Abdulla D. Alblooshi

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The stock market is a representation of human behavior and psychology, such as fear, greed, and discipline. Those are manifested in the form of price movements during the trading sessions. Therefore, predicting the stock movement and prices is a challenging effort. However, those trading sessions produce a large amount of data that can be utilized to train an AI agent for the purpose of predicting the stock movement. Predicting the stock market price action will be advantageous. In this paper, the stock movement data of three DFM listed stocks are studied using historical price movements and technical indicators value and used to train an agent using KNN and SVM methods to predict the future price movement. MATLAB Toolbox and a simple script is written to process and classify the information and output the prediction. It will also compare the different learning methods and parameters s using metrics like RMSE, MAE, and R².

Keywords: KNN, ANN, style, SVM, stocks, technical indicators, RSI, MACD, moving averages, RMSE, MAE

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Authors: Ageliki I. Katsarou, Andriana C. Kaliora, Antonia Chiou, Apostolos Papalois, Nick Kalogeropoulos, Nikolaos K. Andrikopoulos

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Chronic inflammation plays a pivotal role in CVD development, while phytochemicals have been shown to reduce CVD risk. Several studies have correlated olive oil consumption with CVD prevention and CVD risk reduction. However, the effect of individual olive oil macro- or micro-constituents and possible synergisms among them needs to be further elucidated. Herein, extra virgin olive oil (EVOO) lipidic and polar phenolics fractions were evaluated for their effect on inflammatory markers in cholesterol-fed rats. Oils combining different characteristics as to their polar phenolic content and lipid profile were used. Male Wistar rats were fed for 9 weeks on either a high-cholesterol diet (HCD) or a HCD supplemented with oils, either commercially available, i.e. EVOO, sunflower oil (SO), or modified as to their polar phenol content, i.e. phenolics deprived-EVOO (EVOOd), SO enriched with the EVOO phenolics (SOe). Post-intervention, aorta and blood samples were collected. HCD induced dyslipidemia, manifested by serum total cholesterol and low-density lipoprotein cholesterol elevation. Additionally, HCD resulted in higher adhesion molecules’ levels in rat aorta. In the case of E-selectin, this increase was attenuated by HCD supplementation with EVOO and EVOOd, while no alterations were observed in SO and SOe groups. No differences were observed between pairs of commercial and modified oils, indicating that oleates may be the components responsible for aorta E-selectin levels lowering. The same was true for vascular adhesion molecule-1 (VCAM-1); augmentation in cholesterol-fed animals was attenuated by EVOO and EVOOd diets, highlighting oleates effect. In addition, VCAM-1 levels were higher in SO group compared to the respective SOe, indicating that in the presence of phenolic compounds linoleic acid have become less prone to oxidation. Intercellular adhesion molecule-1 (ICAM-1) levels were higher in cholesterol-fed rats, however not affected by any of the oils supplemented during the intervention. Overall, EVOO was found superior in regulating adhesion molecule levels in rat aorta compared to SO. EVOO and EVOOd exhibited analogous effects on all adhesion molecules assessed, indicating that EVOO major constituents (oleates) improve E-selectin and VCAM-1 levels in rat aorta, independently from phenolics presence. Further research is needed to elucidate the effect of phenolics and oleates in other tissues.

Keywords: extra virgin olive oil, cholesterol-fed rats, polar phenolics, adhesion molecules

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Authors: Fazıl Gökgöz, Fahrettin Filiz

