Search results for: optimal monetary policy

Authors: Pei-Shan Wei, Szu-Ying Lee, Hsi-Peng Lu, Jen-Chuen Tzou, Chien-I Weng

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Mobile social games recently become extremely popular, spawning a whole new entertainment culture. However, mobile game players are fickle, quickly and easily picking up and abandoning games. This pilot study seeks to identify factors that influence users to discontinue playing mobile social games. We identified three sacrifices which can prompt users to abandon games: monetary sacrifice, time sacrifice and privacy sacrifice. The results showed that monetary sacrifice has a greater impact than the other two factors in causing players to discontinue usage intention.

Keywords: abandon, mobile devices, mobile social games, perceived sacrifice

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Authors: Qian Zaijian

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E-government is one of the hot issues in the current academic research of public policy and management. As the organic integration of information and communication technology (ICT) and public administration, e-government is one of the most important areas in contemporary information society. Policy information system is a basic subsystem of public policy system, its operation affects the overall effect of the policy process or even exerts a direct impact on the operation of a public policy and its success or failure. The basic principle of its operation is information collection, processing, analysis and release for a specific purpose. The function of E-government for public policy information system lies in the promotion of public access to the policy information resources, information transmission through e-participation, e-consultation in the process of policy analysis and processing of information and electronic services in policy information stored, to promote the optimization of policy information systems. However, due to many factors, the function of e-government to promote policy information system optimization has its practical limits. In the building of E-government in our country, we should take such path as adhering to the principle of freedom of information, eliminating the information divide (gap), expanding e-consultation, breaking down information silos and other major path, so as to promote the optimization of public policy information systems.

Keywords: China, e-consultation, e-democracy, e-government, e-participation, ICTs, public policy information systems

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Authors: Risikat Oladoyin S. Dauda, Onyebuchi Iwegbu

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This study investigates the response of human development outcomes to selected macroeconomic indicators in Nigeria. Human development outcomes is measured by human development index while the selected macroeconomic variables are inflation rate, real interest rate, government capital expenditure, real exchange rate, current account balance, and savings. Structural Vector Autoregression (SVAR) technique is employed in examining the response of human development index to the macroeconomic shocks. The result from the forecast error variance decomposition and Impulse-Response analysis reveals that fiscal policy (government capital expenditure) shock is the greatest determinant of human development outcomes. This result reiterates the role which the government plays in improving the welfare of the citizenry. The fiscal policy tool is pivotal in human development which comes in the form of investment in education, health, housing, and infrastructure. Further conclusion drawn from this study is that human development outcome positively and significantly responds to shocks from real interest rate, a monetary policy transmission variable and is felt greatly in the short run period. The policy implication of this study is that if capital budget implementation falls below expectations, human development will be engendered. Hence, efforts should be made to ensure that full implementation and appraisal of government capital expenditure is taken sacrosanct as any shock from such plan, engenders human development outcome.

Keywords: human development outcome, macroeconomic outcomes, structural vector autoregression, SVAR

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Authors: Juhan Kim, Jinsoo Kim

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South Korea cannot import natural gas in any form other than LNG because of the division of South and North Korea. Further, the high proportion of natural gas in the national energy mix makes this resource crucial for energy security in Korea. Expansion of Panama Canal will allow for reducing the cost of shipping between the Far East and U.S East. Panama Canal expansion can have significant impacts on South Korea. Due to this situation, we review the natural gas optimal portfolio by considering the uniqueness of the Korean Natural gas market and expansion of Panama Canal. In order to assess Korea’s natural gas optimal portfolio, we developed natural gas portfolio model. The model comprises two steps. First, to obtain the optimal long-term spot contract ratio, the study examines the price level and the correlation between spot and long-term contracts by using the Markowitz, portfolio model. The optimal long-term spot contract ratio follows the efficient frontier of the cost/risk level related to this price level and degree of correlation. Second, by applying the obtained long-term contract purchase ratio as the constraint in the linear programming portfolio model, we determined the natural gas optimal import portfolio that minimizes total intangible and tangible costs. Using this model, we derived the optimal natural gas portfolio considering the expansion of Panama Canal. Based on these results, we assess the portfolio for natural gas import to Korea from the perspective of energy security and present some relevant policy proposals.

