Search results for: utility function

Authors: Herbert W. Corley

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A scalar equilibrium (SE) is an alternative type of equilibrium in pure strategies for an n-person normal-form game G. It is defined using optimization techniques to obtain a pure strategy for each player of G by maximizing an appropriate utility function over the acceptable joint actions. The players’ actions are determined by the choice of the utility function. Such a utility function could be agreed upon by the players or chosen by an arbitrator. An SE is an equilibrium since no players of G can increase the value of this utility function by changing their strategies. SEs are formally defined, and examples are given. In a greedy SE, the goal is to assign actions to the players giving them the largest individual payoffs jointly possible. In a weighted SE, each player is assigned weights modeling the degree to which he helps every player, including himself, achieve as large a payoff as jointly possible. In a compromise SE, each player wants a fair payoff for a reasonable interpretation of fairness. In a parity SE, the players want their payoffs to be as nearly equal as jointly possible. Finally, a satisficing SE achieves a personal target payoff value for each player. The vector payoffs associated with each of these SEs are shown to be Pareto optimal among all such acceptable vectors, as well as computationally tractable.

Keywords: compromise equilibrium, greedy equilibrium, normal-form game, parity equilibrium, pure strategies, satisficing equilibrium, scalar equilibria, utility function, weighted equilibrium

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Authors: Qing Dai, Zhengkui Lin, Jiajia Zhang, Yi Qu

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Based on activity method, this paper focuses on morning commuting behavior when commuters travel with autonomous vehicles (AVs). Firstly, a net utility function of commuters is constructed by the activity utility of commuters at home, in car and at workplace, and the disutility of travel time cost and that of schedule delay cost. Then, this net utility function is applied to build an equilibrium model. Finally, under the assumption of constant marginal activity utility, the properties of equilibrium are analyzed. The results show that, in autonomous driving, the starting and ending time of morning peak and the number of commuters who arrive early and late at workplace are the same as those in manual driving. In automatic driving, however, the departure rate of arriving early at workplace is higher than that of manual driving, while the departure rate of arriving late is just the opposite. In addition, compared with manual driving, the departure time of arriving at workplace on time is earlier and the number of people queuing at the bottleneck is larger in automatic driving. However, the net utility of commuters and the total net utility of system in automatic driving are greater than those in manual driving.

Keywords: autonomous cars, bottleneck model, activity utility, user equilibrium

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Authors: Yassir AbdelRazig, Amine Ghanem

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Construction projects are information intensive in nature and involve many activities that are related to each other. Wireless technologies can be used to improve the accuracy and timeliness of data collected from construction sites and shares it with appropriate parties. Nonetheless, the construction industry tends to be conservative and shows hesitation to adopt new technologies. A main concern for owners, contractors or any person in charge on a job site is the cost of the technology in question. Wireless technologies are not cheap. There are a lot of expenses to be taken into consideration, and a study should be completed to make sure that the importance and savings resulting from the usage of this technology is worth the expenses. This research attempts to assess the effectiveness of using the appropriate wireless technologies based on criteria such as performance, reliability, and risk. The assessment is based on a utility function model that breaks down the selection issue into alternatives attribute. Then the attributes are assigned weights and single attributes are measured. Finally, single attribute are combined to develop one single aggregate utility index for each alternative.

Keywords: analytic hierarchy process, decision theory, utility function, wireless technologies

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Authors: A. Idawaty, O. Mohamed, A. Z. Zuriati

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This paper presents the development of an event based Discrete Event Simulation (DES) for a recovery algorithm known Backward Recovery Global Preemptive Utility Accrual Scheduling (BR_GPUAS). This algorithm implements the Backward Recovery (BR) mechanism as a fault recovery solution under the existing Time/Utility Function/ Utility Accrual (TUF/UA) scheduling domain for multiprocessor environment. The BR mechanism attempts to take the faulty tasks back to its initial safe state and then proceeds to re-execute the affected section of the faulty tasks to enable recovery. Considering that faults may occur in the components of any system; a fault tolerance system that can nullify the erroneous effect is necessary to be developed. Current TUF/UA scheduling algorithm uses the abortion recovery mechanism and it simply aborts the erroneous task as their fault recovery solution. None of the existing algorithm in TUF/UA scheduling domain in multiprocessor scheduling environment have considered the transient fault and implement the BR mechanism as a fault recovery mechanism to nullify the erroneous effect and solve the recovery problem in this domain. The developed BR_GPUAS simulator has derived the set of parameter, events and performance metrics according to a detailed analysis of the base model. Simulation results revealed that BR_GPUAS algorithm can saved almost 20-30% of the accumulated utilities making it reliable and efficient for the real-time application in the multiprocessor scheduling environment.

