Search results for: Biased economic effect analysis
12572 Investigation of the Effect of Milling Time on the Mechanochemical Synthesis of Fe3Al/ Al2O3 Nanocomposite
Authors: B. Ghasemi, A. A. Najafzadeh Khoee
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In this study, the effect of mechanical activation on the synthesis of Fe3Al/Al2O3 nanocomposite has been investigated by using mechanochemical method. For this purpose, Aluminum powder and hematite as precursors, with stoichiometric ratio, have been utilized and other effective parameters in milling process were kept constant. Phase formation analysis, crystallite size measurement and lattice strain were studied by X-ray diffraction (XRD) by using Williamson-Hall method as well as microstructure and morphology were explored by Scanning electron microscopy (SEM). Also, Energy-dispersive X-ray spectroscopy (EDX) analysis was used in order to probe the particle distribution. The results showed that after 30-hour milling, the reaction was started, combustibly done and completed.
Keywords: hematite, mechanochemical, milling, nanocomposite
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 184612571 Effect of Carbon Nanotube Reinforcement in Polymer Composite Plates under Static Loading
Authors: S. Madhu, V. V. Subba Rao
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In the implementation of Carbon Nanotube Reinforced Polymer matrix Composites in structural applications, deflection and stress analysis are important considerations. In the present study, a multi scale analysis of deflection and stress analysis of carbon nanotube (CNT) reinforced polymer composite plates is presented. A micromechanics model based on the Mori-Tanaka method is developed by introducing straight CNTs aligned in one direction. The effect of volume fraction and diameter of CNTs on plate deflection and the stresses are investigated using classical laminate plate theory (CLPT). The study is primarily conducted with the intention of observing the suitability of CNT reinforced polymer composite plates under static loading for structural applications.
Keywords: Carbon Nanotube, Micromechanics, Composite plate, Multi-scale analysis, Classical Laminate Plate Theory.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 230712570 Social and Economic Effects of Mining Industry Restructuring in Romania -Case Studies
Authors: Andra Costache, Gica Pehoiu
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As in other countries from Central and Eastern Europe, the economic restructuring occurred in the last decade of the twentieth century affected the mining industry in Romania, an oversize and heavily subsidized sector before 1989. After more than a decade since the beginning of mining restructuring, an evaluation of current social implications of the process it is required, together with an efficiency analysis of the adaptation mechanisms developed at governmental level. This article aims to provide an insight into these issues through case studies conducted in the most important coal basin of Romania, Petroşani Depression.Keywords: case studies, government programs, miningrestructuring, social effects.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 261612569 Energy Consumption and Economic Growth in South Asian Countries: A Co-integrated Panel Analysis
Authors: S. Noor, M. W. Siddiqi
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This study examines causal link between energy use and economic growth for five South Asian countries over period 1971-2006. Panel cointegration, ECM and FMOLS are applied for short and long run estimates. In short run unidirectional causality from per capita GDP to per capita energy consumption is found, but not vice versa. In long run one percent increase in per capita energy consumption tend to decrease 0.13 percent per capita GDP. i.e. Energy use discourage economic growth. This short and long run relationship indicate energy shortage crisis in South Asia due to increased energy use coupled with insufficient energy supply. Beside this long run estimated coefficient of error term suggest that short term adjustment to equilibrium are driven by adjustment back to long run equilibrium. Moreover, per capita energy consumption is responsive to adjustment back to equilibrium and it takes 59 years approximately. It specifies long run feedback between both variables.
Keywords: Energy consumption, Income, Panel co-integration, Causality.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 324112568 KM for Solving Economic Problem and Poverty in Community: a Case from Thailand
Authors: Usa Sutthisakorn, Samchai Jirapatarasil
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This paper aims to present knowledge management for solving economic problem and poverty in Thai community. A community in Thailand is studied as a case study for master plan or social and economic plan which derived form the research people conducted by themselves in their community. The result shows that community uses knowledge management in recording income and expense, analyzing their consumption, and then systematic planning of the production, distribution and consumption in the community. Besides, community enterprises, that people create as the by-products of master plan, can facilitate diverse economic activities which are able to reduce economic problem and poverty. The knowledge that people gain from solving their problem through building community enterprises are both tacit and explicit knowledge. Four styles of knowledge conversion: socialization,externalization, combination and internalization, are used. Besides, knowledge sharing inside the organization, between organizations and its environment are found. Keywordsknowledge management, community enterprise, Thailand.