Keywords: natural gas, Panama Canal, portfolio analysis, South Korea

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Authors: Hossein Kheiri, Bashir Naderi, Mohamad Reza Niknam

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In this paper we study the optimal synchronization of chaotic T-system with complete uncertain parameter. Optimal control laws and parameter estimation rules are obtained by using Hamilton-Jacobi-Bellman (HJB) technique and Lyapunov stability theorem. The derived control laws are optimal adaptive control and make the states of drive and response systems asymptotically synchronized. Numerical simulation shows the effectiveness and feasibility of the proposed method.

Keywords: Lyapunov stability, synchronization, chaos, optimal control, adaptive control

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Authors: Ehsan Motamedian

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Finding all optimal flux distributions of a metabolic model is an important challenge in systems biology. In this paper, a new algorithm is introduced to identify all alternate optimal solutions of a large scale metabolic network. The algorithm reduces the model to decrease computations for finding optimal solutions. The algorithm was implemented on the Escherichia coli metabolic model to find all optimal solutions for lactate and acetate production. There were more optimal flux distributions when acetate production was optimized. The model was reduced from 1076 to 80 variable fluxes for lactate while it was reduced to 91 variable fluxes for acetate. These 11 more variable fluxes resulted in about three times more optimal flux distributions. Variable fluxes were from 12 various metabolic pathways and most of them belonged to nucleotide salvage and extra cellular transport pathways.

Keywords: flux variability, metabolic network, mixed-integer linear programming, multiple optimal solutions

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Authors: Ahmad Termimi Ab Ghani, Kojiro Higuchi

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In this paper, we present some results of simultaneous infinite games. We mainly work with generalized reachability games and Buechi games. These games are two-player concurrent games where each player chooses simultaneously their moves at each step. Our goal is to give simple expressions of values for each game. Moreover, we are interested in the question of what type of optimal (ε-optimal) strategy exists for both players depending on the type of games. We first show the determinacy (optimal value) and optimal (ε-optimal) strategies in generalized reachability games. We provide a simple expressions of value of this game and prove the existence of memoryless randomized ε-optimal strategy for Player I in any generalized reachability games. We then observe games with more complex objectives, games with Buechi objectives. We present how to compute an ε-optimal strategies and approximate a value of game in some way. Specifically, the results of generalized reachability games are used to show the value of Buechi games can be approximated as values of some generalized reachability games.

Keywords: optimal Strategies, generalized reachability games, Buechi games

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Authors: Abdel-Aziz M. Mohamed

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This paper presents a state-of-the-art survey of the operations research models developed for internal audit planning. Two alternative approaches have been followed in the literature for audit planning: (1) identifying the optimal audit frequency; and (2) determining the optimal audit resource allocation. The first approach identifies the elapsed time between two successive audits, which can be presented as the optimal number of audits in a given planning horizon, or the optimal number of transactions after which an audit should be performed. It also includes the optimal audit schedule. The second approach determines the optimal allocation of audit frequency among all auditable units in the firm. In our review, we discuss both the deterministic and probabilistic models developed for audit planning. In addition, game theory models are reviewed to find the optimal auditing strategy based on the interactions between the auditors and the clients.