Keywords: real-time system (RTS), time utility function/ utility accrual (TUF/UA) scheduling, backward recovery mechanism, multiprocessor, discrete event simulation (DES)

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Authors: Kalyani Kulkarni, Bharat Chaudhari

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This paper addresses the issue of resource allocation in the emerging cognitive technology. Focusing the quality of service (QoS) of primary users (PU), a novel method is proposed for the resource allocation of secondary users (SU). In this paper, we propose the unique utility function in the game theoretic model of Cognitive Radio which can be maximized to increase the capacity of the cognitive radio network (CRN) and to minimize the interference scenario. The utility function is formulated to cater the need of PUs by observing Signal to Noise ratio. The existence of Nash equilibrium is for the postulated game is established.

Keywords: cognitive networks, game theory, Nash equilibrium, resource allocation

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Authors: B. Vikram, Y. Anu Leena, Y. Anu Neena, M. V. Krishna Rao, V. S. S. Kumar

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The industry is often criticized for inefficiencies in outcomes such as time and cost overruns, low productivity, poor quality and inadequate customer satisfaction. To enhance the chances for construction projects to be successful, selecting an able contractor is one of the fundamental decisions to be made by clients. The selection of the most appropriate contractor is a multi-criteria decision making (MCDM) process. In this paper, multi-attribute utility theory (MAUT) is employed utilizing the multiplicative form of utility function for ranking the prequalified contractors. Performance assessment criteria covering contracting company attributes, experience record, past performance, performance potential, financial stability and project specific criteria are considered for contractor evaluation. A case study of multistoried building for which four contractors submitted bids is considered to illustrate the applicability of multiplicative approach of MAUT to rank the prequalified contractors. The proposed MAUT decision making methodology can also be employed to other decision making situations.

Keywords: multi-attribute utility theory, construction industry, prequalification, contractor

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Authors: Jai Heui Kim, Sotheara Veng

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This paper studies the portfolio optimization problem for a pension fund under a hybrid model of stochastic volatility and constant elasticity of variance (CEV) using asymptotic analysis method. When the volatility component is fast mean-reverting, it is able to derive asymptotic approximations for the value function and the optimal strategy for general utility functions. Explicit solutions are given for the exponential and hyperbolic absolute risk aversion (HARA) utility functions. The study also shows that using the leading order optimal strategy results in the value function, not only up to the leading order, but also up to first order correction term. A practical strategy that does not depend on the unobservable volatility level is suggested. The result is an extension of the Merton's solution when stochastic volatility and elasticity of variance are considered simultaneously.

Keywords: asymptotic analysis, constant elasticity of variance, portfolio optimization, stochastic optimal control, stochastic volatility

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Authors: Mike Tsionas

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The paper develops new indices of financial stability based on an explicit model of expected utility maximization by financial institutions subject to the classical technology restrictions of neoclassical production theory. The model can be estimated using standard econometric techniques, like GMM for dynamic panel data and latent factor analysis for the estimation of co-variance matrices. An explicit functional form for the utility function is not needed and we show how measures of risk aversion and prudence (downside risk aversion) can be derived and estimated from the model. The model is estimated using data for Eurozone countries and we focus particularly on (i) the use of the modeling approach as an “early warning mechanism”, (ii) the bank- and country-specific estimates of risk aversion and prudence (downside risk aversion), and (iii) the derivation of a generalized measure of risk that relies on loan-price uncertainty.

