Search results for: market demand.

Authors: Chaiwat Kongsom, Vitoon Panyakul

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The objective of this study was to assess the production and market of certified organic products in Thailand. A purposive sampling technique was used to identify a sample group of 154 organic entrepreneurs for the study. A survey and in-depth interview were employed for data collection. Also, secondary data from organic agriculture certification body and publications was collected. Then descriptive statistics and content analysis technique were used to describe about production and market of certified organic products in Thailand. Results showed that there were 9,218 farmers on 213,183.68 Rai (83,309.2 acre) of certified organic agriculture land (0.29% of national agriculture land). A total of 57.8% of certified organic agricultural lands were certified by the international certification body. Organic farmers produced around 71,847 tons/year and worth around THB 1,914 million (Euro 47.92 million). Excluding primary producers, 471 operators involved in the Thai organic supply chains, including processors, exporters, distributors, green shops, modern trade shops (supermarket shop), farmer’s markets and food establishments were included. Export market was the major market channel and most of organic products were exported to Europe and North America. The total Thai organic market in 2014 was estimated to be worth around THB 2,331.55 million (Euro 58.22 million), of which, 77.9% was for export and 22.06% was for the domestic market. The largest exports of certified organic products were processed foods (66.1% of total export value), followed by organic rice (30.4%). In the domestic market, modern trade was the largest sale channel, accounting for 59.48% of total domestic sales, followed by green shop (29.47%) and food establishment (5.85%). To become a center of organic farming and trading within ASEAN, the Thai organic sector needs to have more policy support in regard to agricultural chemicals, GMO, and community land title. In addition, appropriate strategies need to be developed.

Keywords: Certified organic products, production, market, Thailand.

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Authors: T. Pavic Kramaric, M. Kitic

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The purpose of this article is to analyze the market structure as well as the degree of concentration in insurance markets in new EU member states. The analysis was conducted using several most commonly used concentration indicators such as concentration ratio, Herfindahl-Hirschman index and entropy index. These indicators were calculated for the 2000-2010 period on the basis of total gross written premium as the most relevant indicator of market power in insurance markets. The results of the analysis showed that in all observed countries the level of concentration decreased, though with significantly different intensity. Yet, in some countries, the level of concentration remains very high.

Keywords: insurance market, concentration, new EU member states

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Authors: Nader Gharibnavaz, Hossein Yazdi

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If organizations like Mellat Bank want to identify its customer market completely to reach its specified goals, it can segment the market to offer the product package to the right segment. Our objective is to offer a segmentation model for Iran banking market in Mellat bank view. The methodology of this project is combined by “segmentation on the basis of four part-quality variables" and “segmentation on the basis of different in means". Required data are gathered from E-Systems and researcher personal observation. Finally, the research offers the organization that at first step form a four dimensional matrix with 756 segments using four variables named value-based, behavioral, activity style, and activity level, and at the second step calculate the means of profit for every cell of matrix in two distinguished work level (levels α1:normal condition and α2: high pressure condition) and compare the segments by checking two conditions that are 1- homogeneity every segment with its sub segment and 2- heterogeneity with other segments, and so it can do the necessary segmentation process. After all, the last offer (more explained by an operational example and feedback algorithm) is to test and update the model because of dynamic environment, technology, and banking system.

Keywords: market segmentation model, banking system, Mellat bank

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Authors: S. Areerachakul

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Nowadays, several techniques such as; Fuzzy Inference System (FIS) and Neural Network (NN) are employed for developing of the predictive models to estimate parameters of water quality. The main objective of this study is to compare between the predictive ability of the Adaptive Neuro-Fuzzy Inference System (ANFIS) model and Artificial Neural Network (ANN) model to estimate the Biochemical Oxygen Demand (BOD) on data from 11 sampling sites of Saen Saep canal in Bangkok, Thailand. The data is obtained from the Department of Drainage and Sewerage, Bangkok Metropolitan Administration, during 2004-2011. The five parameters of water quality namely Dissolved Oxygen (DO), Chemical Oxygen Demand (COD), Ammonia Nitrogen (NH3N), Nitrate Nitrogen (NO3N), and Total Coliform bacteria (T-coliform) are used as the input of the models. These water quality indices affect the biochemical oxygen demand. The experimental results indicate that the ANN model provides a higher correlation coefficient (R=0.73) and a lower root mean square error (RMSE=4.53) than the corresponding ANFIS model.