Keywords: operations research applications, audit frequency, audit-staff scheduling, audit planning

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Authors: Mehdi Rostamzadeh

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Genetic Algorithms (GAs) are an adaptive heuristic search algorithm premised on the evolutionary ideas of natural selection and genetic. In this study, we apply GAs for fundamental and technical models of exchange rate determination in exchange rate market. In this framework, we estimated absolute and relative purchasing power parity, Mundell-Fleming, sticky and flexible prices (monetary models), equilibrium exchange rate and portfolio balance model as fundamental models and Auto Regressive (AR), Moving Average (MA), Auto-Regressive with Moving Average (ARMA) and Mean Reversion (MR) as technical models for Iranian Rial against European Union’s Euro using monthly data from January 1992 to December 2014. Then, we put these models into the genetic algorithm system for measuring their optimal weight for each model. These optimal weights have been measured according to four criteria i.e. R-Squared (R2), mean square error (MSE), mean absolute percentage error (MAPE) and root mean square error (RMSE).Based on obtained Results, it seems that for explaining of Iranian Rial against EU Euro exchange rate behavior, fundamental models are better than technical models.

Keywords: exchange rate, genetic algorithm, fundamental models, technical models

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Authors: Mahmoud Rufai Mahmoud

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A look at existing literature on sales force motivation reveals lack of consensus on the role monetary rewards play in motivating salespeople. In view of the apparent contradiction inherent in the literature, it follows perhaps, chat sales managers are faced with the dilemma of what role to assign to monetary incentives in the scheme of motivating salespeople. This study investigated the perception of industrial salespeople on the role of money as a motivator. The result shows that salespeople believe that money is an important motivator whose power of motivation is influenced by a complex function of economic, social and psychological variables. Based on the findings, if is recommended that managers need different types of rewards to achieve a given level of motivation.  

Keywords: motivation, salespeople, money, Nigeria

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Authors: Khaled Ramadan Elbeydi

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This study is carried out to provide an insight into the analysis of the impact of selected macro-economic variables on gross fixed capital formation in Libya using annual data over the period (1970-2010). The importance of this study comes from the ability to show the relative important factors that impact the Libyan gross fixed capital formation. This understanding would give indications to decision makers on which policy they must focus to stimulate the economy. An Auto-Regressive Distributed Lag (ARDL) modeling process is employed to investigate the impact of the gross domestic product, monetary base, and trade openness on gross fixed capital formation in Libya. The results of this study reveal that there is an equilibrium relationship between capital formation and its determinants. The results also indicate that GDP and trade openness largely explain the pattern of capital formation in Libya. The findings and recommendations provide vital information relevant for policy formulation and implementation aimed to improve capital formation in Libya.

Keywords: ARDL, bounds test, capital formation, co-integration, Libya

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Authors: Narimen Rdhaounia Mohamed Kouni

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Our aim in this paper is to identify the origins of inflation in Tunisia on the period from 1988 to 2018. In order to estimate the model, an ARDL methodology is used. We studied also the effect of informal economy on inflation. Indeed, we estimated the size of the informal economy in Tunisia based on Gutmann method. The results showed that there are three main origins of inflation. In fact, the first origin is the fiscal policy adopted by Tunisia, particularly after revolution. The second origin is the increase of monetary variables. Finally, informal economy played an important role in inflation.

Keywords: inflation, consumer price index, informal, gutmann method, ARDL model

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Authors: Pouriya Angosht Baft, Farzan Safari Sabet

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Globalization should be considered as a process that has affected all areas of human activity, including the foreign policy of countries. The phenomenon of globalization has created tremendous changes in the economic, political and cultural fields. Obviously, no country can keep itself away from the new global consequences and globalization process. Dealing with the world requires formulating a realistic and intelligent foreign policy. By examining the phenomenon of globalization and its impact on foreign policy, this article aims to provide solutions for formulating a more active and effective foreign policy. The conclusion of this research is that Iran's foreign policy has gradually moved towards more realism, and maintaining and strengthening national interests in the changing world has been the focus of foreign policymakers and decision-makers. Strengthening the course of more realism in the future should be at the center of formulating Iran's foreign policy.