Keywords: financial stability, banking, expected utility maximization, sub-prime crisis, financial crisis, eurozone, PIIGS

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Authors: Betul Zehra Karagul

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A game consists of strategies that each actor has in his/her own choice strategies, and a game regulates the certain rules in the strategies that the actors choose, express how they evaluate their knowledge and the utility of output results. Game theory examines the human behaviors (preferences) of strategic situations in which each actor of a game regards the action that others will make in spite of his own moves. There is a balance between each player playing a game with the final number of players and the player with a certain probability of choosing the players, and this is called Nash equilibrium. The insurance is a two-person game where the insurer and insured are the actors. Both sides have the right to act in favor of utility functions. The insured has to pay a premium to buy the insurance cover. The insured will want to pay a low premium while the insurer is willing to get a high premium. In this study, the state of equilibrium for insurance pricing was examined in terms of the insurer and insured with game theory.

Keywords: game theory, insurance pricing, Nash equilibrium, utility function

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Authors: J. K. Kavitha, D. Manjula, U. Kanimozhi

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Mining frequent and high utility item sets have gained much significance in the recent years. When the data arrives sporadically, incremental and interactive rule mining and utility mining approaches can be adopted to handle user’s dynamic environmental needs and avoid redundancies, using previous data structures, and mining results. The dependence on recommendation systems has exponentially risen since the advent of search engines. This paper proposes a model for building a recommendation system that suggests frequent and high utility item sets over dynamic datasets for a cluster based location prediction strategy to predict user’s trajectories using the Efficient Incremental Rule Mining (EIRM) algorithm and the Fast Update Utility Pattern Tree (FUUP) algorithm. Through comprehensive evaluations by experiments, this scheme has shown to deliver excellent performance.

Keywords: data sets, recommendation system, utility item sets, frequent item sets mining

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Authors: Mami Sugiura, Shinichi Arakawa, Masayuki Murata, Satoshi Imai, Toru Katagiri, Motoyoshi Sekiya

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API (Application Programming Interface) economy, where many participants join/interact and form the economy, is expected to increase collaboration between information services through API, and thereby, it is expected to increase market value from the service collaborations. In this paper, we introduce API evaluators, which are the activator of API economy by reviewing and/or evaluating APIs, and develop a multi-sided API economy model that formulates interactions among platform provider, API developers, consumers, and API evaluators. By obtaining the equilibrium that maximizes utility of all participants, the impact of API evaluators on the utility of participants in the API economy is revealed. Numerical results show that, with the existence of API evaluators, the number of developers and consumers increase by 1.5% and the utility of platformer increases by 2.3%. We also discuss the strategies of platform provider to maximize its utility under the existence of API evaluators.

Keywords: API economy, multi-sided markets, API evaluator, platform, platform provider

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Authors: Yuyang Cheng, Marcos Escobar-Anel

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This paper introduces a multivariate 4/2 stochastic covariance process generalizing the one-dimensional counterparts presented in Grasselli (2017). Our construction permits stochastic correlation not only among stocks but also among volatilities, also known as co-volatility movements, both driven by more convenient 4/2 stochastic structures. The parametrization is flexible enough to separate these types of correlation, permitting their individual study. Conditions for proper changes of measure and closed-form characteristic functions under risk-neutral and historical measures are provided, allowing for applications of the model to risk management and derivative pricing. We apply the model to an expected utility theory problem in incomplete markets. Our analysis leads to closed-form solutions for the optimal allocation and value function. Conditions are provided for well-defined solutions together with a verification theorem. Our numerical analysis highlights and separates the impact of key statistics on equity portfolio decisions, in particular, volatility, correlation, and co-volatility movements, with the latter being the least important in an incomplete market.

Keywords: stochastic covariance process, 4/2 stochastic volatility model, stochastic co-volatility movements, characteristic function, expected utility theory, verication theorem

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Authors: Li Ni, Pen ManMan, Li KenLi

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Clustering is an intensive research for some years because of its multifaceted applications, such as biology, information retrieval, medicine, business and so on. The expectation maximization (EM) is a kind of algorithm framework in clustering methods, one of the ten algorithms of machine learning. Traditionally, optimization of objective function has been the standard approach in EM. Hence, research has investigated the utility of evolutionary computing and related techniques in the regard. Chemical Reaction Optimization (CRO) is a recently established method. So the property embedded in CRO is used to solve optimization problems. This paper presents an algorithm framework (EM-CRO) with modified CRO operators based on EM cluster problems. The hybrid algorithm is mainly to solve the problem of initial value sensitivity of the objective function optimization clustering algorithm. Our experiments mainly take the EM classic algorithm:k-means and fuzzy k-means as an example, through the CRO algorithm to optimize its initial value, get K-means-CRO and FKM-CRO algorithm. The experimental results of them show that there is improved efficiency for solving objective function optimization clustering problems.