Keywords: knowledge management, community enterprise, Thailand
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 144412567 Evaluating Efficiency of Nina Distribution Company Using Window Data Envelopment Analysis and Malmquist Index
Authors: Hossein Taherian Far, Ali Bazaee
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Achieving continuous sustained economic growth and following economic development can be the target for all countries which are looking for it. In this regard, distribution industry plays an important role in growth and development of any nation. So, estimating the efficiency and productivity of the so called industry and identifying factors influencing it, is very necessary. The objective of the present study is to measure the efficiency and productivity of seven branches of Nina Distribution Company using window data envelopment analysis and Malmquist productivity index from spring 2013 to summer 2015. In this study, using criteria of fixed assets, payroll personnel, operating costs and duration of collection of receivables were selected as inputs and people and net sales, gross profit and percentage of coverage to customers were selected as outputs. Then, the process of performance window data envelopment analysis was driven and process efficiency has been measured using Malmquist index. The results indicate that the average technical efficiency of window Data Envelopment Analysis (DEA) model and fluctuating trend is sustainable. But the average management efficiency in window DEA model is related with negative growth (decline) of about 13%. The mean scale efficiency in all windows, except in the second one which is faced with 8%, shows growth of 18% compared to the first window. On the other hand, the mean change in total factor productivity in all branches of the industry shows average negative growth (decrease) of 12% which are the result of a negative change in technology.
Keywords: Nina Distribution Company branches, window data envelopment analysis, Malmquist productivity index.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 111212566 Analysis of Construction Waste Generation and Its Effect in a Construction Site
Authors: R. K. D. G. Kaluarachchi
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The generation of solid waste and its effective management are debated topics in Sri Lanka as well as in the global environment. It was estimated that the most of the waste generated in global was originated from construction and demolition of buildings. Thus, the proportion of construction waste in solid waste generation cannot be underestimated. The construction waste, which is the by-product generated and removed from work sites is collected in direct and indirect processes. Hence, the objectives of this research are to identify the proportion of construction waste which can be reused and identify the methods to reduce the waste generation without reducing the quality of the process. A 6-storey building construction site was selected for this research. The site was divided into six zones depending on the process. Ten waste materials were identified by considering the adverse effects on safety and health of people and the economic value of them. The generated construction waste in each zone was recorded per week for a period of five months. The data revealed that sand, cement, wood used for form work and rusted steel rods were the generated waste which has higher economic value in all zones. Structured interviews were conducted to gather information on how the materials are categorized as waste and the capability of reducing, reusing and recycling the waste. It was identified that waste is generated in following processes; ineffective storage of material for a longer time and improper handling of material during the work process. Further, the alteration of scheduled activities of construction work also yielded more waste. Finally, a proper management of construction waste is suggested to reduce and reuse waste.
Keywords: Construction waste, effective management, reduce, reuse.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 118612565 Analysis of Train Passenger Seat Using Ergonomic Function Deployment Method
Authors: Robertoes K. K. Wibowo, Siswoyo Soekarno, Irma Puspitasari
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Indonesian people use trains for their transportation, especially they use economy class train transportation because it is cheaper and has a more precise schedule than any other ground transportation. Nevertheless, the economy class passenger seat raises some inconvenience issues for passengers. This is due to the design of the chair on the economic class of trains that did not adjusted to the shape of anthropometry of Indonesian people. Thus, research needs to be conducted on the design of the seats in the economic class of trains. The purpose of this research is to make the design of economy class passenger seats ergonomic. This research method uses questionnaires and anthropometry measurements. The data obtained is processed using House of Quality of Ergonomic Function Development. From the results of analysis and data processing were obtained important changes from the original design. Ergonomic chair design according to the analysis is a stainless steel frame, seat height 390 mm, with a seat width for each passenger of 400 mm and a depth of 400 mm. Design of the backrest has a height of 840 mm, width of 430 mm and length of 300 mm that can move at the angle of 105-115 degrees. The width of the footrest is 42 mm and 400 mm length. The thickness of the seat cushion is 100 mm.
