Search results for: Business Process Modeling Notation
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 7800

Search results for: Business Process Modeling Notation

5250 Qualitative and Quantitative Characterization of Generated Waste in Nouri Petrochemical Complex, Assaluyeh, Iran

Authors: L. Heidari, M. Jalili Ghazizade

Abstract:

In recent years, different petrochemical complexes have been established to produce aromatic compounds. Among them, Nouri Petrochemical Complex (NPC) is the largest producer of aromatic raw materials in the world, and is located in south of Iran. Environmental concerns have been raised in this region due to generation of different types of solid waste generated in the process of aromatics production, and subsequently, industrial waste characterization has been thoroughly considered. The aim of this study is qualitative and quantitative characterization of industrial waste generated in the aromatics production process and determination of the best method for industrial waste management. For this purpose, all generated industrial waste during the production process was determined using a checklist. Four main industrial wastes were identified as follows: spent industrial soil, spent catalyst, spent molecular sieves and spent N-formyl morpholine (NFM) solvent. The amount of heavy metals and organic compounds in these wastes were further measured in order to identify the nature and toxicity of such a dangerous compound. Then industrial wastes were classified based on lab analysis results as well as using different international lists of hazardous waste identification such as EPA, UNEP and Basel Convention. Finally, the best method of waste disposal is selected based on environmental, economic and technical aspects. 

Keywords: Spent industrial soil, spent molecular sieve, spent normal ¬formyl -morpholine solvent.

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5249 An Optimal Bayesian Maintenance Policy for a Partially Observable System Subject to Two Failure Modes

Authors: Akram Khaleghei Ghosheh Balagh, Viliam Makis, Leila Jafari

Abstract:

In this paper, we present a new maintenance model for a partially observable system subject to two failure modes, namely a catastrophic failure and a failure due to the system degradation. The system is subject to condition monitoring and the degradation process is described by a hidden Markov model. A cost-optimal Bayesian control policy is developed for maintaining the system. The control problem is formulated in the semi-Markov decision process framework. An effective computational algorithm is developed, illustrated by a numerical example.

Keywords: Partially observable system, hidden Markov model, competing risks, multivariate Bayesian control.

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5248 Application of Adaptive Neuro-Fuzzy Inference System in Smoothing Transition Autoregressive Models

Authors: Ε. Giovanis

Abstract:

In this paper we propose and examine an Adaptive Neuro-Fuzzy Inference System (ANFIS) in Smoothing Transition Autoregressive (STAR) modeling. Because STAR models follow fuzzy logic approach, in the non-linear part fuzzy rules can be incorporated or other training or computational methods can be applied as the error backpropagation algorithm instead to nonlinear squares. Furthermore, additional fuzzy membership functions can be examined, beside the logistic and exponential, like the triangle, Gaussian and Generalized Bell functions among others. We examine two macroeconomic variables of US economy, the inflation rate and the 6-monthly treasury bills interest rates.

Keywords: Forecasting, Neuro-Fuzzy, Smoothing transition, Time-series

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5247 Information Seeking through Assimilation Process in Thai Organization

Authors: Pornprom Chomngam

Abstract:

The purpose of this study is to examine employee assessments of the usefulness/value of different types of information available to those employees during the process of organizational assimilation. Participants in the study were 247 “new" employees at Bangkok Bank. Bangkok Bank considers employees whose length of stay with the bank has been less than 18 months as new employees. Questionnaires were administered to all of the Bank-s new employees to obtain the data for this study. Repeated measures analysis was used to analyze the data. The data were summed and coded by using Statistical Package for Social Science. Newcomers indicate that social information is the most useful information, followed by job (technical, referent, and appraisal information), political, normative, and organizational information. Essentially, social, job, and political information are evaluated by newcomers as highly useful, while normative and organizational information are rated as moderately useful.

Keywords: Information seeking, organization assimilation.

