Search results for: economic order quantity

Authors: Christina Babatsou, Efthimios Zervas

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Since 2008 a new economic crisis is present is the entire planet. This crisis affects several domains of the economic but also of the social life. Consumption decreases due to the lack of necessary resources of households to increase their expenditures. The car manufacturing is one of the main industrial activities in European Union (EU) and the present crisis particularly affects it. The present study examines the correlations between several socio-economic indicators and car market in European Union. The target is to find out the impact of the present economic crisis on the car market in EU.

Keywords: European Union, Passenger cars, Social indicators, Correlations

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Authors: Alireza Saviz, Sedigheh Zarei

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Foreign Direct Investment (FDI) is an integral part of an open and effective international economic system and a major catalyst to development. Developing countries, emerging economies and countries in transition have come increasingly to see FDI as a source of economic development modernization, income growth and employment. FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic investment. Exploratory research is being conducted here. The data for the study is collected from secondary sources like research papers, journals, websites and reports. This paper aim was to generate knowledge on Iran’s situation through these factors after lifting sanction in comparison to Turkey. Although the most important factors that influence foreign investor decisions vary depending on the countries, sectors, years, and the objective of investor, nowadays governments should pay more attention to human resources education, marketing, infrastructure and administrative process in order to attracting foreign investors. A proper understanding of these findings will help governments to create appropriate policies in order to encourage more foreign investors

Keywords: FDI, foreign investor, comparative study, host country.

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Authors: Okwan Frank

Abstract:

Maternal health outcome is one of the major population development challenges in Sub-Saharan Africa. The region has the highest maternal mortality ratio, despite the progressive economic growth in the region during the global economic crisis. It has been hypothesized that increase in economic growth will reduce the level of maternal mortality. The purpose of this study is to investigate the existence of the negative relationship between health outcome proxy by maternal mortality ratio and economic growth in Sub-Saharan Africa. The study used the Pooled Mean Group estimator of ARDL Autoregressive Distributed Lag (ARDL) and the Kao test for cointegration to examine the short-run and long-run relationship between maternal mortality and economic growth. The results of the cointegration test showed the existence of a long-run relationship between the variables considered for the study. The long-run result of the Pooled Mean group estimates confirmed the hypothesis of an inverse relationship between maternal health outcome proxy by maternal mortality ratio and economic growth proxy by Gross Domestic Product (GDP) per capita. Thus increasing economic growth by investing in the health care systems to reduce pregnancy and childbirth complications will help reduce maternal mortality in the sub-region.

Keywords: Economic growth, maternal mortality, pool mean group, Sub-Saharan Africa.

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Authors: M. Fems Kurotimi, Agada Franklin, Godsave Aladei, Opigo Helen

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Within the last 30 years, entrepreneurship education (EE) has continued to gain massive interest both in the field of research and among policy makers. This surge in interest can be attributed to the perceived importance EE plays in the equipping of potential entrepreneurs and as a 21^st century strategy to foster economic growth and development. This paper sets out to ascertain the correlation between EE and economic growth and development. A desk research approach was adopted where a multiplicity of literatures in the field were studied intensely. The findings reveal that indeed EE has a positive effect on entrepreneurship engagement thereby fostering economic growth and development. However, some research studies reported the contrary. That although EE may be able to equip potential entrepreneurs with requisite entrepreneurial skills and competencies, it will only be successful in producing entrepreneurs if they are internally driven to become entrepreneurs, because we cannot make people what they are not. The findings also reveal that countries that adopted EE early have more innovations inspired by entrepreneurs and are more developed than those that only recently adopted EE as a viable tool for entrepreneurship and economic development.

Keywords: Entrepreneurship, entrepreneurship education, economic development, economic growth, sustainable development.

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Authors: Young Sik Kim, Tae Kwon Ha

Abstract:

This article considers the problems of economic growth and Russian energy strategy. Also in this paper, the issues related to the economic growth prospects of Russian were discussed. Russian energy strategy without standing Russia`s stature in global energy markets, at the current production and extraction rates, will not be able to sustain its own production as well as fulfil its energy strategy. Indeed, Russia’s energy sector suffers from a chronic lack of investments which are necessary to modernize its energy supply system. In recent years, especially since the international financial crisis, Russia-EU energy cooperation has made substantive progress. Recently the break-through progress has been made, resulting mainly from long-term contributing factors between the countries and recent international economic and political situation changes. Analytical material presented in the article is intended for a more detailed or substantive analysis related to foreign economic relations of the countries and Russia as well.