Keywords: Chair, ergonomics, function development, train passenger.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 175712564 Evaluating the Nexus between Energy Demand and Economic Growth Using the VECM Approach: Case Study of Nigeria, China, and the United States
Authors: Rita U. Onolemhemhen, Saheed L. Bello, Akin P. Iwayemi
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The effectiveness of energy demand policy depends on identifying the key drivers of energy demand both in the short-run and the long-run. This paper examines the influence of regional differences on the link between energy demand and other explanatory variables for Nigeria, China and USA using the Vector Error Correction Model (VECM) approach. This study employed annual time series data on energy consumption (ED), real gross domestic product (GDP) per capita (RGDP), real energy prices (P) and urbanization (N) for a thirty-six-year sample period. The utilized time-series data are sourced from World Bank’s World Development Indicators (WDI, 2016) and US Energy Information Administration (EIA). Results from the study, shows that all the independent variables (income, urbanization, and price) substantially affect the long-run energy consumption in Nigeria, USA and China, whereas, income has no significant effect on short-run energy demand in USA and Nigeria. In addition, the long-run effect of urbanization is relatively stronger in China. Urbanization is a key factor in energy demand, it therefore recommended that more attention should be given to the development of rural communities to reduce the inflow of migrants into urban communities which causes the increase in energy demand and energy excesses should be penalized while energy management should be incentivized.Keywords: Economic growth, energy demand, income, real GDP, urbanization, VECM.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 92212563 The Politics of Foreign Direct Investment for Socio-Economic Development in Nigeria: An Assessment of the Fourth Republic Strategies (1999 - 2014)
Authors: Muritala Babatunde Hassan
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In the contemporary global political economy, foreign direct investment (FDI) is gaining currency on daily basis. Notably, the end of the Cold War has brought about the dominance of neoliberal ideology with its mantra of private-sector-led economy. As such, nation-states now see FDI attraction as an important element in their approach to national development. Governments and policy makers are preoccupying themselves with unraveling the best strategies to not only attract more FDI but also to attain the desired socio-economic development status. In Nigeria, the perceived development potentials of FDI have brought about aggressive hunt for foreign investors, most especially since transition to civilian rule in May 1999. Series of liberal and market oriented strategies are being adopted not only to attract foreign investors but largely to stimulate private sector participation in the economy. It is on this premise that this study interrogates the politics of FDI attraction for domestic development in Nigeria between 1999 and 2014, with the ultimate aim of examining the nexus between regime type and the ability of a state to attract and benefit from FDI. Building its analysis within the framework of institutional utilitarianism, the study posits that the essential FDI strategies for achieving the greatest happiness for the greatest number of Nigerians are political not economic. Both content analysis and descriptive survey methodology were employed in carrying out the study. Content analysis involves desk review of literatures that culminated in the development of the study’s conceptual and theoretical framework of analysis. The study finds no significant relationship between transition to democracy and FDI inflows in Nigeria, as most of the attracted investments during the period of the study were market and resource seeking as was the case during the military regime, thereby contributing minimally to the socio-economic development of the country. It is also found that the country placed much emphasis on liberalization and incentives for FDI attraction at the neglect of improving the domestic investment environment. Consequently, poor state of infrastructure, weak institutional capability and insecurity were identified as the major factors seriously hindering the success of Nigeria in exploiting FDI for domestic development. Given the reality of the currency of FDI as a vector of economic globalization and that Nigeria is trailing the line of private-sector-led approach to development, it is recommended that emphasis should be placed on those measures aimed at improving the infrastructural facilities, building solid institutional framework, enhancing skill and technological transfer and coordinating FDI promotion activities by different agencies and at different levels of government.
Keywords: Foreign capital, politics, socio-economic development, FDI attraction strategies, Redemocratization.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 82112562 The Effect of Screw Parameters on Pullout Strength of Screw Fixation in Cervical Spine
Authors: S. Ritddech, P. Aroonjarattham, K. Aroonjarattham
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The pullout strength had an effect on the stability of plate screw fixation when inserted in the cervical spine. Nine different titanium alloy bone screws were used to test the pullout strength through finite element analysis. The result showed that the Moss Miami I can bear the highest pullout force at 1,075 N, which causes the maximum von Mises stress at 858.87 MPa, a value over the yield strength of titanium. The bone screw should have large outer diameter, core diameter and proximal root radius to increase the pullout strength.