Keywords: chemical reaction optimization, expection maimization, initia, objective function clustering

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Authors: Aman Sharma, Sonali Sengupta

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The study explores the utility of Bayesian optimization in tuning the physical and chemical parameters of reactions in an offline experimental setup. A comparative analysis of the influence of the acquisition function on the optimization performance is also studied. For proxy first and second-order reactions, the results are indifferent to the acquisition function used, whereas, while studying the parameters for oxidative desulphurization of thiophene in an offline setup, upper confidence bound (UCB) provides faster convergence along with a marginal trade-off in the maximum conversion achieved. The work also demarcates the critical number of independent parameters and input observations required for both sequential and offline reaction setups to yield tangible results.

Keywords: acquisition function, Bayesian optimization, desulfurization, kinetics, thiophene

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Authors: Roberta Martino, Viviana Ventre

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Empirical evidence has, over time, confirmed that the behavior of individuals is inconsistent with the descriptions provided by the Discounted Utility Model, an essential reference for calculating the utility of intertemporal prospects. The model assumes that individuals calculate the utility of intertemporal prospectuses by adding up the values of all outcomes obtained by multiplying the cardinal utility of the outcome by the discount function estimated at the time the outcome is received. The trend of the discount function is crucial for the preferences of the decision maker because it represents the perception of the future, and its trend causes temporally consistent or temporally inconsistent preferences. In particular, because different formulations of the discount function lead to various conclusions in predicting choice, the descriptive ability of models with a hyperbolic trend is greater than linear or exponential models. Suboptimal choices from any time point of view are the consequence of this mechanism, the psychological factors of which are encapsulated in the discount rate trend. In addition, analyzing the decision-making process from a psychological perspective, there is an equivalence between the selection of dominated prospects and a degree of impatience that decreases over time. The first part of the paper describes and investigates the anomalies of the discounted utility model by relating the cognitive distortions of the decision-maker to the emotional factors that are generated during the evaluation and selection of alternatives. Specifically, by studying the degree to which impatience decreases, it’s possible to quantify how the psychological and emotional mechanisms of the decision-maker result in a lack of decision persistence. In addition, this description presents inconsistency as the consequence of an inconsistent attitude towards time-delayed choices. The second part of the paper presents an experimental phase in which we show the relationship between inconsistency and impatience in different contexts. Analysis of the degree to which impatience decreases confirms the influence of the decision maker's emotional impulses for each anomaly in the utility model discussed in the first part of the paper. This work provides an application in the field of personalized behavioral finance. Indeed, the numerous behavioral diversities, evident even in the degrees of decrease in impatience in the experimental phase, support the idea that optimal strategies may not satisfy individuals in the same way. With the aim of homogenizing the categories of investors and to provide a personalized approach to advice, the results proven in the experimental phase are used in a complementary way with the information in the field of behavioral finance to implement the Analytical Hierarchy Process model in intertemporal choices, useful for strategic personalization. In the construction of the Analytic Hierarchy Process, the degree of decrease in impatience is understood as reflecting irrationality in decision-making and is therefore used for the construction of weights between anomalies and behavioral traits.