Keywords: adaptive neuro-fuzzy inference system, artificial neural network, biochemical oxygen demand, surface water.

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Authors: Seyed Mohyeddin Ghodratian, Mehdi Ghassemieh, Mohammad Khanmohammadi

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Excessive ductility demand on shorter piers is a common problem for irregular bridges subjected to strong ground motion. Various techniques have been developed to reduce the likelihood of collapse of bridge due to failure of shorter piers. This paper presents the new approach to improve the seismic behavior of such bridges using Nitinol shape memory alloys (SMAs). Superelastic SMAs have the ability to remain elastic under very large deformation due to martensitic transformation. This unique property leads to enhanced performance of controlled bridge compared with the performance of the reference bridge. To evaluate the effectiveness of the devices, nonlinear time history analysis is performed on a RC single column bent highway bridge using a suite of representative ground motions. The results show that this method is very effective in limiting the ductility demand of shorter pier.

Keywords: bridge, ductility demand, irregularity, shape memory alloy

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Authors: Yu-Chen Lin, Tzong-Yeang Lee, Hung-Chih Shih

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The development of sustainable utilization water resources is crucial. The ecological environment and water resources systems form the foundation of the existence and development of the social economy. The urban ecological support system depends on these resources as well. This research studies the vulnerability, criticality, and risk of climate change on water supply and demand in the main administrative district of the Taijiang Area (Tainan City). Based on the two situations set in this paper and various factors (indexes), this research adopts two kinds of weights (equal and AHP) to conduct the calculation and establish the water supply and demand risk map for the target year 2039. According to the risk analysis result, which is based on equal weight, only one district belongs to a high-grade district (Grade 4). Based on the AHP weight, 16 districts belong to a high-grade or higher-grade district (Grades 4 and 5), and from among them, two districts belong to the highest grade (Grade 5). These results show that the risk level of water supply and demand in cities is higher than that in towns. The government generally gives more attention to the adjustment strategy in the “cities." However, it should also provide proper adjustment strategies for the “towns" to be able to cope with the risks of water supply and demand.

Keywords: Climate change, risk, vulnerability, water supply and demand.

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Authors: V. M. Mmbengwa, J. R. M. Mabuso, C. P. Du Plooy, S. Laurrie, H. D. van Schalkwyk

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Sweet potato products are necessary for the provision of essential nutrients in every household, regardless of their poverty status. Their consumption appears to be highly influenced by socioeconomic factors, such as malnutrition, food insecurity and unemployment. Therefore, market availability is crucial for these cultivars to resolve some of the socio-economic factors. The aim of the study was to investigate market availability of sweet potato cultivars in the North West Province. In this study, both qualitative and quantitative research methodologies were used. Qualitative methodology was used to explain the quantitative outcomes of the variables. On the other hand, quantitative results were used to test the hypothesis. The study used SPSS software to analyse the data. Crosstabulation and Chi-square statistics were used to obtain the descriptive and inferential analyses, respectively. The study found that the Blesbok cultivar is dominating the markets of the North West Province, with the Monate cultivar dominating in the Bojanala Platinum (75%) and Dr Ruth Segomotsi Mompati (25%) districts. It is also found that a unit increase in the supply of sweet potato cultivars in both local and district municipal markets is accompanied by a reduced demand of 28% and 33% at district and local markets, respectively. All these results were found to be significant at p<0.05. The results further revealed that in four out of nine local municipality markets, the Blesbok cultivar seems to be solely available in those four local municipal markets of North West Province. It can be concluded that Blesbok, relative to other cultivars, is the most commercialised sweet potato variety and that consumers across this Province are highly aware of it. For other cultivars to assume market prominence in this Province, a well-designed marketing campaign for creating awareness may be required. This campaign may be based on nutritional advantages of different cultivars, of which Blesbok is relatively inferior, compared to orange-fleshed sweet potato varieties.