Keywords: Pullout strength, Screw parameter, Cervical spine, Finite element analysis.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 310312561 A Study on the Effect of Variation of the Cross-sectional Area of Spiral Volute Casing for Centrifugal Pump
Authors: Hyun Bae Jin, Myung Jin Kim, Wui Jun Chung
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The impeller and the casing are the key components of a centrifugal pump. Although there have been many studies on the impeller and the volute casing of centrifugal pump, further study of the volute casing to improve the performance of centrifugal pumps is needed. In this paper, the effect of cross-sectional area on the performance of volute casing was investigated using a commercial CFD code. The performance characteristics, not only at the off-design point but also for a full type model are required these days. So we conducted numerical analysis for all operating points by using complete geometry through transient analysis. Transient analysis on the complete geometry of a real product has the advantage of simulating realistic flow. The results of this study show the variation of a performance curve by modifying the above-mentioned design parameter.Keywords: Centrifugal Pump, Volute Casing, Cross-Section area, CFD
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 369112560 Performance of Stiffened Slender Built up Steel I-Columns
Authors: M. E. Abou-Hashem El Dib, M. K. Swailem, M. M. Metwally, A. I. El Awady
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The present work illustrates a parametric study for the effect of stiffeners on the performance of slender built up steel I-columns. To achieve the desired analysis, finite element technique is used to develop nonlinear three-dimensional models representing the investigated columns. The finite element program (ANSYS 13.0) is used as a calculation tool for the necessary nonlinear analysis. A validation of the obtained numerical results is achieved. The considered parameters in the study are the column slenderness ratio and the horizontal stiffener's dimensions as well as the number of stiffeners. The dimensions of the stiffeners considered in the analysis are the stiffener width and the stiffener thickness. Numerical results signify a considerable effect of stiffeners on the performance and failure load of slender built up steel I-columns.Keywords: Steel I-columns, local buckling, slender, stiffener, thin walled section.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 120412559 CFD Analysis of a Centrifugal Fan for Performance Enhancement using Converging Boundary Layer Suction Slots
Authors: K. Vasudeva Karanth, N. Yagnesh Sharma
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Generally flow behavior in centrifugal fan is observed to be in a state of instability with flow separation zones on suction surface as well as near the front shroud. Overall performance of the diffusion process in a centrifugal fan could be enhanced by judiciously introducing the boundary layer suction slots. With easy accessibility of CFD as an analytical tool, an extensive numerical whole field analysis of the effect of boundary layer suction slots in discrete regions of suspected separation points is possible. This paper attempts to explore the effect of boundary layer suction slots corresponding to various geometrical locations on the impeller with converging configurations for the slots. The analysis shows that the converging suction slots located on the impeller blade about 25% from the trailing edge, significantly improves the static pressure recovery across the fan. Also it is found that Slots provided at a radial distance of about 12% from the leading and trailing edges marginally improve the static pressure recovery across the fan.Keywords: Boundary layer suction converging slot, Flowseparation, Sliding mesh, Unsteady analysis, Recirculation zone, Jetsand wakes.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 297212558 Low Frequency Noise Behavior of Independent Gate Junctionless FinFET
Authors: A. Kamath, Z. X. Chen, C. J. Gu, F. Zheng, X. P. Wang, N. Singh, G-Q. Lo
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In this paper we use low frequency noise analysis to understand and map the current conduction path in a multi gate junctionless FinFET. The device used in this study behaves as a gated resistor and shows excellent short channel effect suppression due to its multi gate structure. Generally for a bulk conduction device like the junctionless device studied in this work, the low frequency noise can be modelled using the mobility fluctuation model; however for this device we can also see the effect of carrier fluctuations on the LFN characteristic. The noise characteristic at different gate bias and also the possible location of the traps is explained.