Keywords: analytic hierarchy process, behavioral finance, financial anomalies, impatience, time inconsistency

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Authors: Asiye Aydilek, Harun Aydilek

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We investigate the costs of various suboptimal allocations in housing, consumption, bond and stock holdings of a retiree in a setting with recursive utility, considering the extensive empirical evidence that investors make suboptimal decisions in different ways. We find that suboptimal stock holdings impose only modest costs on the retiree. This may have a merit in explaining the limited stock investment in the data. The cost of suboptimal bond holdings is higher than that of stocks, but still small. This may partially explain why many more people hold bonds compared to stocks. We find that positive deviations from the optimal level are less costly relative to the negative ones in suboptimal housing allocations. This may help us to clarify why the elderly are over consuming housing, as seen in the housing data. The cost of suboptimal consumption is quite high and the highest of all. Our paper suggests that, in terms of welfare, the decisions of how much of liquid wealth to use for consumption and for saving are more important than the decision about the composition of liquid savings. Suboptimal stock holdings are twice more costly in power utility and suboptimal bond holdings are twenty times more costly in recursive utility. Recursive utility is superior to power utility in terms of rationalizing many people's preference for bonds instead of stocks in investment.

Keywords: housing, recursive utility, retirement, suboptimal decisions, welfare cost

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Authors: Christina Wainikka, Besrat Tesfaye

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Several of the countries in the Baltic Sea region are ranked high in international innovations rankings, such as the Global Innovation Index and European Innovation Scoreboard. There are however some concerns in the performance of different countries. For example, there is a widely spread notion about “The Swedish Paradox”. Sweden is ranked high due to investments in R&D and patent activity, but the outcome is not as high as could be expected. SMEs in Sweden are also below EU average when it comes to registering intellectual property rights such as patents and trademarks. This study is concentrating on the protection of utility model. This intellectual property right does not exist in Sweden, but in for example Finland and Germany. The utility model protection is sometimes referred to as a “patent light” since it is easier to obtain than the patent protection but at the same time does cover technical solutions. In examining statistics on patent activities and activities in registering utility models it is clear that utility model protection is scarcely used in the countries that have the protection. In Germany 10 577 applications were made in 2021. In Finland there were 259 applications made in 2021. This can be compared with patent applications that were 58 568 in Germany in 2021 and 1 662 in Finland in 2021. In Sweden there has never been a protection for utility models. The only protection for technical solutions is patents and business secrets. The threshold for obtaining a patent is high, due to the legal requirements and the costs. The patent protection is there for often not chosen by SMEs in Sweden. This study examines whether the protection of utility models in other countries in the Baltic region provide SMEs in these countries with better options to protect their innovations. The legal methodology is comparative law. In order to study the effects of the legal differences statistics are examined and interviews done with SMEs from different industries.

Keywords: baltic sea region, comparative law, SME, utility model

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Authors: Noriko Hanakawa, Masaki Obana

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A simulation tool has been proposed for big-scale projection mapping events. The tool has four main functions based on Mapbox and Unity utilities. The first function is building a 3D model of real cities by MapBox. The second function is a movie projection to some buildings in real cities by Unity. The third function is a movie sending function from a PC to a virtual projector. The fourth function is mapping movies with fitting buildings. The simulation tool was adapted to a real projection mapping event that was held in 2019. The event has been finished. The event had a serious problem in the movie projection to the target building. The extra tents were set in front of the target building. The tents became the obstacles to the movie projection. The simulation tool can be reappeared the problems of the event. Therefore, if the simulation tool was developed before the 2019 projection mapping event, the problem of the tents’ obstacles could be avoided with the simulation tool. In addition, we confirmed that the simulation tool is useful to make a plan of future projection mapping events in order to avoid obstacles of various extra equipment such as utility poles, planting trees, monument towers.

Keywords: projection mapping, projector position, real 3D map, avoiding obstacles

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Authors: Atif Mahmood, Mohammad Inayatullah Khan Babar

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Communication infrastructure has been installed, operated, and maintained all over the world according to defined electrical safety standards for separate or joint structures. These safety standards have been set for the safeguard of public, utility workers (employees and contractors), utility facilities, electrical communication equipment’s connected to the utility facilities and other facilities or premise adjacent to utility facilities. Different communication utilities in Pakistan use standards of different countries due to the absence of Common National Electrical Safety Standards of Pakistan. It is really important to devise a framework for implementation of a uniform standard for strict compliance. In this context, it is important to explore the compliance of safety standards for communication conductors and equipment for separate or joint structures for which NESC standards are taken as reference. Specific reference to grounding techniques including grounding AC/DC systems and its frames, leaving Fences, Messenger wires and special circuits used for the protection for lightning etc, ungrounded so recommendations are also given after in-depth analysis of current technical practices for the installation and maintenance of communication infrastructure.