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5246 Non-reflection Boundary Conditions for Numerical Simulation of Supersonic Flow

Authors: A. Abdalla, A. Kaltayev

Abstract:

This article presents the boundary conditions for the problem of turbulent supersonic gas flow in a plane channel with a perpendicular injection jets. The non-reflection boundary conditions for direct modeling of compressible viscous gases are studied. A formulation using the NSCBC (Navier- Stocks characteristic boundary conditions) through boundaries is derived for the subsonic inflow and subsonic non-reflection outflow situations. Verification of the constructed algorithm of boundary conditions is carried out by solving a test problem of perpendicular sound of jets injection into a supersonic gas flow in a plane channel.

Keywords: WENO scheme, non-reflection boundary conditions, NSCBC, supersonic flow.

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5245 Analytical Estimation of Rotor Loss Due to Stator Slotting of Synchronous PM Machines

Authors: Adel Bettayeb, Robert Kaczmarek, Jean-Claude Vannier

Abstract:

In this paper, we analyze the rotor eddy currents losses provoqued by the stator slot harmonics developed in the permanent magnets or pole pieces of synchronous machines. An analytical approach is presented to evaluate the effect of slot ripples on rotor field and losses calculation. This analysis is then tested on a model by 2D/3D finite element (FE) calculation. The results show a good agreement on loss calculations when skin effect is negligible and the magnet is considered.

Keywords: Analytical modeling, Eddy-currents, Finite-elementmethods, Power losses, Slot harmonics effect.

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5244 Internet of Things Applications on Supply Chain Management

Authors: B. Cortés, A. Boza, D. Pérez, L. Cuenca

Abstract:

The Internet of Things (IoT) field has been applied in industries with different purposes. Sensing Enterprise (SE) is an attribute of an enterprise or a network that allows it to react to business stimuli originating on the Internet. These fields have come into focus recently on the enterprises, and there is some evidence of the use and implications in supply chain management, while finding it as an interesting aspect to work on. This paper presents a revision and proposals of IoT applications in supply chain management.

Keywords: Internet of Things, Sensing Enterprises, Supply Chain Management, Industrial, Production Systems, Sensor.

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5243 A New Categorization of Image Quality Metrics Based On a Model of Human Quality Perception

Authors: Maria Grazia Albanesi, Riccardo Amadeo

Abstract:

This study presents a new model of the human image quality assessment process: the aim is to highlightthe foundations of the image quality metrics proposed in literature, by identifyingthe cognitive/physiological or mathematical principles of their development and the relation with the actual human quality assessment process. The model allows to createa novel categorization of objective and subjective image quality metrics. Our work includes an overview of the most used or effectiveobjective metrics in literature, and, for each of them, we underline its main characteristics, with reference to the rationale of the proposed model and categorization. From the results of this operation, we underline a problem that affects all the presented metrics: the fact that many aspects of human biasesare not taken in account at all. We then propose a possible methodology to address this issue.

Keywords: Eye-Tracking, image quality assessment metric, MOS, quality of user experience, visual perception.

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5242 IDEL - A simple Instructional Design Tool for E-Learning

Authors: A. Zimnas, D. Kleftouris, N. Valkanos

Abstract:

Today-s Information and Knowledge Society has placed new demands on education and a new paradigm of education is required. Learning, facilitated by educational systems and the pedagogic process, is globally undergoing dramatic changes. The aim of this paper is the development of a simple Instructional Design tool for E-Learning, named IDEL (Instructional Design for Electronic Learning), that provides the educators with facilities to create their own courses with the essential educational material and manage communication with students. It offers flexibility in the way of learning and provides ease in employment and reusability of resources. IDEL is a web-based Instructional System and is designed to facilitate course design process in accordance with the ADDIE model and the instructional design principles with emphasis placed on the use of technology enhanced learning. An example case of using the ADDIE model to systematically develop a course and its implementation with the aid of IDEL is given and some results from student evaluation of the tool and the course are reported.

Keywords: Education, E-learning, Instructional Design.

