Search results for: uncertainty estimation
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 1364

Search results for: uncertainty estimation

674 New Multisensor Data Fusion Method Based on Probabilistic Grids Representation

Authors: Zhichao Zhao, Yi Liu, Shunping Xiao

Abstract:

A new data fusion method called joint probability density matrix (JPDM) is proposed, which can associate and fuse measurements from spatially distributed heterogeneous sensors to identify the real target in a surveillance region. Using the probabilistic grids representation, we numerically combine the uncertainty regions of all the measurements in a general framework. The NP-hard multisensor data fusion problem has been converted to a peak picking problem in the grids map. Unlike most of the existing data fusion method, the JPDM method dose not need association processing, and will not lead to combinatorial explosion. Its convergence to the CRLB with a diminishing grid size has been proved. Simulation results are presented to illustrate the effectiveness of the proposed technique.

Keywords: Cramer-Rao lower bound (CRLB), data fusion, probabilistic grids, joint probability density matrix, localization, sensor network.

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673 Use of Magnesium as a Renewable Energy Source

Authors: Rafayel K. Kostanyan

Abstract:

The opportunities of use of metallic magnesium as a generator of hydrogen gas, as well as thermal and electric energy is presented in the paper. Various schemes of magnesium application are discussed and power characteristics of corresponding devices are presented. Economic estimation of hydrogen price obtained by different methods is made, including the use of magnesium as a source of hydrogen for transportation in comparison with gasoline. Details and prospects of our new inexpensive technology of magnesium production from magnesium hydroxide and magnesium bearing rocks (which are available worldwide and in Armenia) are analyzed. It is estimated the threshold cost of Mg production at which application of this metal in power engineering is economically justified.

Keywords: Magnesium, power generation, production, renewable energy.

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672 Machine Learning Techniques for Short-Term Rain Forecasting System in the Northeastern Part of Thailand

Authors: Lily Ingsrisawang, Supawadee Ingsriswang, Saisuda Somchit, Prasert Aungsuratana, Warawut Khantiyanan

Abstract:

This paper presents the methodology from machine learning approaches for short-term rain forecasting system. Decision Tree, Artificial Neural Network (ANN), and Support Vector Machine (SVM) were applied to develop classification and prediction models for rainfall forecasts. The goals of this presentation are to demonstrate (1) how feature selection can be used to identify the relationships between rainfall occurrences and other weather conditions and (2) what models can be developed and deployed for predicting the accurate rainfall estimates to support the decisions to launch the cloud seeding operations in the northeastern part of Thailand. Datasets collected during 2004-2006 from the Chalermprakiat Royal Rain Making Research Center at Hua Hin, Prachuap Khiri khan, the Chalermprakiat Royal Rain Making Research Center at Pimai, Nakhon Ratchasima and Thai Meteorological Department (TMD). A total of 179 records with 57 features was merged and matched by unique date. There are three main parts in this work. Firstly, a decision tree induction algorithm (C4.5) was used to classify the rain status into either rain or no-rain. The overall accuracy of classification tree achieves 94.41% with the five-fold cross validation. The C4.5 algorithm was also used to classify the rain amount into three classes as no-rain (0-0.1 mm.), few-rain (0.1- 10 mm.), and moderate-rain (>10 mm.) and the overall accuracy of classification tree achieves 62.57%. Secondly, an ANN was applied to predict the rainfall amount and the root mean square error (RMSE) were used to measure the training and testing errors of the ANN. It is found that the ANN yields a lower RMSE at 0.171 for daily rainfall estimates, when compared to next-day and next-2-day estimation. Thirdly, the ANN and SVM techniques were also used to classify the rain amount into three classes as no-rain, few-rain, and moderate-rain as above. The results achieved in 68.15% and 69.10% of overall accuracy of same-day prediction for the ANN and SVM models, respectively. The obtained results illustrated the comparison of the predictive power of different methods for rainfall estimation.

Keywords: Machine learning, decision tree, artificial neural network, support vector machine, root mean square error.

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671 Solid Waste Management in Steel Industry - Challenges and Opportunities

Authors: Sushovan Sarkar, Debabrata Mazumder

Abstract:

Solid waste management in steel industry is broadly classified in “4 Rs” i.e. reduce, reuse, recycle and restore the materials. Reuse and recycling the entire solid waste generated in the process of steel making is a viable solution in targeting a clean, green and zero waste technology leading to sustainable development of the steel industry. Solid waste management has gained importance in steel industry in view of its uncertainty, volatility and speculation due to world competitive standards, rising input costs, scarcity of raw materials and solid waste generated like in other sectors. The challenges that the steel Industry faces today are the requirement of a sustainable development by meeting the needs of our present generation without compromising the ability of future generations. Technologies are developed not only for gainful utilization of solid wastes in manufacture of conventional products but also for conversion of same in to completely new products.