Keywords: globalization, foreign policy, international relations, realism, iran

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Authors: Thiru Vandeyar

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The present study set out to determine how Q methodology may be used as an inclusive education policy development process. Utilising Q-methodology as a strategy of inquiry, this qualitative instrumental case study set out to explore how teachers, as a crucial but often neglected human resource, may be included in developing policy. A social constructivist lens and the theoretical moorings of Proudford’s emancipatory approach to educational change anchored in teachers’ ‘writerly’ interpretation of policy text was employed. Findings suggest that Q-method is a unique research approach to include teachers’ voices in policy development. Second, that beliefs, attitudes, and professionalism of teachers to improve teaching and learning using ICT are integral to policy formulation. The study indicates that teachers have unique beliefs about what statements should constitute a school’s information and communication (ICT) policy. Teachers’ experiences are an extremely valuable resource in and should not be ignored in the policy formulation process.

Keywords: teachers, q-methodology, education policy, ICT

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Authors: Wook-Won Kim, Je-Seok Shin, Jin-O Kim

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This paper propose the method for optimal scheduling for battery energy storage system with reliability constraint of energy storage system in reliability aspect. The optimal scheduling problem is solved by dynamic programming with proposed transition matrix. Proposed optimal scheduling method guarantees the minimum fuel cost within specific reliability constraint. For evaluating proposed method, the timely capacity outage probability table (COPT) is used that is calculated by convolution of probability mass function of each generator. This study shows the result of optimal schedule of energy storage system.

Keywords: energy storage system (ESS), optimal scheduling, dynamic programming, reliability constraints

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Authors: Meetty Tomy, Arxhana G Thosar

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This paper provides the implementation of optimal control for an armature-controlled DC motor. The selection of error weighted Matrix and control weighted matrix in order to implement optimal control theory for improving the dynamic behavior of DC motor is presented. The closed loop performance of Armature controlled DC motor with derived linear optimal controller is then evaluated for the transient operating condition (starting). The result obtained from MATLAB is compared with that of PID controller and simple closed loop response of the motor.

Keywords: optimal control, DC motor, performance index, MATLAB

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Authors: Shohel Ahmed, Md. Abdul Alim, Sumaiya Rahman

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Optimal control can be helpful to test and compare different vaccination strategies of a certain disease. The mathematical model of HIV we consider here is a set of ordinary differential equations (ODEs) describing the interactions of CD4+T cells of the immune system with the human immunodeficiency virus (HIV). As an early treatment setting, we investigate an optimal chemotherapy strategy where control represents the percentage of effect the chemotherapy has on the system. The aim is to obtain a new optimal chemotherapeutic strategy where an isoperimetric constraint on the chemotherapy supply plays a crucial role. We outline the steps in formulating an optimal control problem, derive optimality conditions and demonstrate numerical results of an optimal control for the model. Numerical results illustrate how such a constraint alters the optimal vaccination schedule and its effect on cell-virus interactions.

Keywords: chemotherapy of HIV, optimal control involving ODEs, optimality conditions, Pontryagin’s maximum principle

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Authors: Sajjad Farahani, Wilkistar Otieno, Xiaohang Yue

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This paper develops a model for the optimal disposition decision for product returns in a remanufacturing system with limited recoverable inventory capacity. In this model, a constant demand is satisfied by remanufacturing returned products which are up to the minimum required quality grade. The quality grade of returned products is uncertain and remanufacturing cost increases as the quality level decreases, and remanufacturer wishes to determine which returned product to accept to be remanufactured for reselling, and any unaccepted returns may be salvaged at a value that increases with their quality level. Accepted returns can be stocked for remanufacturing upon demand requests, but incur a holding cost. A Markov decision problem is formulated in order to evaluate various performance measures for this system and obtain the optimal remanufacturing policy. A detailed numerical study reveals that our approach to the disposition problem outperforms the current industrial practice ignoring quality grade of returned products. In addition, we identify conditions under which this improvement is the highest.