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5241 Towards a Systematic, Cost-Effective Approach for ERP Selection

Authors: Hassan Haghighi, Omid Mafi

Abstract:

Existing experiences indicate that one of the most prominent reasons that some ERP implementations fail is related to selecting an improper ERP package. Among those important factors resulting in inappropriate ERP selections, one is to ignore preliminary activities that should be done before the evaluation of ERP packages. Another factor yielding these unsuitable selections is that usually organizations employ prolonged and costly selection processes in such extent that sometimes the process would never be finalized or sometimes the evaluation team might perform many key final activities in an incomplete or inaccurate way due to exhaustion, lack of interest or out-of-date data. In this paper, a systematic approach that recommends some activities to be done before and after the main selection phase is introduced for choosing an ERP package. On the other hand, the proposed approach has utilized some ideas that accelerates the selection process at the same time that reduces the probability of an erroneous final selection.

Keywords: enterprise resource planning, evaluation and selectionof ERP packages, organizational readiness for employing ERP, evaluationlists.

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5240 Assessment Tool for Social Responsibility Performance According to the ISO 26000

Authors: W. Fethallah, L. Chraibi, N. Sefiani

Abstract:

The present paper is concerned with a statistical approach involving latent and manifest variables applied in order to assess the organization's social responsibility performance. The main idea is to develop an assessment tool and a measurement of the Social Responsibility Performance, enabling the company to characterize her performance regarding to the ISO 26000 standard's seven core subjects. For this, we conceptualize a structural equation modeling (SEM) which describes various causal connections between the Social Responsibility’s components. The SEM’s resolution is based on the Partial Least squares (PLS) method and the implementation is running in the XLSTAT software.

Keywords: Corporate social responsibility, latent and manifest variable, partial least squares, structural equation model.

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5239 Prediction the Limiting Drawing Ratio in Deep Drawing Process by Back Propagation Artificial Neural Network

Authors: H.Mohammadi Majd, M.Jalali Azizpour, M. Goodarzi

Abstract:

In this paper back-propagation artificial neural network (BPANN) with Levenberg–Marquardt algorithm is employed to predict the limiting drawing ratio (LDR) of the deep drawing process. To prepare a training set for BPANN, some finite element simulations were carried out. die and punch radius, die arc radius, friction coefficient, thickness, yield strength of sheet and strain hardening exponent were used as the input data and the LDR as the specified output used in the training of neural network. As a result of the specified parameters, the program will be able to estimate the LDR for any new given condition. Comparing FEM and BPANN results, an acceptable correlation was found.

Keywords: BPANN, deep drawing, prediction, limiting drawingratio (LDR), Levenberg–Marquardt algorithm

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5238 A Highly Efficient Process Applying Sige Film to Generate Quasi-Beehive Si Nanostructure for the Growth of Platinum Nanopillars with High Emission Property for the Applications of X-Ray Tube

Authors: Pin-Hsu Kao, Wen-Shou Tseng, Hung-Ming Tai, Yuan-Ming Chang, Jenh-Yih Juang

Abstract:

We report a lithography-free approach to fabricate the biomimetics, quasi-beehive Si nanostructures (QBSNs), on Si-substrates. The self-assembled SiGe nanoislands via the strain induced surface roughening (Asaro-Tiller-Grinfeld instability) during in-situ annealing play a key role as patterned sacrifice regions for subsequent reactive ion etching (RIE) process performed for fabricating quasi-beehive nanostructures on Si-substrates. As the measurements of field emission, the bare QBSNs show poor field emission performance, resulted from the existence of the native oxide layer which forms an insurmountable barrier for electron emission. In order to dramatically improve the field emission characteristics, the platinum nanopillars (Pt-NPs) were deposited on QBSNs to form Pt-NPs/QBSNs heterostructures. The turn-on field of Pt-NPs/QBSNs is as low as 2.29 V/μm (corresponding current density of 1 μA/cm2), and the field enhancement factor (β-value) is significantly increased to 6067. More importantly, the uniform and continuous electrons excite light emission, due to the surrounding filed emitters from Pt-NPs/QBSNs, can be easily obtained. This approach does not require an expensive photolithographic process and possesses great potential for applications.

Keywords: Biomimetics, quasi-beehive Si, SiGe nanoislands, platinum nanopillars, field emission.