Keywords: LFN analysis, junctionless, Current conduction path, FinFET.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 206112557 The Effect of Transformer’s Vector Group on Retained Voltage Magnitude and Sag Frequency at Industrial Sites Due to Faults
Authors: M. N. Moschakis, V. V. Dafopoulos, I. G. Andritsos, E. S. Karapidakis, J. M. Prousalidis
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This paper deals with the effect of a power transformer’s vector group on the basic voltage sag characteristics during unbalanced faults at a meshed or radial power network. Specifically, the propagation of voltage sags through a power transformer is studied with advanced short-circuit analysis. A smart method to incorporate this effect on analytical mathematical expressions is proposed. Based on this methodology, the positive effect of transformers of certain vector groups on the mitigation of the expected number of voltage sags per year (sag frequency) at the terminals of critical industrial customers can be estimated.
Keywords: Balanced and unbalanced faults, industrial design, phase shift, power quality, power systems, voltage sags (or dips).
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1015412556 The Effect of Electric Field Distributions on Grains and Insect for Dielectric Heating Applications
Authors: S. Santalunai, T. Thosdeekoraphat, C. Thongsopa
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This paper presents the effect of electric field distribution which is an electric field intensity analysis. Consideration of the dielectric heating of grains and insects, the rice and rice weevils are utilized for dielectric heating analysis. Furthermore, this analysis compares the effect of electric field distribution in rice and rice weevil. In this simulation, two copper plates are used to generate the electric field for dielectric heating system and put the rice materials between the copper plates. The simulation is classified in two cases, which are case I one rice weevil is placed in the rice and case II two rice weevils are placed at different position in the rice. Moreover, the probes are located in various different positions on plate. The power feeding on this plate is optimized by using CST EM studio program of 1000 watt electrical power at 39 MHz resonance frequency. The results of two cases are indicated that the most electric field distribution and intensity are occurred on the rice and rice weevils at the near point of the probes. Moreover, the heat is directed to the rice weevils more than the rice. When the temperature of rice and rice weevils are calculated and compared, the rice weevils has the temperature more than rice is about 41.62 Celsius degrees. These results can be applied for the dielectric heating applications to eliminate insect.
Keywords: Copper plates, Electric field distribution, Dielectric heating.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 228412555 Effect of Shear Wall Openings on the Fundamental Period of Shear Wall Structures
Authors: Anas M. Fares, A. Touqan
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A common approach in resisting lateral forces is the use of reinforced concrete shear walls in buildings. These walls represent the main elements to resist the lateral forces due to their large strength and stiffness. However, such walls may contain many openings due to functional requirements, and this may largely affect the overall lateral stiffness of them. It is thus of prime importance to quantify the effect of openings on the dynamic performance of the shear walls. SAP2000 structural analysis program is used as a main source after verifying the results. This study is made by using linear elastic analysis. The results are compared to ASCE7-16 code empirical equations for estimating the fundamental period of shear wall structures. Finally, statistical regression is used to fit an equation for estimating the increase in the fundamental period of shear-walled regular structures due to windows openings in the walls.Keywords: Concrete, earthquake-resistant design, finite element, fundamental period, lateral stiffness, linear analysis, modal analysis, rayleigh, SAP2000, shear wall, ASCE7-16.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 138312554 Simulation Aided Life Cycle Sustainability Assessment Framework for Manufacturing Design and Management
Authors: Mijoh A. Gbededo, Kapila Liyanage, Ilias Oraifige
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Decision making for sustainable manufacturing design and management requires critical considerations due to the complexity and partly conflicting issues of economic, social and environmental factors. Although there are tools capable of assessing the combination of one or two of the sustainability factors, the frameworks have not adequately integrated all the three factors. Case study and review of existing simulation applications also shows the approach lacks integration of the sustainability factors. In this paper we discussed the development of a simulation based framework for support of a holistic assessment of sustainable manufacturing design and management. To achieve this, a strategic approach is introduced to investigate the strengths and weaknesses of the existing decision supporting tools. Investigation reveals that Discrete Event Simulation (DES) can serve as a rock base for other Life Cycle Analysis frameworks. Simio-DES application optimizes systems for both economic and competitive advantage, Granta CES EduPack and SimaPro collate data for Material Flow Analysis and environmental Life Cycle Assessment, while social and stakeholders’ analysis is supported by Analytical Hierarchy Process, a Multi-Criteria Decision Analysis method. Such a common and integrated framework creates a platform for companies to build a computer simulation model of a real system and assess the impact of alternative solutions before implementing a chosen solution.