Keywords: Russia, Energy strategy, Economic growth, Cooperation.

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Authors: Mohammed I. Abouheaf, Sofie Haesaert, Wei-Jen Lee, Frank L. Lewis

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Economic Dispatch is one of the most important power system management tools. It is used to allocate an amount of power generation to the generating units to meet the load demand. The Economic Dispatch problem is a large scale nonlinear constrained optimization problem. In general, heuristic optimization techniques are used to solve non-convex Economic Dispatch problem. In this paper, ideas from Reinforcement Learning are proposed to solve the non-convex Economic Dispatch problem. Q-Learning is a reinforcement learning techniques where each generating unit learn the optimal schedule of the generated power that minimizes the generation cost function. The eligibility traces are used to speed up the Q-Learning process. Q-Learning with eligibility traces is used to solve Economic Dispatch problems with valve point loading effect, multiple fuel options, and power transmission losses.

Keywords: Economic Dispatch, Non-Convex Cost Functions, Valve Point Loading Effect, Q-Learning, Eligibility Traces.

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Authors: Abdoullah Namdar, Fadzil Mat Yahaya

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The waste agriculture materials cause environment pollution, recycle of these materials help sustainable development. This study focused on the impact of used oil palm shell ash on the compressive and flexural strengths of cement mortar. Two different cement mortar mixes have been designed to investigate the impact of oil palm shell ash on strengths of cement mortar. Quantity of 4% oil palm shell ash has been replaced in cement mortar. The main objective of this paper is, to modify mechanical properties of cement mortar by replacement of oil palm ash in it at early age of 7 days. The results have been revealed optimum quantity of oil palm ash for replacement in cement mortar. The deflection, load to failure, time to failure of compressive strength and flexural strength of all specimens have significantly been improved. The stress-strain behavior has been indicated ability of modified cement mortar in control stress path and strain. The micro property of cement paste has not been investigated.

Keywords: Minerals, additive, flexural strength, compressive strength, modulus of elasticity.

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Authors: T. H. Bitebe, T. M. Lima, F. Charrua-Santos, C. J. Matias Oliveira

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This study aims to present a proposal for an economic integration model for the development of the manufacturing industry in Cabinda, Angola. It seeks to analyze the degree of economic integration of Cabinda and the dynamics of the manufacturing industry. Therefore, in the same way, to gather information to support the decision-making for public financing programs that will aim at the disengagement of the manufacturing industry in Angola and Cabinda in particular. The Cabinda Province is the 18^th of Angola, the enclave is located in a privileged area of the African and arable land.

Keywords: Economic integration, industrial development, Cabinda industry, Angola.

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Authors: S. Dhib, S. A. Addouche, T. Loukil, A. Elmhamedi

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In this paper, a reverse supply chain network is investigated for a decision making. This decision is surrounded by complex flows of returned products, due to the increasing quantity, the type of returned products and the variety of recovery option products (reuse, recycling, and refurbishment). The most important problem in the reverse logistic network (RLN) is to orient returned products to the suitable type of recovery option. However, returned products orientations from collect sources to the recovery disposition have not well considered in performance model. In this study, we propose a performance model for designing a network configuration on reverse logistics. Conceptual and analytical models are developed with taking into account operational, economic and environmental factors on designing network.

Keywords: Reverse logistics, Network design, Performance model, Open loop configuration.

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Authors: M. Ilyas, M. W. Siddiqi

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This study employs auto-regressive distributed lag (ARDL) bounds approach to cointegration for long run and errorcorrection modeling (ECM) for short run analysis to examine the relationship between revenue gap and economic growth for Pakistan using annual time series data over the period 1980 to 2008. The short and long run results indicate that revenue gap is statistical significant and negatively effect economic growth. The significant and negative coefficient of error correction term in ECM indicates that after a shock, the long rum equilibrium will again converge towards equilibrium about 10.406 percent within a year.