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Electricity prices have sophisticated features such as high volatility, nonlinearity and high frequency that make forecasting quite difficult. Electricity price has a volatile and non-random character so that, it is possible to identify the patterns based on the historical data. Intelligent decision-making requires accurate price forecasting for market traders, retailers, and generation companies. So far, many shallow-ANN (artificial neural networks) models have been published in the literature and showed adequate forecasting results. During the last years, neural networks with many hidden layers, which are referred to as DNN (deep neural networks) have been using in the machine learning community. The goal of this study is to investigate electricity price forecasting performance of the shallow-ANN and DNN models for the Turkish day-ahead electricity market. The forecasting accuracy of the models has been evaluated with publicly available data from the Turkish day-ahead electricity market. Both shallow-ANN and DNN approach would give successful result in forecasting problems. Historical load, price and weather temperature data are used as the input variables for the models. The data set includes power consumption measurements gathered between January 2016 and December 2017 with one-hour resolution. In this regard, forecasting studies have been carried out comparatively with shallow-ANN and DNN models for Turkish electricity markets in the related time period. The main contribution of this study is the investigation of different shallow-ANN and DNN models in the field of electricity price forecast. All models are compared regarding their MAE (Mean Absolute Error) and MSE (Mean Square) results. DNN models give better forecasting performance compare to shallow-ANN. Best five MAE results for DNN models are 0.346, 0.372, 0.392, 0,402 and 0.409.

Keywords: deep learning, artificial neural networks, energy price forecasting, turkey

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Authors: Kaoutar Abbahaddou, Mohammed Salah Chiadmi

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The need to find a relevant way to predict the next-day price of a stock index is a real concern for many financial stakeholders and researchers. We have known across years the proliferation of several methods. Nevertheless, among all these methods, the most controversial one is a machine learning algorithm that claims to be reliable, namely neural networks. Thus, the purpose of this article is to study the prediction power of neural networks in the particular case of Islamic finance as it is an under-looked area. In this article, we will first briefly present a review of the literature regarding neural networks and Islamic finance. Next, we present the architecture and principles of artificial neural networks most commonly used in finance. Then, we will show its empirical application on two Islamic stock indexes. The accuracy rate would be used to measure the performance of the algorithm in predicting the right price the next day. As a result, we can conclude that artificial neural networks are a reliable method to predict the next-day price for Islamic indices as it is claimed for conventional ones.

Keywords: Islamic finance, stock price prediction, artificial neural networks, machine learning

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Authors: Tehreem Fatima, Enjun Xia

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The research investigates the relationship between total oil consumption and transport oil consumption, GDP, oil price, and oil reserve in order to forecast future oil demand in China. Annual time series data is used over the period of 1980 to 2015, and for this purpose, an oil demand function is estimated by applying structural time series model (STSM). The technique also uncovers the Underline energy demand trend (UEDT) for China oil demand and GDP, oil reserve, oil price and UEDT are considering important drivers of China oil demand. The long-run elasticity of total oil consumption with respect to GDP and price are (0.5, -0.04) respectively while GDP, oil reserve, and price remain (0.17; 0.23; -0.05) respectively. Moreover, the Estimated results of long-run elasticity of transport oil consumption with respect to GDP and price are (0.5, -0.00) respectively long-run estimates remain (0.28; 37.76;-37.8) for GDP, oil reserve, and price respectively. For both model estimated underline energy demand trend (UEDT) remains nonlinear and stochastic and with an increasing trend of (UEDT) and based on estimated equations, it is predicted that China total oil demand somewhere will be 9.9 thousand barrel per day by 2025 as compare to 9.4 thousand barrel per day in 2015, while transport oil demand predicting value is 9.0 thousand barrel per day by 2020 as compare to 8.8 thousand barrel per day in 2015.

Keywords: china, forecasting, oil, structural time series model (STSM), underline energy demand trend (UEDT)

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Authors: Ageliki I. Katsarou, Andriana C. Kaliora, Antonia Chiou, Apostolos Papalois, Nick Kalogeropoulos, Nikolaos K. Andrikopoulos