Keywords: utility facilities, grounding electrodes, special circuits, grounding conductor

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Authors: Roberta Martino, Viviana Ventre

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Intertemporal choices are choices under conditions of uncertainty in which the consequences are distributed over time. The Discounted Utility Model is the essential reference for describing the individual in the context of intertemporal choice. The model is based on the idea that the individual selects the alternative with the highest utility, which is calculated by multiplying the cardinal utility of the outcome, as if the reception were instantaneous, by the discount function that determines a decrease in the utility value according to how the actual reception of the outcome is far away from the moment the choice is made. Initially, the discount function was assumed to have an exponential trend, whose decrease over time is constant, in line with a profile of a rational investor described by classical economics. Instead, empirical evidence called for the formulation of alternative, hyperbolic models that better represented the actual actions of the investor. Attitudes that do not comply with the principles of classical rationality are termed anomalous, i.e., difficult to rationalize and describe through normative models. The development of behavioral finance, which describes investor behavior through cognitive psychology, has shown that deviations from rationality are due to the limited rationality condition of human beings. What this means is that when a choice is made in a very difficult and information-rich environment, the brain does a compromise job between the cognitive effort required and the selection of an alternative. Moreover, the evaluation and selection phase of the alternative, the collection and processing of information, are dynamics conditioned by systematic distortions of the decision-making process that are the behavioral biases involving the individual's emotional and cognitive system. In this paper we present an original decomposition of the discount function to investigate the psychological principles of hyperbolic discounting. It is possible to decompose the curve into two components: the first component is responsible for the smaller decrease in the outcome as time increases and is related to the individual's impatience; the second component relates to the change in the direction of the tangent vector to the curve and indicates how much the individual perceives the indeterminacy of the future indicating his or her aversion to uncertainty. This decomposition allows interesting conclusions to be drawn with respect to the concept of impatience and the emotional drives involved in decision-making. The contribution that neuroscience can make to decision theory and inter-temporal choice theory is vast as it would allow the description of the decision-making process as the relationship between the individual's emotional and cognitive factors. Neurofinance is a discipline that uses a multidisciplinary approach to investigate how the brain influences decision-making. Indeed, considering that the decision-making process is linked to the activity of the prefrontal cortex and amygdala, neurofinance can help determine the extent to which abnormal attitudes respect the principles of rationality.

Keywords: impatience, intertemporal choice, neurofinance, rationality, uncertainty

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Authors: Mohd Ruzlin Mohd Mokhtar

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At present, most operators who are working on projects for utilities such as power, water, oil, gas, telecommunication and sewerage are using technologies e.g. Total station, Global Positioning System (GPS), Electromagnetic Locator (EML) and Ground Penetrating Radar (GPR) to perform underground utility mapping. With the increase in popularity of Horizontal Directional Drilling (HDD) method among the local authorities and asset owners, most of newly installed underground utilities need to use the HDD method. HDD method is seen as simple and create not much disturbance to the public and traffic. Thus, it was the preferred utilities installation method in most of areas especially in urban areas. HDDs were installed much deeper than exiting utilities (some reports saying that HDD is averaging 5 meter in depth). However, this impacts the accuracy or ability of existing underground utility mapping technologies. In most of Malaysia underground soil condition, those technologies were limited to maximum of 3 meter depth. Thus, those utilities which were installed much deeper than 3 meter depth could not be detected by using existing detection tools. The accuracy and reliability of existing underground utility mapping technologies or work procedure were in doubt. Thus, a mitigation action plan is required. While installing new utility using Horizontal Directional Drilling (HDD) method, a more accurate underground utility mapping can be achieved by using Gyro OMU compared to existing practice using e.g. EML and GPR. Gyro OMU is a method to accurately identify the location of HDD thus this mapping can be used or referred to avoid those cost of breakdown due to future HDD works which can be caused by inaccurate underground utility mapping.