Keywords: ARDL cointegration, Economic Growth, RevenueGap, Pakistan.

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Authors: Fatma Didin Sonmez, Pinar Sener

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Technology transfer by international trade and foreign direct investment is the most important positive outcome of open economy. It is widely accepted that new technology and knowledge have an important role in enhancing economic growth. Human capital is the other important factor assisting economic growth. In this study, the role of human capital in the growth process is examined in a view of new endogenous growth theory emphasizing on the technology transfer resulting from international trade. Using the panel data of 10 developed and 10 developing countries, impact of human capital and openness on the rate of economic growth of different countries is analysed. Evidence suggests the view that human capital and openness contribute to the economic growth in both developing and developed countries, but with different rates.

Keywords: economic growth, human capital, openness, technology

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Authors: Troy L. Story

Abstract:

A mathematical model for the Dynamics of Economic Profit is constructed by proposing a characteristic differential oneform for this dynamics (analogous to the action in Hamiltonian dynamics). After processing this form with exterior calculus, a pair of characteristic differential equations is generated and solved for the rate of change of profit P as a function of revenue R (t) and cost C (t). By contracting the characteristic differential one-form with a vortex vector, the Lagrangian is obtained for the Dynamics of Economic Profit.

Keywords: Differential geometry, exterior calculus, Hamiltonian geometry, mathematical economics, economic functions, and dynamics

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Authors: E.Assareh, M.A. Behrang, R. Assareh, N. Hedayat

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An integrated Artificial Neural Network- Particle Swarm Optimization (PSO) is presented for analyzing global electricity consumption. To aim this purpose, following steps are done: STEP 1: in the first step, PSO is applied in order to determine world-s oil, natural gas, coal and primary energy demand equations based on socio-economic indicators. World-s population, Gross domestic product (GDP), oil trade movement and natural gas trade movement are used as socio-economic indicators in this study. For each socio-economic indicator, a feed-forward back propagation artificial neural network is trained and projected for future time domain. STEP 2: in the second step, global electricity consumption is projected based on the oil, natural gas, coal and primary energy consumption using PSO. global electricity consumption is forecasted up to year 2040.

Keywords: Particle Swarm Optimization, Artificial NeuralNetworks, Fossil Fuels, Electricity, Forecasting.

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Authors: Burja C., Burja V.

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The paper presents the Romanian realities and perspectives from the point of view of reaching the sustainable development model in the context of the recent accession to the European Union, based on the analysis of the indicators listed in the EU Sustainable Development Strategy. The analysis of the economic-social potential for sustainable development and of the environment aspects show that the objectives stipulated in the renewed EU Sustainable Development Strategy of 2006 can be reached, but an extra effort must be put-in in order to overcome the existing substantial gaps in several areas in relation to the developed countries of the EU. The paper-s conclusions show that even if sustainable development is not an easy target to reach in Romania, there are resources and a growing potential, which can lead to sustainable development if used rationally.

Keywords: Ecological dimension, economic-social potential, strategy, sustainable development

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Authors: D. Mojo, Y. Todo, P. Matous

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In this paper, perceptions of actors on changes in crop productivity, quantity and quality of water, and determinants of their perception are analyzed using descriptive statistics and ordered logit model. Data collected from 297 Ethiopian farmers and 103 agricultural professionals from December 2009 to January 2010 are employed. Results show that the majority of the farmers and professionals recognized decline in water resources, reasoning climate changes and soil erosion as some of the causes. However, there is a variation in views on changes in productivity. The household asset, education level, age and geographical positions are found to affect farmers- perception on changes in crop productivity. But, the study underlines that there is no evidence that farmers- economic status, age, or education level affects recognition of degradation of water resources. Thus, more focus shall be given on providing them different coping mechanisms and alternative resource conserving technologies than educating about the problems.