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Oxidative stress is a major mechanism underlying CVDs while inflammation, an intertwined process with oxidative stress, is also linked to CVDs. Extra virgin olive oil (EVOO) is widely known to play a pivotal role in CVD prevention and CVD reduction. However, in most studies, olive oil constituents are evaluated individually and not as part of the native food, hence potential synergistic effects as drivers of EVOO beneficial properties may be underestimated. In this study, EVOO lipidic and polar phenolics fractions were evaluated for their effect on inflammatory (TNF-alpha) and oxidation (malondialdehyde/MDA) markers, in cholesterol-fed rats. Thereat, oils with discernible lipidic profile and polar phenolic content were used. Wistar rats were fed on either a high-cholesterol diet (HCD) or a HCD supplemented with oils, either commercially available, i.e. EVOO, sunflower oil (SO), or modified as to their polar phenol content, i.e. phenolics deprived-EVOO (EVOOd), SO enriched with the EVOO phenolics (SOe). After 9 weeks of dietary intervention, heart and blood samples were collected. HCD induced dylipidemia shown by increase in serum total cholesterol, low-density lipoprotein cholesterol (LDL-c) and triacylglycerols. Heart tissue has been affected by dyslipidemia; oxidation was indicated by increase in MDA in cholesterol-fed rats and inflammation by increase in TNF-alpha. In both cases, this augmentation was attenuated in EVOO and SOe diets. With respect to oxidation, SO enrichment with the EVOO phenolics brought its lipid peroxidation levels as low as in EVOO-fed rats. This suggests that phenolic compounds may act as antioxidant agents in rat heart. A possible mechanism underlying this activity may be the protective effect of phenolics in mitochondrial membrane against oxidative damage. This was further supported by EVOO/EVOOd comparison with the former presenting lower heart MDA content. As for heart inflammation, phenolics naturally present in EVOO as well as phenolics chemically added in SO, exhibited quenching abilities in heart TNF-alpha levels of cholesterol-fed rats. TNF-alpha may have played a causative role in oxidative stress induction while the opposite may have also happened, hence setting up a vicious cycle. Overall, diet supplementation with EVOO or SOe attenuated hypercholesterolemia-induced increase in MDA and TNF-alpha in Wistar rat hearts. This is attributed to phenolic compounds either naturally existing in olive oil or as fortificants in seed oil.

Keywords: extra virgin olive oil, hypercholesterolemic rats, MDA, polar phenolics, TNF-alpha

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Authors: Huey-Kuo Chen

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This paper applies directional marginal productivity model to study the shadow price of emissions by transportation modes in the years of 2011 and 2013 with the aim to provide a reference for policy makers to improve the emission of pollutants. One input variable (i.e., energy consumption), one desirable output variable (i.e., vehicle kilometers traveled) and three undesirable output variables (i.e., carbon dioxide, sulfur oxides and nitrogen oxides) generated by road transportation modes were used to evaluate directional marginal productivity and directional shadow price for 18 transportation modes. The results show that the directional shadow price (DSP) of SOx is much higher than CO2 and NOx. Nevertheless, the emission of CO2 is the largest among the three kinds of pollutants. To improve the air quality, the government should pay more attention to the emission of CO2 and apply the alternative solution such as promoting public transportation and subsidizing electric vehicles to reduce the use of private vehicles.

Keywords: marginal productivity, road transportation modes, shadow price, undesirable outputs

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Authors: Layla El Gaini, Majdouline Belaqziz, Meriem Outaki, Mariam Minhaj

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In this study, it introduce and validate a high-performance liquid chromatography method with diode-array detection (HPLC-DAD) specifically designed for the accurate quantification of caffeic acid in phenolic extracts obtained from olive mill wastewater. The separation process of caffeic acid was effectively achieved through the use of an Acclaim Polar Advantage column (5µm, 250x4.6mm). A meticulous multi-step gradient mobile phase was employed, comprising water acidified with phosphoric acid (pH 2.3) and acetonitrile, to ensure optimal separation. The diode-array detection was adeptly conducted within the UV–VIS spectrum, spanning a range of 200–800 nm, which facilitated precise analytical results. The method underwent comprehensive validation, addressing several essential analytical parameters, including specificity, repeatability, linearity, as well as the limits of detection and quantification, alongside measurement uncertainty. The generated linear standard curves displayed high correlation coefficients, underscoring the method's efficacy and consistency. This validated approach is not only robust but also demonstrates exceptional reliability for the focused analysis of caffeic acid within the intricate matrices of wastewater, thus offering significant potential for applications in environmental and analytical chemistry.