Keywords: Discrete event simulation, life cycle sustainability analysis, manufacturing, sustainability.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 124312553 Impact of Fiscal Policy on Economic Growth under the Contributions of Level of External Debt in Developing Countries
Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee
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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver. Different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study. Also, high levels of external debt will influence economic growth. Through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. The finding of this study suggests that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors in which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.
Keywords: fiscal policy, external debt, gross domestic product, developing countries
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 40412552 Time Series Simulation by Conditional Generative Adversarial Net
Authors: Rao Fu, Jie Chen, Shutian Zeng, Yiping Zhuang, Agus Sudjianto
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Generative Adversarial Net (GAN) has proved to be a powerful machine learning tool in image data analysis and generation. In this paper, we propose to use Conditional Generative Adversarial Net (CGAN) to learn and simulate time series data. The conditions include both categorical and continuous variables with different auxiliary information. Our simulation studies show that CGAN has the capability to learn different types of normal and heavy-tailed distributions, as well as dependent structures of different time series. It also has the capability to generate conditional predictive distributions consistent with training data distributions. We also provide an in-depth discussion on the rationale behind GAN and the neural networks as hierarchical splines to establish a clear connection with existing statistical methods of distribution generation. In practice, CGAN has a wide range of applications in market risk and counterparty risk analysis: it can be applied to learn historical data and generate scenarios for the calculation of Value-at-Risk (VaR) and Expected Shortfall (ES), and it can also predict the movement of the market risk factors. We present a real data analysis including a backtesting to demonstrate that CGAN can outperform Historical Simulation (HS), a popular method in market risk analysis to calculate VaR. CGAN can also be applied in economic time series modeling and forecasting. In this regard, we have included an example of hypothetical shock analysis for economic models and the generation of potential CCAR scenarios by CGAN at the end of the paper.
Keywords: Conditional Generative Adversarial Net, market and credit risk management, neural network, time series.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 111712551 The Characteristics of a Fair and Efficient Tax Auditing Information System as a Tool against Tax Evasion: A Theoretical Framework
Authors: Dimitris Balios, Stefanos Tantos
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Economic growth and social evolution are connected to trust relationships in a society. The quality of the accounting information, the tax information system and the tax audit mechanism evolve multiple benefits in an economy. Tax evasion, the illegal practice where people and companies do not pay taxes, is a crime because of the negative effect in economy and society. In this paper, we describe a theoretical framework on the characteristics of a fair and efficient tax auditing information system which could be a tool against tax evasion, a tool for an economy to grow, especially in countries that face fluctuations in economic activity. We conclude that a fair and efficient tax auditing information system increases the reliability of tax administration, improves taxpayers’ tax compliance and causes a developmental trajectory for the economy.