Keywords: Gyro Orientation Measurement Unit (Gyro OMU), Horizontal Directional Drilling (HDD), Ground Penetrating Radar (GPR), Electromagnetic Locator (EML)

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Authors: Cassandra Springate, Alexandra Furber, Jack E. Hines

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Objectives: To create an evidence map of the cost-utility studies available with non-small cell lung cancer patients, and identify the geographical settings and interventions used. Methods: Using the Disease, Study Type, and Model Type filters in heoro.com we identified all cost-utility studies published between 1960 and 2017 with patients with non-small cell lung cancer. These papers were then indexed according to pre-specified categories. Results: Heoro.com identified 89 independent publications, published between 1995 and 2017. Of the 89 papers, 74 were published since 2010, 28 were from the USA, and 35 were from Europe, 16 of which were from the UK. Other publications were from China and Japan (13), Canada (9), Australia and New Zealand (4), and other countries (8). Fifty-nine studies included a chemotherapy intervention, of which 23 included erlotinib or gefitinib, 21 included pemetrexed or docetaxel, others included nivolumab (3), pembrolizumab (2), crizotinib (2), denosumab (2), necitumumab (1), and bevacizumab (1). Also, 19 studies modeled screening, staging, or surveillance strategies. Conclusions: The cost-utility studies found for NSCLC most commonly looked at the effectiveness of different chemotherapy treatments, with some also evaluating the addition of screening strategies. Most were also conducted with patient data from the USA and Europe.

Keywords: cancer, cost-utility, economic model, non-small cell lung cancer

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Authors: Nur Rokhman

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A mathematical function gives relationship between the variables composing the function. Interpolation can be viewed as a process of finding mathematical function which goes through some specified points. There are many interpolation methods, namely: Lagrange method, Newton method, Spline method etc. For some specific condition, such as, big amount of interpolation points, the interpolation function can not be written explicitly. This such function consist of computational steps. The solution of equations involving the interpolation function is a problem of solution of non linear equation. Newton method will not work on the interpolation function, for the derivative of the interpolation function cannot be written explicitly. This paper shows the use of Secton method to determine the numerical solution of the function involving the interpolation function. The experiment shows the fact that Secton method works better than Newton method in finding the root of Lagrange interpolation function.

Keywords: Secton method, interpolation, non linear function, numerical solution

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Authors: Khoi A. Nguyen, Rodney A. Stewart, Hong Zhang

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Advanced metering technologies coupled with informatics creates an opportunity to form digital multi-utility service providers. These providers will be able to concurrently collect a customers’ medium-high resolution water, electricity and gas demand data and provide user-friendly platforms to feed this information back to customers and supply/distribution utility organisations. With the emergence of blockchain technology, a new research area has been explored which helps bring this multi-utility service provider concept to a much higher level. This study aims at introducing a breakthrough system architecture where smart metering technology in water, energy, and gas (WEG) are combined with blockchain technology to provide customer a novel real-time consumption report and decentralized resource trading platform. A pilot study on 4 properties in Australia has been undertaken to demonstrate this system, where benefits for customers and utilities are undeniable.

Keywords: blockchain, digital multi-utility, end use, demand forecasting

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Authors: Akshaya P., Priyanjali Prabhkaran

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The paper examines the formulation of strategies to develop a comprehensive model of city level water utility management to addressing urban sanitation issues. The water is prime life sustaining natural resources and nature’s gifts to all living beings on the earth multiple urban sanitation issues are addressed in the supply of water in a city. Many of these urban sanitation issues are linked to population expansion and economic inequity. Increased usage of water and the development caused water scarcity. The lack of water supply results increases the chance of unhygienic situations in the cities. In this study, the urban sanitation issues are identified with respect to water supply and utility management. The study compared based on their best practices and initiatives. From this, best practices and initiatives identify suitable sustainable measures to address water supply issues in the city level. The paper concludes with the listed provision that should be considered suitable measures for water supply and utility management in city level to address the urban sanitation issues.