Keywords: high-performance liquid chromatography (HPLC-DAD), caffeic acid analysis, olive mill wastewater phenolics, analytical method validation

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Authors: Sutanto, Alexander Christy, N. Sutrisno

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The demand of a product is linearly dependent on the price and quality of the product. It is analog to the demand of the employee in job-seeker problem. This paper address a closed-loop supply chain (CLSC) where a university plays role as manufacturer that produce graduates as job-seeker according to the demand and promote them to a certain corporation through a trial. Unemployed occurs when the job-seeker failed the trial or dismissed. A third party accomodates the unemployed and sends them back to the university to increase their quality through training.

Keywords: CLSC, price, quality, job-seeker problem

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Authors: Jon Ajuria, Edurne Redondo, Roman Mysyk, Eider Goikolea

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Hybrid capacitor configurations are now of increasing interest to overcome the current energy limitations of supercapacitors entirely based on non-Faradaic charge storage. Among them, Li-ion capacitors including a negative battery-type lithium intercalation electrode and a positive capacitor-type electrode have achieved tremendous progress and have gone up to commercialization. Inexpensive electrode materials from renewable sources have recently received increased attention since cost is a persistently major criterion to make supercapacitors a more viable energy solution, with electrode materials being a major contributor to supercapacitor cost. Additionally, Na-ion battery chemistries are currently under development as less expensive and accessible alternative to Li-ion based battery electrodes. In this work, we are presenting both lithium and sodium ion capacitor (LIC & NIC) entirely based on electrodes prepared from carbon materials derived from recycled olive pits. Yearly, around 1 million ton of olive pit waste is generated worldwide, of which a third originates in the Spanish olive oil industry. On the one hand, olive pits were pyrolized at different temperatures to obtain a low specific surface area semigraphitic hard carbon to be used as the Li/Na ion intercalation (battery-type) negative electrode. The best hard carbon delivers a total capacity of 270mAh/g vs Na/Na+ in 1M NaPF6 and 350mAh/g vs Li/Li+ in 1M LiPF6. On the other hand, the same hard carbon is chemically activated with KOH to obtain high specific surface area -about 2000 m2g-1- activated carbon that is further used as the ion-adsorption (capacitor-type) positive electrode. In a voltage window of 1.5-4.2V, activated carbon delivers a specific capacity of 80 mAh/g vs. Na/Na+ and 95 mAh/g vs. Li/Li+ at 0.1A /g. Both electrodes were assembled in the same hybrid cell to build a LIC/NIC. For comparison purposes, a symmetric EDLC supercapacitor cell using the same activated carbon in 1.5M Et4NBF4 electrolyte was also built. Both LIC & NIC demonstrates considerable improvements in the energy density over its EDLC counterpart, delivering a maximum energy density of 110Wh/Kg at a power density of 30W/kg AM and a maximum power density of 6200W/Kg at an energy density of 27 Wh/Kg in the case of NIC and a maximum energy density of 110Wh/Kg at a power density of 30W/kg and a maximum power density of 18000W/Kg at an energy density of 22 Wh/Kg in the case of LIC. In conclusion, our work demonstrates that the same biomass waste can be adapted to offer a hybrid capacitor/battery storage device overcoming the limited energy density of corresponding double layer capacitors.