Keywords: Reuse, recycle, solid waste, sustainable development.

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670 Performance and Availability Analyses of PV Generation Systems in Taiwan

Authors: H. S. Huang, J. C. Jao, K. L. Yen, C. T. Tsai

Abstract:

The purpose of this article applies the monthly final energy yield and failure data of 202 PV systems installed in Taiwan to analyze the PV operational performance and system availability. This data is collected by Industrial Technology Research Institute through manual records. Bad data detection and failure data estimation approaches are proposed to guarantee the quality of the received information. The performance ratio value and system availability are then calculated and compared with those of other countries. It is indicated that the average performance ratio of Taiwan-s PV systems is 0.74 and the availability is 95.7%. These results are similar with those of Germany, Switzerland, Italy and Japan.

Keywords: availability, performance ratio, PV system, Taiwan

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669 Performance Analysis of Brain Tumor Detection Based On Image Fusion

Authors: S. Anbumozhi, P. S. Manoharan

Abstract:

Medical Image fusion plays a vital role in medical field to diagnose the brain tumors which can be classified as benign or malignant. It is the process of integrating multiple images of the same scene into a single fused image to reduce uncertainty and minimizing redundancy while extracting all the useful information from the source images. Fuzzy logic is used to fuse two brain MRI images with different vision. The fused image will be more informative than the source images. The texture and wavelet features are extracted from the fused image. The multilevel Adaptive Neuro Fuzzy Classifier classifies the brain tumors based on trained and tested features. The proposed method achieved 80.48% sensitivity, 99.9% specificity and 99.69% accuracy. Experimental results obtained from fusion process prove that the use of the proposed image fusion approach shows better performance while compared with conventional fusion methodologies.

Keywords: Image fusion, Fuzzy rules, Neuro-fuzzy classifier.

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668 The Introduction of Compulsory Electronic Exchange of Documents in the Czech Republic: Comparing Expectation and Reality

Authors: Kamila Tišlerová

Abstract:

This contribution aims to outline some topics around the process of introduction of compulsory electronic exchange of documents (so called e-Boxes) in public administration. The research was conducted in order to gauge the difference between the expectation of those using internal email and their experience in reality. Both qualitative and quantitative research is employed to lead also to an estimation of the willingness and readiness of government bodies, business units and citizens to adopt new technologies. At the same time the most potent barriers to successful e-communication through the e-Boxes are identified.

Keywords: E-Box, e-Government, electronic document exchange, digitalisation, public administration.

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667 Retaining Structural System Active Vibration Control

Authors: Ming-Hui Lee, Shou-Jen Hsu

Abstract:

This study presents an active vibration control technique to reduce the earthquake responses of a retained structural system. The proposed technique is a synthesis of the adaptive input estimation method (AIEM) and linear quadratic Gaussian (LQG) controller. The AIEM can estimate an unknown system input online. The LQG controller offers optimal control forces to suppress wall-structural system vibration. The numerical results show robust performance in the active vibration control technique.

Keywords: Active vibration control, AIEM, LQG, Optimal control

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666 Study of Adaptive Filtering Algorithms and the Equalization of Radio Mobile Channel

Authors: Said Elkassimi, Said Safi, B. Manaut

Abstract:

This paper presented a study of three algorithms, the equalization algorithm to equalize the transmission channel with ZF and MMSE criteria, application of channel Bran A, and adaptive filtering algorithms LMS and RLS to estimate the parameters of the equalizer filter, i.e. move to the channel estimation and therefore reflect the temporal variations of the channel, and reduce the error in the transmitted signal. So far the performance of the algorithm equalizer with ZF and MMSE criteria both in the case without noise, a comparison of performance of the LMS and RLS algorithm.

Keywords: Adaptive filtering second equalizer, LMS, RLS Bran A, Proakis (B) MMSE, ZF.