Keywords: Agricultural Sustainability, Ethiopia, Perception, Productivity, Water Resources

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Authors: Josephine S. Larkings, Patricia M. Brown

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Mental health professionals views about mental illness is an important issue which has not received enough attention. The negative stigma associated with mental illness can have many negative consequences. Unfortunately, health professionals working with the mentally ill can also exhibit stigma. It has been suggested that causal explanations or beliefs around the causes of mental illness may influence stigma. This study aims to gain a greater insight into stigma through examining stigma among potential mental health professionals. Firstly, results found that potential mental health professionals had relatively low social distance t(205) = -3.62, p <.001. Secondly, an ANOVA indicated that the participants endorsed some causal beliefs more than others, F(1.82, 311.55) = 88.47, p < .001, partial n2 = .34. Moreover, participants endorsed the biological causal explanation the most. Thirdly, results indicated that combined contact (quality and quantity) and causal beliefs (biological, psychological, and environmental) explained a significant proportion of the variance in stigma, R2 = .35, adjusted R2 = .33, F(5, 153) = 16.66, p < .001. Quality of contact was the strongest predictor, with greater quality of contact associated with lower desired social distance. Also, quantity of contact, psychological and environmental causal explanations were also significant predictors of stigma. Greater quantity of contact and higher levels of environmental causal beliefs were associated with lower levels of stigma while psychological causal explanations were associated with higher levels of stigma. A series of multiple regression analyses were conducted that showed the three causal beliefs had different impacts on four factors of stigma (Authoritarian, Benevolence, Social restrictiveness, and Community mental health ideology). These analyses showed that psychological causal beliefs had the most positive impact. More research is required on this topic as it has important implications to the treatment and recovery for people suffering from mental illness.

Keywords: Causal beliefs, contact, health professionals, mental illness stigma, social distance.

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Authors: A. M. Omoare, E. O. Fakoya, B. G. Abiona, W. O. Oyediran

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This study assessed fish marketing as panacea towards sustainable agriculture in Ogun State, Nigeria. Multi-stage sampling technique was used in the selection of 150 fish marketers for this study. Descriptive statistics were used for the objectives while Product Pearson Moment Correlation was used to test the hypothesis. Result of the findings revealed that the mean age of the respondents was 38.60 years. Majority (93.33%) of the respondents had acceptable levels of formal education. Many (44.00%) of the respondents had spent 1-5 years in fish marketing. The average quantity of fish sold in a day was 94.10kg. However, efficient fish marketing were hindered by inadequate processing equipment, storage rooms and ice holding facilities (86.67%). There was a significant relationship between socio-economic characteristics and profit realized from fish marketing (p < 0.05). It was recommended that storage and warehousing facilities should be provided to the fish marketers in the study area.

Keywords: Fish marketers, panacea, retail markets, sustainable.

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Authors: S. Rao Rayapudi

Abstract:

Economic Load Dispatch (ELD) is a method of determining the most efficient, low-cost and reliable operation of a power system by dispatching available electricity generation resources to supply load on the system. The primary objective of economic dispatch is to minimize total cost of generation while honoring operational constraints of available generation resources. In this paper an intelligent water drop (IWD) algorithm has been proposed to solve ELD problem with an objective of minimizing the total cost of generation. Intelligent water drop algorithm is a swarm-based natureinspired optimization algorithm, which has been inspired from natural rivers. A natural river often finds good paths among lots of possible paths in its ways from source to destination and finally find almost optimal path to their destination. These ideas are embedded into the proposed algorithm for solving economic load dispatch problem. The main advantage of the proposed technique is easy is implement and capable of finding feasible near global optimal solution with less computational effort. In order to illustrate the effectiveness of the proposed method, it has been tested on 6-unit and 20-unit test systems with incremental fuel cost functions taking into account the valve point-point loading effects. Numerical results shows that the proposed method has good convergence property and better in quality of solution than other algorithms reported in recent literature.

Keywords: Economic load dispatch, Transmission loss, Optimization, Valve point loading, Intelligent Water Drop Algorithm.

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Authors: Azhar E. Serikkaliyeva, Nurzhamal A. Aldabek

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The purpose of this article is to analyze economic and political tendencies of development of integration processes with different developing level and speed on the Eurasian space, by considering two organizations at the region – Eurasian Economic Community and Shanghai Cooperation Organization, by considering the interests of participations in organizations of Russia and China as a global powers and Kazakhstan as a leader among the Central Asian countries. This article investigates what certain goals Eurasian countries (especially Russia, Kazakhstan and China) are waiting from integration within the SCO and the EurAsEC, linking the process with the theories of regional integration. After European debt crisis it is more topically to research the integration within the specific region's conditions.