Keywords: hybrid supercapacitor, Na-Ion capacitor, supercapacitor, Li-Ion capacitor, EDLC

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Authors: Zhuo Feng, Ying Gao

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Public-private partnership (PPP), as an innovative way to provide infrastructures by the private sector, is being widely used throughout the world. Compared with the traditional mode, PPP emerges largely for merits of relieving public budget constraint and improving infrastructure supply efficiency by involving private funds. However, PPP projects are characterized by large scale, high investment, long payback period, and long concession period. These characteristics make PPP projects full of risks. One of the most important risks faced by the private sector is demand risk because many factors affect the real demand. If the real demand is far lower than the forecasting demand, the private sector will be got into big trouble because operating revenue is the main means for the private sector to recoup the investment and obtain profit. Therefore, it is important to study how the government compensates the private sector when the demand risk occurs in order to achieve Pareto-improvement. This research focuses on price compensation mechanism, an ex-post compensation mechanism, and analyzes, by mathematical modeling, the impact of price compensation mechanism on payoff of the private sector and consumer surplus for PPP toll road projects. This research first investigates whether or not price compensation mechanisms can obtain Pareto-improvement and, if so, then explores boundary conditions for this mechanism. The research results show that price compensation mechanism can realize Pareto-improvement under certain conditions. Especially, to make the price compensation mechanism accomplish Pareto-improvement, renegotiation costs of the government and the private sector should be lower than a certain threshold which is determined by marginal operating cost and distortionary cost of the tax. In addition, the compensation percentage should match with the price cut of the private investor when demand drops. This research aims to provide theoretical support for the government when determining compensation scope under the price compensation mechanism. Moreover, some policy implications can also be drawn from the analysis for better risk-sharing and sustainability of PPP projects.

Keywords: infrastructure, price compensation mechanism, public-private partnership, renegotiation

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Authors: M. Černe, I. Palčić, D. Anđelini, D. Cvitan, N. Major, M. Lukić, S. Goreta Ban, D. Ban, T. Rijavec, A. Lapanje

Abstract:

Context: In the Mediterranean basin, large quantities of lignocellulosic by-products, such as olive pomace (OP), are generated during olive processing on an annual basis. Due to the phytotoxic nature of OP, composting is recommended for its stabilisation to produce the end-product safe for agricultural use. Research Aim: This study aims to evaluate the applicability of olive pomace compost (OPC) for use as a soil amendment by considering its physical and chemical characteristics and microbiological parameters. Methodology: The OPC samples were collected from the surface and depth layers of the compost pile after 8 months. The samples were analyzed for their C/N, pH, EC, total phenolic content, residual oils, and elemental content, as well as colloidal properties and microbial community structure. The specific analytical approaches used are detailed in the poster. Findings: The results showed that the pH of OPC ranged from 7.8 to 8.6, while the electrical conductivity was from 770 to 1608 mS/cm. The levels of nitrogen (N), phosphorus (P), and potassium (K) varied within the ranges of 1.5 to 27.2 g/kg d.w., 1.6 to 1.8 g/kg d.w., and 6.5 to 7.5 g/kg d.w., respectively. The contents of potentially toxic metals such as chromium (Cr), copper (Cu), nickel (Ni), lead (Pb), and zinc (Zn) were below the EU limits for soil improvers. The microbial structure follows the changes of the gradient from the outer to the innermost layer with relatively low amounts of DNA. The gradient nature shows that it is needed to develop better strategies for composting surpassing the conventional approach. However, the low amounts of total phenols and oil residues indicated efficient biodegradation during composting. The carbon-to-nitrogen ratio (C/N) within the range of 13 to 16 suggested that OPC can be used as a soil amendment. Overall, the study suggests that composting can be a promising strategy for environmentally-friendly OP recycling. Theoretical Importance: This study contributes to the understanding of the use of OPC as a soil amendment and its potential benefits in resource recycling and reducing environmental burdens. It also highlights the need for improved composting strategies to optimize its process. Data Collection and Analysis Procedures: The OPC samples were taken from the compost pile and charasterised for selected chemical, physical and microbial parameters. The specific analytical procedures utilized are described in detail in the poster. Question Addressed: This study addresses the question of whether composting can be optimized to improve the biodegradation of OP. Conclusion: The study concludes that OPC has the potential to be used as a soil amendment due to its favorable physical and chemical characteristics, low levels of potentially toxic metals, and efficient biodegradation during composting. However, the results also suggest the need for improved composting strategies to improve the quality of OPC.