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665 Performance Evaluation of Music and Minimum Norm Eigenvector Algorithms in Resolving Noisy Multiexponential Signals

Authors: Abdussamad U. Jibia, Momoh-Jimoh E. Salami

Abstract:

Eigenvector methods are gaining increasing acceptance in the area of spectrum estimation. This paper presents a successful attempt at testing and evaluating the performance of two of the most popular types of subspace techniques in determining the parameters of multiexponential signals with real decay constants buried in noise. In particular, MUSIC (Multiple Signal Classification) and minimum-norm techniques are examined. It is shown that these methods perform almost equally well on multiexponential signals with MUSIC displaying better defined peaks.

Keywords: Eigenvector, minimum norm, multiexponential, subspace.

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664 Estimating Enzyme Kinetic Parameters from Apparent KMs and Vmaxs

Authors: Simon Brown, Noorzaid Muhamad, David C Simcock

Abstract:

The kinetic properties of enzymes are often reported using the apparent KM and Vmax appropriate to the standard Michaelis-Menten enzyme. However, this model is inappropriate to enzymes that have more than one substrate or where the rate expression does not apply for other reasons. Consequently, it is desirable to have a means of estimating the appropriate kinetic parameters from the apparent values of KM and Vmax reported for each substrate. We provide a means of estimating the range within which the parameters should lie and apply the method to data for glutamate dehydrogenase from the nematode parasite of sheep Teladorsagia circumcincta.

Keywords: enzyme kinetics, glutamate dehydrogenase, intervalanalysis, parameter estimation.

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663 Solvatochromic Shift and Estimation of Dipole Moment of Quinine Sulphate Dication

Authors: S. Joshi, D. Pant

Abstract:

Absorption and fluorescence spectra of quinine sulphate (QSD) have been recorded at room temperature in wide range of solvents of different polarities. The ground-state dipole moment of QSD was obtained from quantum mechanical calculations and the excited state dipole moment of QSD was estimated from Bakhshiev-s and Kawski-Chamma-Viallet-s equations by means of solvatochromic shift method. Higher value of dipole moment is observed for excited state as compared to the corresponding ground state value and this is attributed to the more polar excited state of QSD.

Keywords: Dipole moment, Quinine sulphate dication, Solvatochromic shift

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662 Posture Stabilization of Kinematic Model of Differential Drive Robots via Lyapunov-Based Control Design

Authors: Li Jie, Zhang Wei

Abstract:

In this paper, the problem of posture stabilization for a kinematic model of differential drive robots is studied. A more complex model of the kinematics of differential drive robots is used for the design of stabilizing control. This model is formulated in terms of the physical parameters of the system such as the radius of the wheels, and velocity of the wheels are the control inputs of it. In this paper, the framework of Lyapunov-based control design has been used to solve posture stabilization problem for the comprehensive model of differential drive robots. The results of the simulations show that the devised controller successfully solves the posture regulation problem. Finally, robustness and performance of the controller have been studied under system parameter uncertainty.

Keywords: Differential drive robots, nonlinear control, Lyapunov-based control design, posture regulation.

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661 Air Cargo Overbooking Model under Stochastic Weight and Volume Cancellation

Authors: N. Phumchusri, K. Roekdethawesab, M. Lohatepanont

Abstract:

Overbooking is an approach of selling more goods or services than available capacities because sellers anticipate that some buyers will not show-up or may cancel their bookings. At present, many airlines deploy overbooking strategy in order to deal with the uncertainty of their customers. Particularly, some airlines sell more cargo capacity than what they have available to freight forwarders with beliefs that some of them will cancel later. In this paper, we propose methods to find the optimal overbooking level of volume and weight for air cargo in order to minimize the total cost, containing cost of spoilage and cost of offloaded. Cancellations of volume and weight are jointly random variables with a known joint distribution. Heuristic approaches applying the idea of weight and volume independency is considered to find an appropriate answer to the full problem. Computational experiments are used to explore the performance of approaches presented in this paper, as compared to a naïve method under different scenarios.

Keywords: Air cargo overbooking, offloaded capacity, optimal overbooking level, revenue management, spoilage capacity.

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660 Reliability Analysis of Underground Pipelines Using Subset Simulation

Authors: Kong Fah Tee, Lutfor Rahman Khan, Hongshuang Li

Abstract:

An advanced Monte Carlo simulation method, called Subset Simulation (SS) for the time-dependent reliability prediction for underground pipelines has been presented in this paper. The SS can provide better resolution for low failure probability level with efficient investigating of rare failure events which are commonly encountered in pipeline engineering applications. In SS method, random samples leading to progressive failure are generated efficiently and used for computing probabilistic performance by statistical variables. SS gains its efficiency as small probability event as a product of a sequence of intermediate events with larger conditional probabilities. The efficiency of SS has been demonstrated by numerical studies and attention in this work is devoted to scrutinise the robustness of the SS application in pipe reliability assessment. It is hoped that the development work can promote the use of SS tools for uncertainty propagation in the decision-making process of underground pipelines network reliability prediction.