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5237 Clustering Approach to Unveiling Relationships between Gene Regulatory Networks

Authors: Hiba Hasan, Khalid Raza

Abstract:

Reverse engineering of genetic regulatory network involves the modeling of the given gene expression data into a form of the network. Computationally it is possible to have the relationships between genes, so called gene regulatory networks (GRNs), that can help to find the genomics and proteomics based diagnostic approach for any disease. In this paper, clustering based method has been used to reconstruct genetic regulatory network from time series gene expression data. Supercoiled data set from Escherichia coli has been taken to demonstrate the proposed method.

Keywords: Gene expression, gene regulatory networks (GRNs), clustering, data preprocessing, network visualization.

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5236 Temperature Distribution in Friction Stir Welding Using Finite Element Method

Authors: Armansyah, I. P. Almanar, M. Saiful Bahari Shaari, M. Shamil Jaffarullah, Nur’amirah Busu, M. Arif Fadzleen Zainal Abidin, M. Amlie A. Kasim

Abstract:

During welding, the amount of heat present in weld zones determines the quality of weldment produced. Thus, the heat distribution characteristics and its magnitude in weld zones with respect to process variables such as tool pin-shoulder rotational and traveling speed during welding is analyzed using thermal finite element analyses method. For this purpose, transient thermal finite element analyses are performed to model the temperatures distribution and its quantities in weld-zones with respect to process variables such as rotational speed and traveling speed during welding. Commercially available software Altair HyperWork is used to model three-dimensional tool pin-shoulder vs. workpieces and to simulate the friction stir process. The results show that increasing tool rotational speed, at a constant traveling speed, will increase the amount of heat generated in weld-zones. In contrary, increasing traveling speed, at constant tool pin-shoulder rotational speeds, will reduce the amount of heat generated in weld zones.

Keywords: Frictions Stir Welding, Temperature Distribution, Finite Element Method, Altair Hyperwork.

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5235 Investigating the Regulation System of the Synchronous Motor Excitation Mode Serving as a Reactive Power Source

Authors: Baghdasaryan Marinka, Ulikyan Azatuhi

Abstract:

The efficient usage of the compensation abilities of the electrical drive synchronous motors used in production processes can essentially improve the technical and economic indices of the process.  Reducing the flows of the reactive electrical energy due to the compensation of reactive power allows to significantly reduce the load losses of power in the electrical networks. As a result of analyzing the scientific works devoted to the issues of regulating the excitation of the synchronous motors, the need for comprehensive investigation and estimation of the excitation mode has been substantiated. By means of the obtained transmission functions, in the Simulink environment of the software package MATLAB, the transition processes of the excitation mode have been studied. As a result of obtaining and estimating the graph of the Nyquist plot and the transient process, the necessity of developing the Proportional-Integral-Derivative (PID) regulator has been justified. The transient processes of the system of the PID regulator have been investigated, and the amplitude–phase characteristics of the system have been estimated. The analysis of the obtained results has shown that the regulation indices of the developed system have been improved. The developed system can be successfully applied for regulating the excitation voltage of different-power synchronous motors, operating with a changing load, ensuring a value of the power coefficient close to 1.

Keywords: Transient process, synchronous motor, excitation mode, regulator, reactive power.

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5234 The Efficiency of Multimedia Educational Tools in Sport Gymnastics for The Students of Physical Education at Universities

Authors: G. Bago, P. Hedbávný

Abstract:

This contribution was developed from a research within the doctoral thesis. Its object was to create multimedia materials for sport gymnastics. Consequently we surveyed the influence of its practical application on the efficiency of schooling at a university. We verified the prescribed hypothesis of the efficiency of the teaching process using the method of single-factor experiment, where the entrance independent variable was the change of system of tuition and the outgoing dependent variable was the change of level of acquired motor skills. The results confirmed the positive impact of using multimedia materials on the efficiency of the teaching process. Further, with the aid of questionnaires, we evaluated how the tested subjects perceive the innovative methods in sport gymnastics. The responses showed that the students rate the application of multimedia materials very positively.