Keywords: Eurasian Economic Community, China, Kazakhstan, Shanghai Cooperation Organization, Regional integration, Russia.

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Authors: A. Kumar, V. Devadas

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Energy is the basic element for any country’s economic development. India is one of the most populated countries, and is dependent on fossil fuel and nuclear-based energy generation. The energy sector faces huge challenges and is dependent on the import of energy from neighboring countries to fulfill the gap in demand and supply. India has huge setbacks for efficient energy generation, distribution, and consumption, therefore they consume more quantity of energy to produce the same amount of Gross Domestic Product (GDP) compared to the developed countries. Technology and technique use, availability, and affordability in the various sectors are varying according to their economic status. In this paper, an attempt is made to quantify the domestic electrical energy consumption in Jodhpur, India. Survey research methods have been employed and stratified sampling technique-based households were chosen for conducting the investigation. Pre-tested survey schedules are used to investigate the grassroots level study. The collected data are analyzed by employing statistical techniques. Thereafter, a multiple regression model is developed to understand the functions of total electricity consumption in the domestic sector corresponding to other independent variables including electrical appliances, age of the building, household size, education, etc. The study resulted in identifying the governing variable in energy consumption at the household level and their relationship with the efficiency of household-based electrical and energy appliances. The analysis is concluded with the recommendation for optimizing the gap in peak electrical demand and supply in the domestic sector.

Keywords: Appliance, consumption, electricity, households.

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Authors: Mazidah Tajjudin, Norhashim Mohd Arshad, Ramli Adnan

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Fractional-order controller was proven to perform better than the integer-order controller. However, the absence of a pole at origin produced marginal error in fractional-order control system. This study demonstrated the enhancement of the fractionalorder PI over the integer-order PI in a steam temperature control. The fractional-order controller was cascaded with an error compensator comprised of a very small zero and a pole at origin to produce a zero steady-state error for the closed-loop system. Some modification on the error compensator was suggested for different order fractional integrator that can improve the overall phase margin.

Keywords: Fractional-order PI, Ziegler-Nichols tuning, Oustaloup's Recursive Approximation, steam temperature control.

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Authors: Nikoloudi Anastasia, Tsalampouni Aikaterini

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The present paper aims to present the significant role that the concept of governance can play in order to combine naturals resources as useful funding basis for the formation of a stable and effective welfare state model. The combination of those two different fields aims to represent the modern trends of our era as the means to solve the severe financial and economic issues caused mostly due to the malfunction of the welfare state and its public sector. European Union and Asian countries (especially China) are the main areas of interest since EU experiences a fiscal and economic crisis while China rules the area of the natural resources exploiting 97% of rare earths elements worldwide.

Keywords: Governance, natural resources, rare earths elements, welfare state.

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Authors: I. Naeem, R. Naz

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The group invariant solution for Prandtl-s boundary layer equations for an incompressible fluid governing the flow in radial free, wall and liquid jets having finite fluid velocity at the orifice are investigated. For each jet a symmetry is associated with the conserved vector that was used to derive the conserved quantity for the jet elsewhere. This symmetry is then used to construct the group invariant solution for the third-order partial differential equation for the stream function. The general form of the group invariant solution for radial jet flows is derived. The general form of group invariant solution and the general form of the similarity solution which was obtained elsewhere are the same.

Keywords: Two-dimensional jets, radial jets, group invariant solution.

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Authors: Ehigiamusoe, Uyi Kizito

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The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: Economic Growth, Investments, Money Market, Money Market Challenges, Money Market Instruments.

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Authors: Kamila Janovská, Šárka Vilamová, Petr Besta, Iveta Vozňáková, Roman Kozel

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Quantitative methods of economic decision-making as the methodological base of the so called operational research represent an important set of tools for managing complex economic systems,both at the microeconomic level and on the macroeconomic scale. Mathematical models of controlled and controlling processes allow, by means of artificial experiments, obtaining information foroptimalor optimum approaching managerial decision-making.The quantitative methods of economic decision-making usually include a methodology known as structural analysis -an analysisof interdisciplinary production-consumption relations.