Keywords: Underground pipelines, Probability of failure, Reliability and Subset Simulation.

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659 Kalman Filter Based Adaptive Reduction of Motion Artifact from Photoplethysmographic Signal

Authors: S. Seyedtabaii, L. Seyedtabaii

Abstract:

Artifact free photoplethysmographic (PPG) signals are necessary for non-invasive estimation of oxygen saturation (SpO2) in arterial blood. Movement of a patient corrupts the PPGs with motion artifacts, resulting in large errors in the computation of Sp02. This paper presents a study on using Kalman Filter in an innovative way by modeling both the Artillery Blood Pressure (ABP) and the unwanted signal, additive motion artifact, to reduce motion artifacts from corrupted PPG signals. Simulation results show acceptable performance regarding LMS and variable step LMS, thus establishing the efficacy of the proposed method.

Keywords: Kalman filter, Motion artifact, PPG, Photoplethysmography.

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658 Design, Construction and Performance Evaluation of a HPGe Detector Shield

Authors: M. Sharifi, M. Mirzaii, F. Bolourinovin, H. Yousefnia, M. Akbari, K. Yousefi-Mojir

Abstract:

A multilayer passive shield composed of low-activity lead (Pb), copper (Cu), tin (Sn) and iron (Fe) was designed and manufactured for a coaxial HPGe detector placed at a surface laboratory for reducing background radiation and radiation dose to the personnel. The performance of the shield was evaluated and efficiency curves of the detector were plotted by using of various standard sources in different distances. Monte Carlo simulations and a set of TLD chips were used for dose estimation in two distances of 20 and 40 cm. The results show that the shield reduced background spectrum and the personnel dose more than 95%.

Keywords: HPGe shield, background count, personnel dose, efficiency curve.

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657 Estimation of Relative Subsidence of Collapsible Soils Using Electromagnetic Measurements

Authors: Henok Hailemariam, Frank Wuttke

Abstract:

Collapsible soils are weak soils that appear to be stable in their natural state, normally dry condition, but rapidly deform under saturation (wetting), thus generating large and unexpected settlements which often yield disastrous consequences for structures unwittingly built on such deposits. In this study, a prediction model for the relative subsidence of stressed collapsible soils based on dielectric permittivity measurement is presented. Unlike most existing methods for soil subsidence prediction, this model does not require moisture content as an input parameter, thus providing the opportunity to obtain accurate estimation of the relative subsidence of collapsible soils using dielectric measurement only. The prediction model is developed based on an existing relative subsidence prediction model (which is dependent on soil moisture condition) and an advanced theoretical frequency and temperature-dependent electromagnetic mixing equation (which effectively removes the moisture content dependence of the original relative subsidence prediction model). For large scale sub-surface soil exploration purposes, the spatial sub-surface soil dielectric data over wide areas and high depths of weak (collapsible) soil deposits can be obtained using non-destructive high frequency electromagnetic (HF-EM) measurement techniques such as ground penetrating radar (GPR). For laboratory or small scale in-situ measurements, techniques such as an open-ended coaxial line with widely applicable time domain reflectometry (TDR) or vector network analysers (VNAs) are usually employed to obtain the soil dielectric data. By using soil dielectric data obtained from small or large scale non-destructive HF-EM investigations, the new model can effectively predict the relative subsidence of weak soils without the need to extract samples for moisture content measurement. Some of the resulting benefits are the preservation of the undisturbed nature of the soil as well as a reduction in the investigation costs and analysis time in the identification of weak (problematic) soils. The accuracy of prediction of the presented model is assessed by conducting relative subsidence tests on a collapsible soil at various initial soil conditions and a good match between the model prediction and experimental results is obtained.

Keywords: Collapsible soil, relative subsidence, dielectric permittivity, moisture content.