Keywords: efficiency of education, means of education, multimedia materials, sports gymnastics

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5233 An Improved Data Mining Method Applied to the Search of Relationship between Metabolic Syndrome and Lifestyles

Authors: Yi Chao Huang, Yu Ling Liao, Chiu Shuang Lin

Abstract:

A data cutting and sorting method (DCSM) is proposed to optimize the performance of data mining. DCSM reduces the calculation time by getting rid of redundant data during the data mining process. In addition, DCSM minimizes the computational units by splitting the database and by sorting data with support counts. In the process of searching for the relationship between metabolic syndrome and lifestyles with the health examination database of an electronics manufacturing company, DCSM demonstrates higher search efficiency than the traditional Apriori algorithm in tests with different support counts.

Keywords: Data mining, Data cutting and sorting method, Apriori algorithm, Metabolic syndrome

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5232 Enabling Integration across Heterogeneous Care Networks

Authors: Federico Cabitza, Marco P. Locatelli, Marcello Sarini, Carla Simone

Abstract:

The paper shows how the CASMAS modeling language, and its associated pervasive computing architecture, can be used to facilitate continuity of care by providing members of patientcentered communities of care with a support to cooperation and knowledge sharing through the usage of electronic documents and digital devices. We consider a scenario of clearly fragmented care to show how proper mechanisms can be defined to facilitate a better integration of practices and information across heterogeneous care networks. The scenario is declined in terms of architectural components and cooperation-oriented mechanisms that make the support reactive to the evolution of the context where these communities operate.

Keywords: Pervasive Computing, Communities of Care, HeterogeneousCare Networks, Multi-Agent System.

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5231 Comparison of Material Constitutive Models Used in FEA of Low Volume Roads

Authors: Lenka Ševelová, Aleš Florian

Abstract:

Appropriate and progressive tool for analyzing behavior of low volume roads are probabilistic models used in reliability analyses. The necessary part of the probabilistic model is the deterministic model of structural behavior. The FE model of low volume roads is created in the ANSYS software. It is able to determine the state of stress and deformation in any point of the structure and thus generate data required for the reliability analysis. The paper compares two material constitutive models used for modeling of unbound non-homogenous materials used in low volume roads. The first model is linear elastic model according to Hook theory (H model), the second one is nonlinear elastic-plastic Drucker-Prager model (D-P model).

Keywords: FEA, FEM, geotechnical materials, low volume roads, material constitutive models, pavement.

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5230 Using Interval Constrained Petri Nets for the Fuzzy Regulation of Quality: Case of Assembly Process Mechanics

Authors: Nabli L., Dhouibi H., Collart Dutilleul S., Craye E.

Abstract:

The indistinctness of the manufacturing processes makes that a parts cannot be realized in an absolutely exact way towards the specifications on the dimensions. It is thus necessary to assume that the effectively realized product has to belong in a very strict way to compatible intervals with a correct functioning of the parts. In this paper we present an approach based on mixing tow different characteristics theories, the fuzzy system and Petri net system. This tool has been proposed to model and control the quality in an assembly system. A robust command of a mechanical assembly process is presented as an application. This command will then have to maintain the specifications interval of parts in front of the variations. It also illustrates how the technique reacts when the product quality is high, medium, or low.

Keywords: Petri nets, production rate, performance evaluation, tolerant system, fuzzy sets.

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5229 The Design Process of an Interactive Seat for Improving Workplace Productivity

Authors: Carlos Ferreira, Paulo Freitas, Valentim Freitas

Abstract:

Creative industries’ workers are becoming more prominent as countries move towards intellectual-based economies. Consequently, the nature and essence of the workplace needs to be reconfigured so that creativity and productivity can be better promoted at these spaces. Using a multidisciplinary approach and a user-centered methodology, combining product design, electronic engineering, software and human-computer interaction, we have designed and developed a new seat that uses embedded sensors and actuators to increase the overall well-being of its users, their productivity and their creativity. Our contribution focuses on the parameters that most affect the user’s work on these kinds of spaces, which are, according to our study, noise and temperature. We describe the design process for a new interactive seat targeted at improving workspace productivity.

Keywords: Human-computer interaction, usability, user interface, creativity, ergonomics.