Keywords: economic decision-making, mathematical methods, structuralanalysis, technical coefficient

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Authors: Won-Sub Lee, Sung-Gaun Kim

Abstract:

Rotational Smart Lighting Control System can supply the quantity of lighting which is required to run plants by rotating few LED and Fluorescent instead of that are used in the existing plant factories.The initial installation of the existing plants factory is expensive, so in order to solve the problem with smart lighting control system was developed. The beam required intensity for the growth of crops, Photosynthetic Photon Flux Density(PPFD)is calculated; and the number of LED, are installed on the blades, set; using the Lighting Simulation Program.Relux, it is able to confirm that the difference of the beam intensity between the center and the outer of lighting system when the lighting device is rotating.

Keywords: Plant Factory, Lighting Control System, Rotational Lighting System, Lighting Equipment

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Authors: Seyed Mohammad Reza Hosseini

Abstract:

The new institutional Economics helps generalization and expansion of new classic by adding the institution theories to Economic. It is clear that the appropriate institution is among the factors that lead to success in Economic programs. If the institutional are appropriate, the society will save the source and when we make use of time to apply the program, there will be welfare and average revenue product will also increase. In Economy, one should not expect the real manifestation of Economic programs only with a model for estimating and predicting rather institutions of the same purpose and along with production are needed to form the process of growth and development costs. In this research, the institution role in transaction costs, financial markets, distribution of revenue and capital and its influence on the process of growth and development are investigated so that handicaps and problems of Iran Economic Institutions can be recognized. In other words, incapability, non productivity and ambiguity of the institution in Iran Economic are some of the factors that handicap Economic growth and development. For example, Iran government as an important institution while having 20 ministries,83 organizations and 60 years of programming could not go along the growth and development but why?

Keywords: Institution, New institutional economics, Transaction costs.

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Authors: M. Bouguerra, F. Laaouad, I. Habi, R. Azaizia

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In Algeria, now, the oil pumping plants are fed with electric power by independent local sources. This type of feeding has many advantages (little climatic influence, independent operation). However it requires a qualified maintenance staff, a rather high frequency of maintenance and repair and additional fuel costs. Taking into account the increasing development of the national electric supply network (Sonelgaz), a real possibility of transfer of the local sources towards centralized sources appears.These latter cannot only be more economic but more reliable than the independent local sources as well. In order to carry out this transfer, it is necessary to work out an optimal strategy to rebuilding these networks taking in account the economic parameters and the indices of reliability.

Keywords: Optimization, reliability, electric network.

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Authors: Kehinde Damilola Ilesanmi, Dev Datt Tewari

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South Africa is in its post-industrial era moving from the primary and secondary sector to the tertiary sector. The study investigated the impact of the disaggregated energy consumption (coal, oil, and electricity) on the primary, secondary and tertiary sectors of the economy between 1980 and 2012 in South Africa. Using vector error correction model, it was established that South Africa is an energy dependent economy, and that energy (especially electricity and oil) is a limiting factor of growth. This implies that implementation of energy conservation policies may hamper economic growth. Output growth is significantly outpacing energy supply, which has necessitated load shedding. To meet up the excess energy demand, there is a need to increase the generating capacity which will necessitate increased investment in the electricity sector as well as strategic steps to increase oil production. There is also need to explore more renewable energy sources, in order to meet the growing energy demand without compromising growth and environmental sustainability. Policy makers should also pursue energy efficiency policies especially at sectoral level of the economy.

Keywords: Causality, economic growth, energy consumption, hypothesis, sectoral output.

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Authors: Tatyana Boikova

Abstract:

The strong international competition as the factor of rising economic development efficiency should not turn into destructive force for models of social orientation. What result Europe received from the accelerated integration without a long transition period of the accepted countries. Correlative relationship between the research and development expenditure and labor productivity, inflation and the rate economy's growth of the USA and the euro zone, employment and gross value added between Old and New Europe is analyzed in this article. The article estimates the differences in economic growth of Old and New Europe. Correlation rate between cycles of the euro area and the countries of Central and the Eastern Europe very much differs, though some of these countries have high correlation as members of the Economic and Monetary Union. Besides, the majority of the countries of Central and the Eastern Europe does not correspond to criteria of an optimum currency area.

Keywords: endogenous economic growth, sustainability, competitiveness, economic development

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