Keywords: water, benchmarking water supply, water supply networks, water supply management

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Authors: Faisel Eltuhami Alzaalik, Omar Imhemed Alramli, Ahmed Mohamed Elaieb

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The IEEE 802.11 defines two modes of MAC, distributed coordination function (DCF) and point coordination function (PCF) mode. The first sub-layer of the MAC is the distributed coordination function (DCF). A contention algorithm is used via DCF to provide access to all traffic. The point coordination function (PCF) is the second sub-layer used to provide contention-free service. PCF is upper DCF and it uses features of DCF to establish guarantee access of its users. Some papers and researches that have been published in this technology were reviewed in this paper, as well as talking briefly about the distributed coordination function (DCF) technology. The simulation of the PCF function have been applied by using a simulation program called network simulator (NS2) and have been found out the throughput of a transmitter system by using this function.

Keywords: DCF, PCF, throughput, NS2

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Authors: Megha Chavda, Parth Thummar, Rahul Ghetia

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This paper presents the voltage and current control of microgrid accompanied by the synchronization of microgrid with the main utility grid in both islanded and grid-connected modes. Distributed Energy Resources (DERs) satisfy the wide-spread power demand of consumer by behaving as a micro source for a low voltage (LV) grid or microgrid. Synchronization of the microgrid with the main utility grid is done using PLL and PWM gate pulse generation technique is used for the Voltage Source Converter. Potential Function method achieves the voltage and current control of this microgrid in both islanded and grid-connected modes. A low voltage grid consisting of three distributed generators (DG) is considered for the study and is simulated in time-domain using PSCAD/EMTDC software. The simulation results depict the appropriateness of voltage and current control of microgrid and synchronization of microgrid with the medium voltage (MV) grid.

Keywords: microgrid, distributed energy resources, voltage and current control, voltage source converter, pulse width modulation, phase locked loop

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Authors: Sonia Rebai, Mohamed Naceur Azaiez, Dhafer Saidane

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In this study, we develop a performance evaluation model based on a multi-attribute utility approach aiming at reaching the sustainable banking (SB) status. This model is built accounting for various banks’ stakeholders in a win-win paradigm. In addition, it offers the opportunity for adopting a global measure of performance as an indication of a bank’s sustainability degree. This measure is referred to as banking sustainability performance index (BSPI). This index may constitute a basis for ranking banks. Moreover, it may constitute a bridge between the assessment types of financial and extra-financial rating agencies. A real application is performed on three French banks.

Keywords: multi-attribute utility theory, performance, sustainable banking, financial rating

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Authors: Elizabeth Spink

Abstract:

Providing safe and affordable drinking water to low-income households in developing countries remains a challenge. Policy goals of increasing household piped-water access and cost recovery for utility providers are often at odds. Nonpayment of utility bills is frequently cited as a constraint to improving the quality of utility service. However, nonpayment is widely tolerated, and households often accumulate significant debt to the utility provider. This study examines the effect of enforcement of water bill payment through supply disconnections in Livingstone, Zambia. This research uses a dynamic model of household monthly payments and accumulation of arrears, which determine the probability of disconnection, and simulates the effect of exogenous changes in enforcement levels. This model is empirically tested using an event-study framework of exogenous increases in enforcement capacity that occur during administrative rezoning events, which reduce the number of households that one enforcement agent is responsible for. The results show that households are five percentage points more likely to make a payment in the months following a rezoning event, but disconnections for low-income households increase as well, resulting in little change in revenue collected by the water utility. The results suggest that high enforcement of water bill payments toward credit-constrained households may be ineffective and lead to reduced piped-water access.

Keywords: enforcement, nonpayment, piped-water access, water utilities

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Authors: Oded Hochman

Abstract:

We first show that current measures of welfare changes in the whole economy do not apply to an economy with cities. In addition, since such measures are defined over a partial equilibrium, they capture only partially the effect of a welfare change. We then define a unique and additive measure that we term the modified economic surplus (mES) which fully captures the welfare effects caused by a change in the price of a nationally traded good. We show that the price change causes, on the one hand a change of land rents in the economy and, on the other hand, an equal change of mES that can be estimated by measuring areas in the price-quantity national demand and supply plane. We construct for each city a cost function from which we derive a city’s and, after aggregation, an economy-wide demand and supply functions of nationwide prices and of either the unearned incomes (Marshalian functions) or the utility levels (compensated functions).

Keywords: city cost function, welfare measures, modified compensated variation, modified economic surplus, unearned income function, differential land rents, city size

Procedia PDF Downloads 269