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5228 Mathematical Simulation of Acid Concentration Effects during Acid Nitric Leaching of Cobalt from a Mixed Cobalt-Copper Oxide

Authors: Ek Ngoy, A F Mulaba-Bafubiandi

Abstract:

Cobalt was acid nitric leached from a mixed cobaltcopper oxide with variable acid concentration. Resulting experimental data were used to analyze effects of increase in acid concentration, based on a shrinking core model of the process. The mathematical simulation demonstrated that the time rate of the dissolution mechanism is an increasing function of acid concentration. It was also shown that the magnitude of the acid concentration effect is time dependent and the increase in acid concentration is more effective at earlier stage of the dissolution than at later stage. The remaining process parameters are comprehensively affected by acid concentration and their interaction is synergetic.

Keywords: Acid effect, Cobalt, Cobalt-copper oxide, Leaching, Simulation

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5227 Curvelet Transform Based Two Class Motor Imagery Classification

Authors: Nebi Gedik

Abstract:

One of the important parts of the brain-computer interface (BCI) studies is the classification of motor imagery (MI) obtained by electroencephalography (EEG). The major goal is to provide non-muscular communication and control via assistive technologies to people with severe motor disorders so that they can communicate with the outside world. In this study, an EEG signal classification approach based on multiscale and multi-resolution transform method is presented. The proposed approach is used to decompose the EEG signal containing motor image information (right- and left-hand movement imagery). The decomposition process is performed using curvelet transform which is a multiscale and multiresolution analysis method, and the transform output was evaluated as feature data. The obtained feature set is subjected to feature selection process to obtain the most effective ones using t-test methods. SVM and k-NN algorithms are assigned for classification.

Keywords: motor imagery, EEG, curvelet transform, SVM, k-NN

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5226 Efficient Oxyhydrogen Mixture Determination in Gas Detonation Forming

Authors: Morteza Khaleghi, Babak Seyed Aghazadeh, Hosein Bisadi

Abstract:

Oxyhydrogen is a mixture of Hydrogen (H2) and Oxygen (O2) gases. Detonative mixtures of oxyhydrogens with various combinations of these two gases were used in Gas Detonation Forming (GDF) to form sheets of mild steel. In die forming experiments, three types of conical dies with apex angles of 60, 90 and 120 degrees were used. Pressure of mixtures inside the chamber before detonation was varied from 3 Bar to 5 Bar to investigate the effect of pre-detonation pressure in the forming process. On each conical die, several experiments with different percentages of Hydrogen were carried out to determine the optimum gaseous mixture. According to our results the best forming process occurred when approximately 50-70%. Hydrogen was employed in the mixture. Furthermore, the experimental results were compared to the ones from FEM analysis. The FEM simulation results of thickness strain, hoop strain, thickness variation and deformed geometry are promising.

Keywords: Sheet metal forming, Gas detonation, FEM, Oxyhydrogen

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5225 Heterogeneous Artifacts Construction for Software Evolution Control

Authors: Mounir Zekkaoui, Abdelhadi Fennan

Abstract:

The software evolution control requires a deep understanding of the changes and their impact on different system heterogeneous artifacts. And an understanding of descriptive knowledge of the developed software artifacts is a prerequisite condition for the success of the evolutionary process. The implementation of an evolutionary process is to make changes more or less important to many heterogeneous software artifacts such as source code, analysis and design models, unit testing, XML deployment descriptors, user guides, and others. These changes can be a source of degradation in functional, qualitative or behavioral terms of modified software. Hence the need for a unified approach for extraction and representation of different heterogeneous artifacts in order to ensure a unified and detailed description of heterogeneous software artifacts, exploitable by several software tools and allowing to responsible for the evolution of carry out the reasoning change concerned.

Keywords: Heterogeneous software artifacts, Software evolution control, Unified approach, Meta Model, Software Architecture.