Keywords: Auditing information system, auditing mechanism, tax evasion, taxation, quality of accounting information.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 104112550 Impact of the Non-Energy Sectors Diversification on the Energy Dependency Mitigation: Visualization by the “IntelSymb” Software Application
Authors: Ilaha Rzayeva, Emin Alasgarov, Orkhan Karim-Zada
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This study attempts to consider the linkage between management and computer sciences in order to develop the software named “IntelSymb” as a demo application to prove data analysis of non-energy* fields’ diversification, which will positively influence on energy dependency mitigation of countries. Afterward, we analyzed 18 years of economic fields of development (5 sectors) of 13 countries by identifying which patterns mostly prevailed and which can be dominant in the near future. To make our analysis solid and plausible, as a future work, we suggest developing a gateway or interface, which will be connected to all available on-line data bases (WB, UN, OECD, U.S. EIA) for countries’ analysis by fields. Sample data consists of energy (TPES and energy import indicators) and non-energy industries’ (Main Science and Technology Indicator, Internet user index, and Sales and Production indicators) statistics from 13 OECD countries over 18 years (1995-2012). Our results show that the diversification of non-energy industries can have a positive effect on energy sector dependency (energy consumption and import dependence on crude oil) deceleration. These results can provide empirical and practical support for energy and non-energy industries diversification’ policies, such as the promoting of Information and Communication Technologies (ICTs), services and innovative technologies efficiency and management, in other OECD and non-OECD member states with similar energy utilization patterns and policies. Industries, including the ICT sector, generate around 4 percent of total GHG, but this is much higher — around 14 percent — if indirect energy use is included. The ICT sector itself (excluding the broadcasting sector) contributes approximately 2 percent of global GHG emissions, at just under 1 gigatonne of carbon dioxide equivalent (GtCO2eq). Ergo, this can be a good example and lesson for countries which are dependent and independent on energy, and mainly emerging oil-based economies, as well as to motivate non-energy industries diversification in order to be ready to energy crisis and to be able to face any economic crisis as well.Keywords: Energy policy, energy diversification, “IntelSymb” software, renewable energy.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 163812549 Social Business Models: When Profits and Impacts Are Not at Odds
Authors: Elisa Pautasso, Matteo Castagno, Michele Osella
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In the last decade the emergence of new social needs as an effect of the economic crisis has stimulated the flourishing of business endeavours characterised by explicit social goals. Social start-ups, social enterprises or Corporate Social Responsibility operations carried out by traditional companies are quintessential examples in this regard. This paper analyses these kinds of initiatives in order to discover the main characteristics of social business models and to provide insights to social entrepreneurs for developing or improving their strategies. The research is conducted through the integration of literature review and case study analysis and, thanks to the recognition of the importance of both profits and social impacts as the key success factors for a social business model, proposes a framework for identifying indicators suitable for measuring the social impacts generated.Keywords: Business model, case study, impacts, social business.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 175212548 Non-Convex Multi Objective Economic Dispatch Using Ramp Rate Biogeography Based Optimization
Authors: Susanta Kumar Gachhayat, S. K. Dash
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Multi objective non-convex economic dispatch problems of a thermal power plant are of grave concern for deciding the cost of generation and reduction of emission level for diminishing the global warming level for improving green-house effect. This paper deals with ramp rate constraints for achieving better inequality constraints so as to incorporate valve point loading for cost of generation in thermal power plant through ramp rate biogeography based optimization involving mutation and migration. Through 50 out of 100 trials, the cost function and emission objective function were found to have outperformed other classical methods such as lambda iteration method, quadratic programming method and many heuristic methods like particle swarm optimization method, weight improved particle swarm optimization method, constriction factor based particle swarm optimization method, moderate random particle swarm optimization method etc. Ramp rate biogeography based optimization applications prove quite advantageous in solving non convex multi objective economic dispatch problems subjected to nonlinear loads that pollute the source giving rise to third harmonic distortions and other such disturbances.
Keywords: Economic load dispatch, Biogeography based optimization, Ramp rate biogeography based optimization, Valve Point loading, Moderate random particle swarm optimization method, Weight improved particle swarm optimization method
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 99412547 Impact of Loading Conditions on the Emission- Economic Dispatch
Authors: M. R. Alrashidi, M. E. El-Hawary