Keywords: green supply chain management, matrix geometric method, production recovery, reverse supply chains

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Authors: Pius Akindele Adeniyi

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The World's tropical forests are disappearing at an alarming rate of more than 200,000 ha per year as a result of deforestation due mainly to population pressures, economic growth, poor management and inappropriate policy. A forest policy determines the role of the sector in a nation's economy and it is formulated in accordance with the objectives of the national economic development. Urban forestry as a concept is relatively new in Nigeria when compared to European and American countries. It consists of growing of trees, shrubs and grass along streets, in parks, and around public or private buildings whose management rests in the hands of the public and private owners. Major urban centers in Nigeria are devoid of efficiently planned tree-planting programs. Hence, various factors militating against environmental improvements, such as climate and other agents of degradation, are highlighted for the necessary attention. The paper discusses the need for forest policy formulation and the objectives of forest policy. Elements of forest policy are also discussed and in particular, those peculiar to urbanization and degraded lands are Forest policy and land-use and policy implementation together with some problem issues in forest policy are discussed while recommendations are given on formulation of a forest policy.

Keywords: urban, forest, policy, environment, interaction, degraded

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Authors: Khalid Huwaydi Alshammari

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The paper examined the extent to which it was necessary for the Saudi Arabian Monetary Agency (SAMA), as a central bank, to update the Banking Control Law 1966 (BCL) in order to gain full independence, while ensuring that SAMA would have enough flexibility to develop the banking industry yet make sound decisions with regard to the issuance of new regulations related to banking supervision.Using a comparative study approach, the paper looked to find the best practices around these issues. The Bank of England, which was recently granted full independence, presented a good opportunity for a case study. The perspectives of the World Bank, the International Monetary Fund and commercial banks in Saudi Arabia are examined, including an analysis of their recommendations regarding SAMA regulations on banking supervision. This paper found several issues are important for SAMA as the central bank in a country which is a member of the G20, and which has recently faced unstable oil prices. The paper also discusses conflicts of interest which arose when the Saudi government became a shareholder in commercial banks while simultaneously regulating SAMA through the Ministry of Finance, resulting in a monopoly which disabled free competition in the banking market. The paper recommends further steps for SAMA to develop the banking industry, which is an important arm of Saudi’s economy, and examines the challenges SAMA faces in updating regulations such as the BCL under Sharia law. The author also suggests practical solutions to the difficulties. The paper found these difficulties could be avoiding them if SAMA focuses on Islamic banking product, and fixed the lacks of regulations of the related laws.

Keywords: Saudi Arabian monetary agency, comparative study, banking control law 1966, the bank of England

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Authors: Revaz Gvelesiani

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The problem of compliance between the state economic policy and entrepreneurial policy of businesses is primarily manifested in the contradictions related to the congruence between entrepreneurship development and self-development strategies. Among various types (financial, monetary, social, etc.) of the state economic policy aiming at the development of entrepreneurship, economic order policy is of special importance. Its goal is to set the framework for both public and private economic activities and achieve coherence between the societal value system and the formation of the economic order framework. Economic order policy, in its turn, involves intrinsic contradiction between the social and the competitive order. Competitive order is oriented on the principle of success, while social order _ on the criteria of need satisfaction, which contradicts, at least partly, to the principles of success. Thus within the economic order policy, on the one hand, the state makes efforts to form social order and expand its frontiers, while, on the other hand, market is determined to establish functioning competitive order and ensure its realization. Locating the adequate spaces for and setting the rational border between the state (social order) and the private (competitive order) activities, represents the phenomenon of the decisive importance from the entrepreneurship development strategy standpoint. In the countries where the above mentioned spaces and borders are “set” correctly, entrepreneurship agents (small, medium-sized and large businesses) achieve great success by means of seizing the respective segments and maintaining the leading positions in the internal, the European and the world markets for a long time. As for the entrepreneurship self-development strategy, above all, it involves: •market identification; •interactions with consumers; •continuous innovations; •competition strategy; •relationships with partners; •new management philosophy, etc. The analysis of compliance between the entrepreneurship strategy and entrepreneurship culture should be the reference point for any kind of internationalization in order to avoid shocks of cultural nature and the economic backwardness. Stabilization can be achieved only when the employee actions reflect the existing culture and the new contents of culture (targeted culture) is turned into the implicit consciousness of the personnel. The future leaders should learn how to manage different cultures. Entrepreneurship can be managed successfully if its strategy and culture are coherent. However, not rarely enterprises (organizations) show various forms of violation of both personal and team actions. If personal and team non-observances appear as the form of influence upon the culture, it will lead to global destruction of the system and structure. This is the entrepreneurship culture pathology that complicates to achieve compliance between the entrepreneurship strategy and entrepreneurship culture. Thus, the intrinsic contradictions of entrepreneurship development and self-development strategies complicate the task of reaching compliance between the state economic policy and the company entrepreneurship policy: on the one hand, there is a contradiction between the social and the competitive order within economic order policy and on the other hand, the contradiction exists between entrepreneurship strategy and entrepreneurship culture within entrepreneurship policy.