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5224 Object-Oriented Multivariate Proportional-Integral-Derivative Control of Hydraulic Systems

Authors: J. Fernandez de Canete, S. Fernandez-Calvo, I. García-Moral

Abstract:

This paper presents and discusses the application of the object-oriented modelling software SIMSCAPE to hydraulic systems, with particular reference to multivariable proportional-integral-derivative (PID) control. As a result, a particular modelling approach of a double cylinder-piston coupled system is proposed and motivated, and the SIMULINK based PID tuning tool has also been used to select the proper controller parameters. The paper demonstrates the usefulness of the object-oriented approach when both physical modelling and control are tackled.

Keywords: Object-oriented modeling, multivariable hydraulic system, multivariable PID control, computer simulation.

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5223 LQR Based PID Controller Design for 3-DOF Helicopter System

Authors: Santosh Kr. Choudhary

Abstract:

In this article, LQR based PID controller design for 3DOF helicopter system is investigated. The 3-DOF helicopter system is a benchmark laboratory model having strongly nonlinear characteristics and unstable dynamics which make the control of such system a challenging task. This article first presents the mathematical model of the 3DOF helicopter system and then illustrates the basic idea and technical formulation for controller design. The paper explains the simple approach for the approximation of PID design parameters from the LQR controller gain matrix. The simulation results show that the investigated controller has both static and dynamic performance, therefore the stability and the quick control effect can be obtained simultaneously for the 3DOF helicopter system.

Keywords: 3DOF helicopter system, PID controller, LQR controller, modeling, simulation.

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5222 The Implications of Technological Advancements on the Constitutional Principles of Contract Law

Authors: Laura Çami (Vorpsi), Xhon Skënderi

Abstract:

In today's rapidly evolving technological landscape, the traditional principles of contract law are facing significant challenges. The emergence of new technologies, such as electronic signatures, smart contracts, and online dispute resolution mechanisms, is transforming the way contracts are formed, interpreted, and enforced. This paper examines the implications of these technological advancements on the constitutional principles of contract law. One of the fundamental principles of contract law is freedom of contract, which ensures that parties have the autonomy to negotiate and enter into contracts as they see fit. However, the use of technology in the contracting process has the potential to disrupt this principle. For example, online platforms and marketplaces often offer standard-form contracts, which may not reflect the specific needs or interests of individual parties. This raises questions about the equality of bargaining power between parties and the extent to which parties are truly free to negotiate the terms of their contracts. Another important principle of contract law is the requirement of consideration, which requires that each party receives something of value in exchange for their promise. The use of digital assets, such as cryptocurrencies, has created new challenges in determining what constitutes valuable consideration in a contract. Due to the ambiguity in this area, disagreements about the legality and enforceability of such contracts may arise. Furthermore, the use of technology in dispute resolution mechanisms, such as online arbitration and mediation, may raise concerns about due process and access to justice. The use of algorithms and artificial intelligence to determine the outcome of disputes may also raise questions about the impartiality and fairness of the process. Finally, it should be noted that there are many different and complex effects of technical improvements on the fundamental constitutional foundations of contract law. As technology continues to evolve, it will be important for policymakers and legal practitioners to consider the potential impacts on contract law and to ensure that the principles of fairness, equality, and access to justice are preserved in the contracting process.

Keywords: Technological advancements, constitutional principles, contract law, smart contracts, online dispute resolution, freedom of contract.

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5221 Normalizing Logarithms of Realized Volatility in an ARFIMA Model

Authors: G. L. C. Yap

Abstract:

Modelling realized volatility with high-frequency returns is popular as it is an unbiased and efficient estimator of return volatility. A computationally simple model is fitting the logarithms of the realized volatilities with a fractionally integrated long-memory Gaussian process. The Gaussianity assumption simplifies the parameter estimation using the Whittle approximation. Nonetheless, this assumption may not be met in the finite samples and there may be a need to normalize the financial series. Based on the empirical indices S&P500 and DAX, this paper examines the performance of the linear volatility model pre-treated with normalization compared to its existing counterpart. The empirical results show that by including normalization as a pre-treatment procedure, the forecast performance outperforms the existing model in terms of statistical and economic evaluations.

Keywords: Long-memory, Gaussian process, Whittle estimator, normalization, volatility, value-at-risk.

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