Keywords: olive pomace compost, waste valorisation, agricultural use, soil amendment

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Authors: Saci Abdelhakim Ferkous, Khedoudja Soudani, Smail Haddadi

Abstract:

This paper presents the results of a laboratory experimental study that explores the skid resistance of asphalt concrete mixtures made of local low-performance aggregates by partially replacing sand with olive mill waste (OMW). OMW was mixed with aggregates using a dry process by replacing sand with contents of 5%, 7%, 10% and 15%. The mechanical performances of the mixtures were evaluated using the Marshall and Duriez tests. A modified accelerated polishing machine was used as polishing equipment, and a British pendulum tester (BPT) was used to test the skid resistance of the samples. Finally, texture parameter analysis was performed using scanning electron microscopy (SEM) and Mountains Map software to assess the effect of OMW on the friction coefficient evolution. Using a distinct road wheel for a modified version of an accelerated polishing machine, which is normally used to determine the polished stone value of aggregates, the results showed that the addition of OMW up to 10% conferred a better skid resistance in comparison to normal asphalt concrete. The presence of olive mill waste in the mixture until 15% guarantees a gain of 22%-29% in skid resistance after polishing compared with the reference mix. Indeed, from texture parameter analysis, it was observed that there was differential wear of the lightweight aggregates (OMW) compared to the other aggregates during the polishing process, which created a new surface microtexture that had new peaks and led to a good level of friction compared to the mixtures without OMW. In general, it was found that OMW is a promising modifier for asphalt mixtures with both engineering and economic merits.

Keywords: skid resistance, olive mill waste, polishing resistance, accelerated polishing machine, local materials, sustainable development.

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Authors: Masoud Rabbani, Majede Smizadeh, Hamed Farrokhi-Asl

Abstract:

We study jointly determining prices and production in a multiple period horizon under a general non-stationary stochastic demand with continuous prices. In some periods we need to increase capacity of production to satisfy demand. This paper presents a model to aid multi-period production capacity planning by quantifying the trade-off between product quality and production cost. The product quality is estimated as the statistical variation from the target performances obtained from the output tolerances of the production machines that manufacture the components. We consider different tolerance for different machines that use to increase capacity. The production cost is estimated as the total cost of owning and operating a production facility during the planning horizon.so capacity planning has cost that impact on price. Pricing products often turns out to be difficult to measure them because customers have a reservation price to pay that impact on price and demand. We decide to determine prices and production for periods after enhance capacity and consider reservation price to determine price. First we use an algorithm base on fuzzy set of the optimal objective function values to determine capacity planning by determine maximize interval from upper bound in minimum objectives and define weight for objectives. Then we try to determine inventory and pricing policies. We can use a lemma to solve a problem in MATLAB and find exact answer.

Keywords: price policy, inventory policy, capacity planning, product quality, epsilon -constraint

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Authors: Xiangrong Liu, Chuanhui Xiong

Abstract:

With the concern of large pollution emissions from coal-fired power plants and new commitment to green energy, global solar power industry was emerging recently. Due to the advanced technology, the price of solar photovoltaic(PV) module was reduced at a fast rate, which arose an interesting but challenge question to solar supply chain. This research is modeling the inventory strategies for a PV supply chain with a PV manufacturer, an assembler and an end customer. Through characterizing the manufacturer's and PV assembler's optimal decision in decentralized and centralized situation, this study shed light on how to improve supply chain performance through parameters setting in the contract design. The results suggest the assembler to lower the optimal stock level gradually each period before price reduction and set up a newsvendor base-stock policy in all periods after price reduction. As to the PV module manufacturer, a non-stationary produce-up-to policy is optimal.