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656 Mindfulness and Employability: A Course on the Control of Stress during the Search for Work

Authors: O. Lasaga

Abstract:

Defining professional objectives and the search for work are some of the greatest stress factors for final year university students and recent graduates. To manage correctly the stress brought about by the uncertainty, confusion and frustration this process often generates, a course to control stress based on mindfulness has been designed and taught. This course provides tools based on relaxation, mindfulness and meditation that enable students to address personal and professional challenges in the transition to the job market, eliminating or easing the anxiety involved. The course is extremely practical and experiential, combining theory classes and practical classes of relaxation, meditation and mindfulness, group dynamics, reflection, application protocols and session integration. The evaluation of the courses highlighted on the one hand the high degree of satisfaction and, on the other, the usefulness for the students in becoming aware of stressful situations and how these affect them and learning new coping techniques that enable them to reach their goals more easily and with greater satisfaction and well-being.

Keywords: Employability, meditation, mindfulness, relaxation techniques, stress.

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655 New Design Constraints of FIR Filter on Magnitude and Phase of Error Function

Authors: Raghvendra Kumar, Lillie Dewan

Abstract:

Exchange algorithm with constraints on magnitude and phase error separately in new way is presented in this paper. An important feature of the algorithms presented in this paper is that they allow for design constraints which often arise in practical filter design problems. Meeting required minimum stopband attenuation or a maximum deviation from the desired magnitude and phase responses in the passbands are common design constraints that can be handled by the methods proposed here. This new algorithm may have important advantages over existing technique, with respect to the speed and stability of convergence, memory requirement and low ripples.

Keywords: Least square estimation, Constraints, Exchange algorithm.

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654 Evaluation of Ultrasonic C-Scan Images by Fractal Dimension

Authors: S. Samanta, D. Datta, S. S. Gautam

Abstract:

In this paper, quantitative evaluation of ultrasonic Cscan images through estimation of their Fractal Dimension (FD) is discussed. Necessary algorithm for evaluation of FD of any 2-D digitized image is implemented by developing a computer code. For the evaluation purpose several C-scan images of the Kevlar composite impacted by high speed bullet and glass fibre composite having flaw in the form of inclusion is used. This analysis automatically differentiates a C-scan image showing distinct damage zone, from an image that contains no such damage.

Keywords: C-scan, Impact, Fractal Dimension, Kevlar composite and Inclusion Flaw

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653 Extended Least Squares LS–SVM

Authors: József Valyon, Gábor Horváth

Abstract:

Among neural models the Support Vector Machine (SVM) solutions are attracting increasing attention, mostly because they eliminate certain crucial questions involved by neural network construction. The main drawback of standard SVM is its high computational complexity, therefore recently a new technique, the Least Squares SVM (LS–SVM) has been introduced. In this paper we present an extended view of the Least Squares Support Vector Regression (LS–SVR), which enables us to develop new formulations and algorithms to this regression technique. Based on manipulating the linear equation set -which embodies all information about the regression in the learning process- some new methods are introduced to simplify the formulations, speed up the calculations and/or provide better results.

Keywords: Function estimation, Least–Squares Support VectorMachines, Regression, System Modeling

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652 Simple and Advanced Models for Calculating Single-Phase Diode Rectifier Line-Side Harmonics

Authors: Hussein A. Kazem, Abdulhakeem Abdullah Albaloshi, Ali Said Ali Al-Jabri, Khamis Humaid AlSaidi

Abstract:

This paper proposes different methods for estimation of the harmonic currents of the single-phase diode bridge rectifier. Both simple and advanced methods are compared and the models are put into a context of practical use for calculating the harmonic distortion in a typical application. Finally, the different models are compared to measurements of a real application and convincing results are achieved.

Keywords: Single-phase rectifier, line side Harmonics

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651 Continuous Adaptive Robust Control for Nonlinear Uncertain Systems

Authors: Dong Sang Yoo

Abstract:

We consider nonlinear uncertain systems such that a  priori information of the uncertainties is not available. For such  systems, we assume that the upper bound of the uncertainties is  represented as a Fredholm integral equation of the first kind and we  propose an adaptation law that is capable of estimating the upper  bound and design a continuous robust control which renders nonlinear  uncertain systems ultimately bounded.

 

Keywords: Adaptive Control, Estimation, Fredholm Integral, Uncertain System.

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650 Modeling of Sensitivity for SPR Biosensors- New Aspects

Authors: Volodymyr Chegel

Abstract:

The computer modeling is carried out for parameter of sensitivity of optoelectronic chemical and biosensors, using phenomena of surface plasmon resonance (SPR). The physical model of SPR-sensor-s is described with (or without) of modifications of sensitive gold film surface by a dielectric layer. The variants of increasing of sensitivity for SPR-biosensors, constructed on the principle gold – dielectric – biomolecular layer are considered. Two methods of mathematical treatment of SPR-curve are compared – traditional, with estimation of sensor-s response as shift of the SPRcurve minimum and proposed, for system with dielectric layer, using calculating of the derivative in the point of SPR-curve half-width.