Keywords: economic order policy, entrepreneurship, development contradictions, self-development contradictions

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Authors: Romisaa Ali

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The Policy Gradient approach is one of the deep reinforcement learning families that combines deep neural networks (DNN) with reinforcement learning RL to discover the optimum of the control problem through experience gained from the interaction between the robot and its surroundings. In contrast to earlier policy gradient algorithms, which were unable to handle these two types of error because of over-or under-estimation introduced by the deep neural network model, this article will discuss the state-of-the-art SOTA policy gradient technique, trust region policy optimization (TRPO), by applying this method in various environments compared to another policy gradient method, the Proximal Policy Optimization (PPO), to explain their robust optimization, using this SOTA to gather experience data during various training phases after observing the impact of hyper-parameters on neural network performance.

Keywords: deep neural networks, deep reinforcement learning, proximal policy optimization, state-of-the-art, trust region policy optimization

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Authors: Siti Rahmawati

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Indonesia has had long period of monetary economic crisis and it is followed by an upward trend in the price of fuel oil. This situation impacts all aspects of tuna fishermen community. For instance, the basic needs of fishing communities increase and the lower purchasing power then lead to economic and social instability as well as the health of fishermen household. To understand this AHP method is applied to acknowledge the model of tuna fisheries management priorities and cold chain marketing channel and the utilization levels that impact on human health. The study is designed as a development research with the number of 180 respondents. The data were analyzed by Analytical Hierarchy Process (AHP) method. The development of tuna fishery business can improve productivity of production with economic empowerment activities for coastal communities, improving the competitiveness of products, developing fish processing centers and provide internal capital for the development of optimal fishery business. From economic aspects, fishery business is more attracting because the benefit cost ratio of 2.86. This means that for 10 years, the economic life of this project can work well as B/C> 1 and therefore the rate of investment is economically viable. From the health aspects, tuna can reduce the risk of dying from heart disease by 50%, because tuna contain selenium in the human body. The consumption of 100 g of tuna meet 52.9% of the selenium in the body and activating the antioxidant enzyme glutathione peroxidaxe which can protect the body from free radicals and stimulate various cancers. The results of the analytic hierarchy process that the quality of tuna products is the top priority for export quality as well as quality control in order to compete in the global market. The implementation of the policy can increase the income of fishermen and reduce the poverty of fishermen households and have impact on the human health whose has high risk of disease.

Keywords: management of tuna, social, economic, health

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Authors: Peter Egri, Tamas Kis