Keywords: Cultivar, malnutrition, markets, sweet potato.

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Authors: Taylan Kabbani, Ekrem Duman

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Deep Reinforcement Learning (DRL) algorithms can scale to previously intractable problems. The automation of profit generation in the stock market is possible using DRL, by combining  the financial assets price ”prediction” step and the ”allocation” step of the portfolio in one unified process to produce fully autonomous systems capable of interacting with its environment to make optimal decisions through trial and error. This work represents a DRL model to generate profitable trades in the stock market, effectively overcoming the limitations of supervised learning approaches. We formulate the trading problem as a Partially observed Markov Decision Process (POMDP) model, considering the constraints imposed by the stock market, such as liquidity and transaction costs. We then solved the formulated POMDP problem using the Twin Delayed Deep Deterministic Policy Gradient (TD3) algorithm and achieved a 2.68 Sharpe ratio on the test dataset. From the point of view of stock market forecasting and the intelligent decision-making mechanism, this paper demonstrates the superiority of DRL in financial markets over other types of machine learning and proves its credibility and advantages of strategic decision-making.

Keywords: Autonomous agent, deep reinforcement learning, MDP, sentiment analysis, stock market, technical indicators, twin delayed deep deterministic policy gradient.

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Authors: P. K. Sarkar, Amit Kumar Jain

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The demand for Urban transportation is characterised by a large scale temporal and spatial variations which causes heavy congestion inside metro trains in peak hours near Centre Business District (CBD) of the city. The conventional approach to address peak hour congestion, metro trains has been to increase the supply by way of introduction of more trains, increasing the length of the trains, optimising the time table to increase the capacity of the system. However, there is a limitation of supply side measures determined by the design capacity of the systems beyond which any addition in the capacity requires huge capital investments. The demand side interventions are essentially required to actually spread the demand across the time and space. In this study, an attempt has been made to identify the potential Transport Demand Management tools applicable to Urban Rail Transportation systems with a special focus on differential pricing. A conceptual price elasticity model has been developed to analyse the effect of various combinations of peak and nonpeak hoursfares on demands. The elasticity values for peak hour, nonpeak hour and cross elasticity have been assumed from the relevant literature available in the field. The conceptual price elasticity model so developed is based on assumptions which need to be validated with actual values of elasticities for different segments of passengers. Once validated, the model can be used to determine the peak and nonpeak hour fares with an objective to increase overall ridership, revenue, demand levelling and optimal utilisation of assets.

Keywords: Congestion, differential pricing, elasticity, transport demand management, urban transportation.

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Authors: Yasuhito Tanaka

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In this paper we will constructively prove the existence of an equilibrium in a competitive economy with sequentially locally non-constant excess demand functions. And we will show that the existence of such an equilibrium in a competitive economy implies Sperner-s lemma. We follow the Bishop style constructive mathematics.

Keywords: Sequentially locally non-constant excess demand functions, Equilibrium in a competitive economy, Constructive mathematics

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Authors: Chanpen Meenakorn

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This research aims to study; (1) behavior of the tourists affecting the satisfaction level of tourism at the Amphawa floating market in Samut Songkhram province, (2) to study the satisfaction level of tourism at the Amphawa floating market. The research method will use quantitative research; data was collected by questionnaires distributed to the tourist who visits the Amphawa floating market for 480 samples. Data was analyzed by SPSS software to process descriptive statistic including frequency, percentage, mean, standard deviation and inferential statistic is t-test, F-test, and chi-square. The results showed that the behavior of tourists had known tourist attractions in the province comes from the mouth of relatives and friends suggested that he come here before and the reasons to visit is to want to pay homage to the various temples for the frequency to visit travel an average of 2-4 times and  the satisfaction of the tourists in the province found that the satisfaction level of tourists in the province at the significant level of the place, convenient  and services have a high level of satisfaction.