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Environmental awareness and the recent environmental policies have forced many electric utilities to restructure their operational practices to account for their emission impacts. One way to accomplish this is by reformulating the traditional economic dispatch problem such that emission effects are included in the mathematical model. This paper presents a Particle Swarm Optimization (PSO) algorithm to solve the Economic- Emission Dispatch problem (EED) which gained recent attention due to the deregulation of the power industry and strict environmental regulations. The problem is formulated as a multi-objective one with two competing functions, namely economic cost and emission functions, subject to different constraints. The inequality constraints considered are the generating unit capacity limits while the equality constraint is generation-demand balance. A novel equality constraint handling mechanism is proposed in this paper. PSO algorithm is tested on a 30-bus standard test system. Results obtained show that PSO algorithm has a great potential in handling multi-objective optimization problems and is capable of capturing Pareto optimal solution set under different loading conditions.Keywords: Economic emission dispatch, economic cost dispatch, particle swarm, multi-objective optimization.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 184912546 Effect of Valve Pressure Drop in Exergy Analysis of C2+ Recovery Plants Refrigeration Cycles
Authors: B. Tirandazi, M. Mehrpooya, A. Vatani
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This paper provides an exergy analysis of the multistage refrigeration cycle used for C2+ recovery plant. The behavior of an industrial refrigeration cycle with refrigerant propane has been investigated by the exergy method. A computational model based on the exergy analysis is presented for the investigation of the effects of the valves on the exergy losses, the second law of efficiency, and the coefficient of performance (COP) of a vapor compression refrigeration cycle. The equations of exergy destruction and exergetic efficiency for the main cycle components such as evaporators, condensers, compressors, and expansion valves are developed. The relations for the total exergy destruction in the cycle and the cycle exergetic efficiency are obtained. An ethane recovery unit with its refrigeration cycle has been simulated to prepare the exergy analysis. Using a typical actual work input value; the exergetic efficiency of the refrigeration cycle is determined to be 39.90% indicating a great potential for improvements. The simulation results reveal that the exergetic efficiencies of the heat exchanger and expansion sections get the lowest rank among the other compartments of refrigeration cycle. Refrigeration calculations have been carried out through the analysis of T–S and P–H diagrams where coefficient of performance (COP) was obtained as 1.85. The novelty of this article includes the effect and sensitivity analysis of molar flow, pressure drops and temperature on the exergy efficiency and coefficient of performance of the cycle.
Keywords: exergy; Valve; CRP; refrigeration cycle; propane refrigerant; C2+ Recovery; Ethane Recovery;.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 115912545 Payment for Pain: Differences between Hypothetical and Real Preferences
Authors: J. Trarbach, S. Schosser, B. Vogt
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Decision-makers tend to prefer the first alternative over subsequent alternatives which is called the primacy effect. To reliably measure this effect, we conducted an experiment with real consequences for preference statements. Therefore, we elicit preferences of subjects using a rating scale, i.e. hypothetical preferences, and willingness to pay, i.e. real preferences, for two sequences of pain. Within these sequences, both overall intensity and duration of pain are identical. Hence, a rational decision-maker should be indifferent, whereas the primacy effect predicts a stronger preference for the first sequence. What we see is a primacy effect only for hypothetical preferences. This effect vanishes for real preferences.
Keywords: Decision making, primacy effect, real incentives, willingness to pay.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 82412544 A Post Keynesian Environmental Macroeconomic Model for Agricultural Water Sustainability under Climate Change in the Murray-Darling Basin, Australia
Authors: Ke Zhao, Ballarat Colin Richardson, Jerry Courvisanos, John Crawford
Abstract:
Climate change has profound consequences for the agriculture of south-eastern Australia and its climate-induced water shortage in the Murray-Darling Basin. Post Keynesian Economics (PKE) macro-dynamics, along with Kaleckian investment and growth theory, are used to develop an ecological-economic system dynamics model of this complex nonlinear river basin system. The Murray- Darling Basin Simulation Model (MDB-SM) uses the principles of PKE to incorporate the fundamental uncertainty of economic behaviors of farmers regarding the investments they make and the climate change they face, particularly as regards water ecosystem services. MDB-SM provides a framework for macroeconomic policies, especially for long-term fiscal policy and for policy directed at the sustainability of agricultural water, as measured by socio-economic well-being considerations, which include sustainable consumption and investment in the river basin. The model can also reproduce other ecological and economic aspects and, for certain parameters and initial values, exhibit endogenous business cycles and ecological sustainability with realistic characteristics. Most importantly, MDBSM provides a platform for the analysis of alternative economic policy scenarios. These results reveal the importance of understanding water ecosystem adaptation under climate change by integrating a PKE macroeconomic analytical framework with the system dynamics modelling approach. Once parameterised and supplied with historical initial values, MDB-SM should prove to be a practical tool to provide alternative long-term policy simulations of agricultural water and socio-economic well-being.
Keywords: Agricultural water, Macroeconomic dynamics, Modeling, Investment dynamics, Sustainability, Unemployment, Economics, Keynesian, Kaleckian.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 212012543 The Need for Selective Credit Policy Implementation: Case of Croatia
Authors: Drago Jakovcevic, Mihovil Andelinovic, Igor Husak
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The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.
Keywords: Global crisis, Selective credit policy, Small open economy.
Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1571