Keywords: photovoltaic, supply chain, inventory policy, base-stock policy

Procedia PDF Downloads 323

Authors: Jiemiao Chen, Shuoxun Xu

Abstract:

The main goal of our research is to apply the Vine copula measuring dependency between price, temperature, and precipitation indices to calculate a fair crop insurance premium. This research is focused on Worth, Iowa, United States, over the period from 2000 to 2020, where the farmers are dependent on precipitation and average temperature during the growth period of corn. Our proposed insurance considers both the natural risk and the price risk in agricultural production. We first estimate the distributions of crops using parametric methods based on Goodness of Fit tests, and then Vine Copula is applied to model dependence between yield price, crop yield, and weather indices. Once the vine structure and its parameters are determined based on AIC/BIC criteria and forecasting price and yield are obtained from the ARIMA model, we calculate this crop insurance premium using the simulation data generated from the vine copula by the Monte Carlo Simulation method. It is shown that, compared with traditional crop insurance, our proposed insurance is more fair and thus less costly for the farmers and government.

Keywords: vine copula, weather index, crop insurance premium, insurance risk management, Monte Carlo simulation

Procedia PDF Downloads 170

Authors: Erindi Allaj

Abstract:

This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

Procedia PDF Downloads 320

Authors: Daniel Mokatsanyane, Johnny Jansen Van Rensburg

Abstract:

The integral role oil-crushing companies play in sunflower oil production is often overlooked to offer high-quality oil to refineries and end consumers. Sunflower oil crushing companies in South Africa are exposed to price fluctuations resulting from the local and international markets. Hedging instruments enable these companies to hedge themselves against unexpected prices spikes and to ensure sustained profitability. A crushing company is a necessary middleman, and as such, these companies have exposure to the purchasing and selling sides of sunflower. Sunflower oil crushing companies purchase sunflower seeds from farmers or agricultural companies that provide storage facilities. The purchasing price is determined by the supply and demand of sunflower seed, both national and international. When the price of sunflower seeds in South Africa is high but still below import parity, then the crush margins realised by these companies are reduced or even negative at times. There are three main products made by sunflower oil crushing companies, oil, meal, and shells. Profits are realised from selling three products, namely, sunflower oil, meal and shells. However, when selling sunflower oil to refineries, sunflower oil crushing companies needs to hedge themselves against a reduction in vegetable oil prices. Hedging oil prices is often done via futures and is subject to specific volume commitments before a hedge position can be taken in. Furthermore, South African oil-crushing companies hedge sunflower oil with international, Over-the-counter contracts as South Africa is a price taker of sunflower oil and not a price maker. As such, South Africa provides a fraction of the world’s sunflower oil supply and, therefore, has minimal influence on price changes. The advantage of hedging using futures ensures that the sunflower crushing company will know the profits they will realise, but the downside is that they can no longer benefit from a price increase. Alternative hedging instruments like options might pose a solution to the opportunity cost does not go missing and that profit margins are locked in at the best possible prices for the oil crushing company. This paper aims to investigate the possibility of employing options alongside futures to simulate different scenarios to determine if options can bridge the opportunity cost gap.

Keywords: derivatives, hedging, price risk, sunflower, sunflower oil, South Africa

Procedia PDF Downloads 130

Authors: Natalia Strobel, Jan Kratzer

Abstract:

In this paper, we test whether different types of research and development (R&D) alliances positively impact the radical innovation performance of firms. We differentiate between the R&D alliances without extern R&D orders and embeddedness in knowledge source network. We test the differences between the domestically diversified R&D alliances and R&D alliances diversified abroad. Moreover, we test how non-price competition influences the impact of domestically diversified R&D alliances, and R&D alliance diversified abroad on radical innovation performance. Our empirical analysis is based on the comprehensive Swiss innovation panel, which allowed us to study 3520 firms between the years between 1996 and 2011 in 3 years intervals. We analyzed the data with a linear estimation with Swamy-Aurora transformation using plm package in R software. Our results show as hypothesized a positive impact of R&D alliances diversity abroad as well as domestically on radical innovation performance. The effect of non-price interaction is in contrast to our hypothesis, not significant. This suggests that diversity of R&D alliances is highly advantageous independent of non-price competition.

Keywords: R&D alliances, partner diversity, knowledge source diversity, non-price competition, absorptive capacity

Procedia PDF Downloads 334