Keywords: Amphawa floating market behavior of the tourists, satisfaction level, sustainable tourism, Samut Songkhram province.

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Authors: Kari Björn

Abstract:

Introduction of games has expanded the application area of computer-aided learning tools to wide variety of age groups of learners. Serious games engage the learners into a real-world -type of simulation and potentially enrich the learning experience. Institutional background of a Bachelor’s level engineering program in Information and Communication Technology is introduced, with detailed focus on one of its majors, Health Technology. As part of a Customer Oriented Software Application thematic semester, one particular course of “eHealth Business and Solutions” is described and reflected in a gamified framework. Learning a consistent view into vast literature of business management, strategies, marketing and finance in a very limited time enforces selection of topics relevant to the industry. Health Technology is a novel and growing industry with a growing sector in consumer wearable devices and homecare applications. The business sector is attracting new entrepreneurs and impatient investor funds. From engineering education point of view the sector is driven by miniaturizing electronics, sensors and wireless applications. However, the market is highly consumer-driven and usability, safety and data integrity requirements are extremely high. When the same technology is used in analysis or treatment of patients, very strict regulatory measures are enforced. The paper introduces a course structure using gamification as a tool to learn the most essential in a new market: customer value proposition design, followed by a market entry game. Students analyze the existing market size and pricing structure of eHealth web-service market and enter the market as a steering group of their company, competing against the legacy players and with each other. The market is growing but has its rules of demand and supply balance. New products can be developed with an R&D-investment, and targeted to market with unique quality- and price-combinations. Product cost structure can be improved by investing to enhanced production capacity. Investments can be funded optionally by foreign capital. Students make management decisions and face the dynamics of the market competition in form of income statement and balance sheet after each decision cycle. The focus of the learning outcome is to understand customer value creation to be the source of cash flow. The benefit of gamification is to enrich the learning experience on structure and meaning of financial statements. The paper describes the gamification approach and discusses outcomes after two course implementations. Along the case description of learning challenges, some unexpected misconceptions are noted. Improvements of the game or the semi-gamified teaching pedagogy are discussed. The case description serves as an additional support to new game coordinator, as well as helps to improve the method. Overall, the gamified approach has helped to engage engineering student to business studies in an energizing way.

Keywords: Engineering education, integrated curriculum, learning experience, learning outcomes.

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Authors: Salinee Thumronglaohapun

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The proper number and appropriate locations of service centers can save cost, raise revenue and gain more satisfaction from customers. Establishing service centers is high-cost and difficult to relocate. In long-term planning periods, several factors may affect the service. One of the most critical factors is uncertain demand of customers. The opened service centers need to be capable of serving customers and making a profit although the demand in each period is changed. In this work, the capacitated location-allocation problem with stochastic demand is considered. A mathematical model is formulated to determine suitable locations of service centers and their allocation to maximize total profit for multiple planning periods. Two heuristic methods, a local search and genetic algorithm, are used to solve this problem. For the local search, five different chances to choose each type of moves are applied. For the genetic algorithm, three different replacement strategies are considered. The results of applying each method to solve numerical examples are compared. Both methods reach to the same best found solution in most examples but the genetic algorithm provides better solutions in some cases.

Keywords: Location-allocation problem, stochastic demand, local search, genetic algorithm.

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Authors: Beata Wentura-Dudek

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In Sweden the needs of the labor market are regularly monitored. Test results and forecasts translate directly into the education system in this country, which is largely a state system. Sweden is one of the first countries in Europe that has used active labor market policies. It is realized that there is an active unemployment which includes a wide range of activities that can be divided into three groups: Active forms of influencing the creation of new jobs, active forms that affect the labor supply and active forms for people with disabilities. Most of the funding is allocated there for subsidized employment and training. Research conducted in Sweden shows that active forms of counteracting unemployment focused on the long-term unemployed can significantly raise the level of employment in this group.