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Scheduling problems have been studied by the algorithmic mechanism design research from the beginning. This paper is focusing on a practically important, but theoretically rather neglected field: the project scheduling problem where the jobs connected by precedence constraints compete for various nonrenewable resources, such as materials. Although the centralized problem can be solved in polynomial-time by applying the algorithm of Carlier and Rinnooy Kan from the Eighties, obtaining materials in a decentralized environment is usually far from optimal. It can be observed in practical production scheduling situations that project managers tend to cache the required materials as soon as possible in order to avoid later delays due to material shortages. This greedy practice usually leads both to excess stocks for some projects and materials, and simultaneously, to shortages for others. The aim of this study is to develop a model for the material allocation problem of a production plant, where a central decision maker—the inventory—should assign the resources arriving at different points in time to the jobs. Since the actual due dates are not known by the inventory, the mechanism design approach is applied with the projects as the self-interested agents. The goal of the mechanism is to elicit the required information and allocate the available materials such that it minimizes the maximal tardiness among the projects. It is assumed that except the due dates, the inventory is familiar with every other parameters of the problem. A further requirement is that due to practical considerations monetary transfer is not allowed. Therefore a mechanism without money is sought which excludes some widely applied solutions such as the Vickrey–Clarke–Groves scheme. In this work, a type of Serial Dictatorship Mechanism (SDM) is presented for the studied problem, including a polynomial-time algorithm for computing the material allocation. The resulted mechanism is both truthful and Pareto optimal. Thus the randomization over the possible priority orderings of the projects results in a universally truthful and Pareto optimal randomized mechanism. However, it is shown that in contrast to problems like the many-to-many matching market, not every Pareto optimal solution can be generated with an SDM. In addition, no performance guarantee can be given compared to the optimal solution, therefore this approximation characteristic is investigated with experimental study. All in all, the current work studies a practically relevant scheduling problem and presents a novel truthful material allocation mechanism which eliminates the potential benefit of the greedy behavior that negatively influences the outcome. The resulted allocation is also shown to be Pareto optimal, which is the most widely used criteria describing a necessary condition for a reasonable solution.

Keywords: material allocation, mechanism without money, polynomial-time mechanism, project scheduling

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Authors: Bita Payami-Shabestari, Dariush Eslami

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The purpose of this paper is to develop a multi-product economic production quantity model under vendor management inventory policy and restrictions including limited warehouse space, budget, and number of orders, average shortage time and maximum permissible shortage. Since the “costs” cannot be predicted with certainty, it is assumed that data behave under uncertain environment. The problem is first formulated into the framework of a bi-objective of multi-product economic production quantity model. Then, the problem is solved with three multi-objective decision-making (MODM) methods. Then following this, three methods had been compared on information on the optimal value of the two objective functions and the central processing unit (CPU) time with the statistical analysis method and the multi-attribute decision-making (MADM). The results are compared with statistical analysis method and the MADM. The results of the study demonstrate that augmented-constraint in terms of optimal value of the two objective functions and the CPU time perform better than global criteria, and goal programming. Sensitivity analysis is done to illustrate the effect of parameter variations on the optimal solution. The contribution of this research is the use of random costs data in developing a multi-product economic production quantity model under vendor management inventory policy with several constraints.

Keywords: economic production quantity, random cost, supply chain management, vendor-managed inventory

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Authors: Min Dai, Hong Liu, Shuaijie Qian

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We study a portfolio selection problem of an investor who faces constraints on rebalancing frequency, which is common in pension fund investment. We formulate it as a multiple optimal stopping problem and utilize the dynamic programming principle. By numerically solving the corresponding Hamilton-Jacobi-Bellman (HJB) equation, we find a series of free boundaries characterizing optimal strategy, and the constraints significantly impact the optimal strategy. Even in the absence of transaction costs, there is a no-trading region, depending on the number of the remaining trading chances. We also find that the equivalent wealth loss caused by the constraints is large. In conclusion, our model clarifies the impact of the constraints on transaction frequency on the optimal strategy.

Keywords: portfolio selection, rebalancing frequency, optimal strategy, free boundary, optimal stopping

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Authors: Eva Kotlánová

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After recession that began in 2007 in the United States and subsequently spilled over the Europe we could expect recovery of economic growth. According to the last estimation of economic progress of European countries, this recovery is not strong enough. Among others, it will depend on economic policy, where and in which way, the economic indicators will proceed. Economic theories postulate that the economic subjects prefer stably, continual economic policy without repeated and strong fluctuations. This policy is perceived as support of economic growth. Mostly in crises period, when the government must cope with consequences of recession, the economic policy becomes unpredictable for many subjects and economic policy uncertainty grows, which have negative influence on economic growth. The aim of this paper is to use panel regression to prove or disprove this hypothesis on the example of five largest European economies in the period 2008–2012.