Keywords: Surface Plasmon Resonance, modeling, sensitivity, biosensor

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649 Assessment the Quality of Telecommunication Services by Fuzzy Inferences System

Authors: Oktay Nusratov, Ramin Rzaev, Aydin Goyushov

Abstract:

Fuzzy inference method based approach to the forming of modular intellectual system of assessment the quality of communication services is proposed. Developed under this approach the basic fuzzy estimation model takes into account the recommendations of the International Telecommunication Union in respect of the operation of packet switching networks based on IPprotocol. To implement the main features and functions of the fuzzy control system of quality telecommunication services it is used multilayer feedforward neural network.

Keywords: Quality of communication, IP-telephony, Fuzzy set, Fuzzy implication, Neural network.

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648 A New Particle Filter Inspired by Biological Evolution: Genetic Filter

Authors: S. Park, J. Hwang, K. Rou, E. Kim

Abstract:

In this paper, we consider a new particle filter inspired by biological evolution. In the standard particle filter, a resampling scheme is used to decrease the degeneracy phenomenon and improve estimation performance. Unfortunately, however, it could cause the undesired the particle deprivation problem, as well. In order to overcome this problem of the particle filter, we propose a novel filtering method called the genetic filter. In the proposed filter, we embed the genetic algorithm into the particle filter and overcome the problems of the standard particle filter. The validity of the proposed method is demonstrated by computer simulation.

Keywords: Particle filter, genetic algorithm, evolutionary algorithm.

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647 Performance Comparison of Cooperative Banks in the EU, USA and Canada

Authors: Matěj Kuc

Abstract:

This paper compares different types of profitability measures of cooperative banks from two developed regions: the European Union and the United States of America together with Canada. We created balanced dataset of more than 200 cooperative banks covering 2011-2016 period. We made series of tests and run Random Effects estimation on panel data. We found that American and Canadian cooperatives are more profitable in terms of return on assets (ROA) and return on equity (ROE). There is no significant difference in net interest margin (NIM). Our results show that the North American cooperative banks accommodated better to the current market environment.

Keywords: Cooperative banking, panel data, profitability measures, random effects.

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646 Multi-Objective Fuzzy Model in Optimal Sitingand Sizing of DG for Loss Reduction

Authors: H. Shayeghi, B. Mohamadi

Abstract:

This paper presents a possibilistic (fuzzy) model in optimal siting and sizing of Distributed Generation (DG) for loss reduction and improve voltage profile in power distribution system. Multi-objective problem is developed in two phases. In the first one, the set of non-dominated planning solutions is obtained (with respect to the objective functions of fuzzy economic cost, and exposure) using genetic algorithm. In the second phase, one solution of the set of non-dominated solutions is selected as optimal solution, using a suitable max-min approach. This method can be determined operation-mode (PV or PQ) of DG. Because of considering load uncertainty in this paper, it can be obtained realistic results. The whole process of this method has been implemented in the MATLAB7 environment with technical and economic consideration for loss reduction and voltage profile improvement. Through numerical example the validity of the proposed method is verified.

Keywords: Fuzzy Power Flow, DG siting and sizing, LoadUncertainty, Multi-objective Possibilistic Model.

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645 Financial Inclusion from the Perspective of Social Innovation: The Case of Colombia

Authors: Jaramillo G. Maria Luisa, Turriago H. Álvaro, Thoene Ulf

Abstract:

Financial inclusion has become a crucially important factor in debates on economic inequality posing challenges to the financial systems of countries around the world. Nowadays governments and banks are concerned about creating products that allow access to wide sectors of the population. The creation of banking products by the financial sector for people with low incomes tends to lead to improvements in the quality of life of vulnerable parts of the population. In countries with notable social and economic inequalities, financial inclusion is a key aspect for equitable economic growth. This study is based on the case of Colombia, which is a country with a strong record of economic growth over the past decade. Nevertheless, corruption, unemployment, and poverty contribute to uncertainty regarding the country’s future growth prospects. This study wants to explain the situation of financial exclusion and financial inclusion with respect to the Colombian case. Financial inclusion is going to be studied from the perspective of social innovation.

Keywords: Colombia, financial exclusion, financial inclusion, social innovation.

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