Keywords: Sweden, research conducted in Sweden, labour market, labour market policies, unemployment, active forms of influencing the creation of new jobs, active forms of counteracting unemployment, employment, subsidized employment education.

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Authors: T. Kamalakis, I. Neokosmidis, D. Varoutas, T. Sphicopoulos

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The photonic component industry is a highly innovative industry with a large value chain. In order to ensure the growth of the industry much effort must be devoted to road mapping activities. In such activities demand and price evolution forecasting tools can prove quite useful in order to help in the roadmap refinement and update process. This paper attempts to provide useful guidelines in roadmapping of optical components and considers two models based on diffusion theory and the extended learning curve for demand and price evolution forecasting.

Keywords: Roadmapping, Photonic Components, Forecasting, Diffusion Theory.

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Authors: Nitin Singh, Meng Ling, Talha Ahmed, Tianxia Zhao, Reinier van de Pol

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We propose the use of Reinforcement Learning (RL) as a viable alternative for optimizing supply chain management, particularly in scenarios with stochasticity in product demands. RL’s adaptability to changing conditions and its demonstrated success in diverse fields of sequential decision-making make it a promising candidate for addressing supply chain problems. We investigate the impact of demand fluctuations in a multi-product supply chain system and develop RL agents with learned generalizable policies. We provide experimentation details for training RL agents and a statistical analysis of the results. We study generalization ability of RL agents for different demand uncertainty scenarios and observe superior performance compared to the agents trained with fixed demand curves. The proposed methodology has the potential to lead to cost reduction and increased profit for companies dealing with frequent inventory movement between supply and demand nodes.

Keywords: Inventory Management, Reinforcement Learning, Supply Chain Optimization, Uncertainty.

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Authors: Nader Gharibnavaz, Naser Gharibnavaz

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This study extends research on the relationship between marketing strategy and market segmentation by investigating on market segments in the cement industry. Competitive strength and rivals distance from the factory were used as business environment. A three segment (positive, neutral or indifferent and zero zones) were identified as strategic segments. For each segment a marketing strategy (aggressive, defensive and decline) were developed. This study employed data from cement industry to fulfill two objectives, the first is to give a framework to the segmentation of cement industry and the second is developing marketing strategy with varying competitive strength. Fifty six questionnaires containing close-and open-ended questions were collected and analyzed. Results supported the theory that segments tend to be more aggressive than defensive when competitive strength increases. It is concluded that high strength segments follow total market coverage, concentric diversification and frontal attack to their competitors. With decreased competitive strength, Business tends to follow multi-market strategy, product modification/improvement and flank attack to direct competitors for this kind of segments. Segments with weak competitive strength followed focus strategy and decline strategy.

Keywords: Marketing strategy, Competitive strength, Market Segmentation

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Authors: K. Balamurugan, V. Dharmalingam, R. Muralisachithanandam, R. Sankaran

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This paper deals with the optimal choice and location of FACTS devices in deregulated power systems using Differential Evolution algorithm. The main objective of this paper is to achieve the power system economic generation allocation and dispatch in deregulated electricity market. Using the proposed method, the locations of the FACTS devices, their types and ratings are optimized simultaneously. Different kinds of FACTS devices such as TCSC and SVC are simulated in this study. Furthermore, their investment costs are also considered. Simulation results validate the capability of this new approach in minimizing the overall system cost function, which includes the investment costs of the FACTS devices and the bid offers of the market participants. The proposed algorithm is an effective and practical method for the choice and location of suitable FACTS devices in deregulated electricity market.

Keywords: FACTS Devices, Deregulated Electricity Market, Optimal Location, Differential Evolution, Mat Lab.