Keywords: economic crises in Europe, economic policy, uncertainty, panel analysis regression

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Authors: Albert T. Akume, P. D. Dahida

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This paper examines the effect of various epochs of governments on policy making in Nigeria. The character of governance and public policy making of both epochs was exclusive, non-participatory and self-centric. As a consequence the interests of citizenry were not represented, neither protected nor sought to meet fairly the needs of all groups. The introduction of the post-1999 democratic government demand that the hitherto skewed pattern of policy making cease to be a character of governance. Hence, the need for citizen participation in the policy making process. The question then is what mode is most appropriate to engender public participation so as to make the policy making process functional? Given the prevailing social, economic and political dilemmas the utilization of the direct mode of citizen participation to affect policy outcome is doubtful if not unattainable. It is due to these predicament that this paper uses the documentary research design argues for the utilization of the indirect mode of citizen participation in the policy making process so as to affect public policy outcome appropriately and with less cost, acrimony and delays.

Keywords: governance, public policy, participation, representation, civil society

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Authors: Nattapol Pourprasert

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This study has an objective to analyze foreign policy of member states in globalization current, aiming to answer that the foreign policy of member states have been changed or remained the same and there are any factors affecting changing of foreign policy of the member states. From the study results, it is found that the foreign policy of Thailand is a friendly foreign policy with all states. The policy of Indonesia is more opened because of a change in leader, allowing more democratic development in the country; the government has proceeded with friendly foreign policy with the states in order to bring funds into the state. The foreign policy of Malaysia is not much changed as there is no changing in the leader; the policy of Malaysia has reconciled relations with main city of Indian and Chinese residing in the country in order to bring investments into the country and to relieve tensions in the country. The foreign policy of the Philippines has proceeded with policy under the ASEAN framework and emphasized on international Islam communities. The foreign policy of Singapore has the least changed as the Singapore's policy focuses on internal trade since the state was found. As for the foreign policy of Brunei Darussalam, Brunei has a little role in the international stage; the state having closest relationship as from the view of history is Singapore as the Singaporean has invested in retailing business in Brunei. The foreign policy of Vietnam has emphasized on an omnidirectional foreign policy in order to compete with several states in global stage. The foreign policy of Myanmar has proceeded with a friendly foreign policy with all ASEAN member states, the East-west Corridor transportation line from Myanmar through Thailand and Lao to Vietnam has been developed. As for the foreign policy of Lao, In 2001, the Thai government and Lao government held a discussion which Thailand reaffirmed the position not to support the anti-Lao group. The foreign policy of Cambodia has proceeded with more openness, having good relation with China, Russia and USA as these states has invested in the state, especially the US company.

Keywords: globalization, public policy analysis, foreign policy, ASEAN member states

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Authors: T. Vandeyar

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The purpose of this study is to explore how Government policy on ICT influences teaching and learning in South African schools. An instrumental case study using backward mapping principles as a strategy of inquiry was used. Utilizing a social constructivist lens and guided by a theoretical framework of a sociocultural approach to policy analysis, this exploratory qualitative research study set out to investigate how teachers appropriate government policy on ICT in South African schools. Three major findings emanated from this study. First, although teachers were ignorant of the national e-education policy their professionalism and agency were key in formulating and implementing an e-education policy in practice. Second, teachers repositioned themselves not as recipients or reactors of the e-education policy but as social and cultural actors of policy appropriation and formulation. Third, the lack of systemic support to teachers catalyzed improved school and teacher collaborations, teachers became drivers of ICT integration through collaboration, innovation, institutional practice and institutional leadership.

Keywords: ICT, teachers as change agents, practice as policy, teacher's beliefs, teacher's attitudes

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