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Authors: Fei Peng, Jun Yuan, Chen Fan, Fan Jiang, Qian Sun, Yudi Liu

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Although Earth Station in Motion (ESIM) services are widely used and there is a huge market demand around the world, International Telecommunication Union (ITU) does not have unified conclusion for the use of ESIM yet. ESIM are Mobile Satellite Services (MSS) due to its mobile-based attributes, while multiple administrations want to use ESIM in Fixed Satellite Service (FSS). However, Radio Regulations (RR) have strict distinction between MSS and FSS. In this case, ITU has been very controversial because this kind of application will violate the RR Article and the conflict will bring risks to the global deployment. Thus, this paper illustrates the development of rules, regulations, standards concerning ESIM and the radio spectrum usage of ESIM in different regions around the world. Firstly, the basic rules, standard and definition of ITU’s Radiocommunication Sector (ITU-R) is introduced. Secondly, the World Radiocommunication Conference (WRC) agenda item on radio spectrum allocation for ESIM, e.g. in C/Ku/Ka band, is introduced and multi-view on the radio spectrum allocation is elaborated, especially on 19.7-20.2 GHz & 29.5-30.0 GHz. Then, some ITU-R Recommendations and Reports are analyzed on the specific technique to enable these ESIM to communicate with Geostationary Earth Orbit Satellite (GSO) space stations in the FSS without causing interference at levels in excess of that caused by conventional FSS earth stations. Meanwhile, the opposite opinion on not allocating EISM service in FSS frequency band is also elaborated. Finally, based on the ESIM’s future application, the ITU-R standards development trend is forecasted. In conclusion, using radio spectrum resource in an equitable, rational and efficient manner is the basic guideline of ITU. Although it is not a good approach to obstruct the revise of RR when there is a large demand for radio spectrum resource in satellite industry, still the propulsion and global demand of the whole industry may face difficulties on the unclear application in modify rules of RR.

Keywords: Earth Station in motion, ITU standards, radio regulations, radio spectrum, satellite communication.

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Authors: Raymond Yeo K. W., P. Y. Lim, Farrah Wong

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Attractive and creative advertisement displays are often in high demand as they are known to have profound impact on the commercial market. In the fast advancement of technology, advertising trend has taken a great leap in attracting more and more demanding consumers. A low-cost and low-power consumption flipping advertisement board has been developed in this paper. The design of the electrical circuit and the controller of the advertisement board are presented. A microcontroller, a Darlington Pair driver and a unipolar stepper motor were used to operate the electrical flipping advertisement board. The proposed system has been implemented and the hardware has been tested to demonstrate the capability of displaying multiple advertisements in a panel.

Keywords: Advertisement board, microcontroller, stepper motor.

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Authors: M. Cañada-Soriano, C. Aparicio-Fernández, P. Sebastián Ferrer Gisbert, M. Val Field, J.-L. Vivancos-Bono

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The lack of insulation along with the existence of air leakages constitute a meaningful impact on the energy performance of buildings. Both of them lead to increases in the energy demand through additional heating and/or cooling loads. Additionally, they cause thermal discomfort. In order to quantify these uncontrolled air currents, the Blower Door test can be used. It is a standardized procedure that determines the airtightness of a space by characterizing the rate of air leakages through the envelope surface. In this sense, the low-energy buildings complying with the Passive House design criteria are required to achieve high levels of airtightness. Due to the invisible nature of air leakages, additional tools are often considered to identify where the infiltrations take place such as the infrared thermography. The aim of this study is to assess the airtightness of a typical Mediterranean dwelling house, refurbished under the Passive House standard, using the Blower Door test. Moreover, the building energy performance modelling tools TRNSYS (TRaNsient System Simulation program) and TRNFlow (TRaNsient Flow) have been used to estimate the energy demand in different scenarios. In this sense, a sequential implementation of three different energy improvement measures (insulation thickness, glazing type and infiltrations) have been analyzed.

Keywords: Airtightness, blower door, TRNSYS, infrared thermography, energy demand.

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with behaviour of the segment 50+ in the financial market in the Czech Republic. This segment could be said as the strong market power and it can be a crucial business potential for financial business units. The main defined objective of this paper is analysis of the customers´ behaviour of the segment 50- 60 years in the financial market in the Czech Republic and proposal making of the suitable marketing approach to satisfy their demands in the area of product, price, distribution and marketing communication policy. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of financial services marketing, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing approach to selected sub segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: Population aging in the Czech Republic, Segment 50-60 years, Financial services marketing, Marketing research, Marketing approach.

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Authors: F. Alborzi, H. Vafaei, M.H. Gholami, M.M. S. Esfahani

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In this article, the design of a Supply Chain Network (SCN) consisting of several suppliers, production plants, distribution centers and retailers, is considered. Demands of retailers are considered stochastic parameters, so we generate amounts of data via simulation to extract a few demand scenarios. Then a mixed integer two-stage programming model is developed to optimize simultaneously two objectives: (1) minimization the fixed and variable cost, (2) maximization the service level. A weighting method is utilized to solve this two objective problem and a numerical example is made to show the performance of the model.

Keywords: Mixed Integer Programming, Multi-objective Optimization, Stochastic Demand, Supply Chain Design, Two Stage Programming

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Authors: Vanessa de Cillos Silva, Fabrício José Piacente, Sônia Maria De Stefano Piedade, Valter Arthur

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The increasing concern in relation to safety and hygiene of food consumption makes it so that food conservation is studied. Food radiation is a technique used for conservation, but many consumers associate this technique with dangers such as environmental contamination and development of diseases. This research had the objective of evaluating the acceptance of radiated products by the consumer market in the city of Piracicaba/SP-Brasil. The methodology adopted was the application of a questionnaire in the city’s supermarkets. After the application, the data was tabulated and analyzed. It was observed that the majority of interviewees would not eat irradiated food. The unfamiliarity and questions about the safety of irradiated food were the main causes of your rejection.

Keywords: Irradiation, market acceptance, questionnaire, storage.

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Authors: Eman M. Wahba, Noha M. Galal, Khaled S. El-Kilany

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Spare parts inventory management is one of the major areas of inventory research. Analysis of recent literature showed that an approach integrating spare parts classification, demand forecasting, and stock control policies is essential; however, adapting this integrated approach is limited. This work presents an integrated framework for spare part inventory management and an Excel based application developed for the implementation of the proposed framework. A multi-criteria analysis has been used for spare classification. Forecasting of spare parts- intermittent demand has been incorporated into the application using three different forecasting models; namely, normal distribution, exponential smoothing, and Croston method. The application is also capable of running with different inventory control policies. To illustrate the performance of the proposed framework and the developed application; the framework is applied to different items at a service organization. The results achieved are presented and possible areas for future work are highlighted.

Keywords: Demand forecasting, intermittent demand, inventory management, integrated approach, spare parts, spare part classification

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Authors: Vilma Deltuvaitė

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Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: Banking sector, economic development, financial system’s development, stock market, private bond market.

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Authors: G.B. Nurlikhina, G.N. Azhimetova, R. M. Ashimova

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Currently, one of the main directions is developing of development based on the clustering of economic operations of Kazakhstan, providing for the organization and concentration of production capacity in one region or the most optimal system. In the modern economic literature clustering is regarded as one of the most effective tools to ensure competitive businesses, and improve their business itself.

Keywords: A cluster, food market, innovation cluster.

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Authors: Bita Mashayekhi, Seyed Meisam Tabatabaie Nasab

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Intellectual capital is one of the most valuable and important parts of the intangible assets of enterprises especially in knowledge-based enterprises. With respect to increasing gap between the market value and the book value of the companies, intellectual capital is one of the components that can be placed in this gap. This paper uses the value added efficiency of the three components, capital employed, human capital and structural capital, to measure the intellectual capital efficiency of Iranian industries groups, listed in the Tehran Stock Exchange (TSE), using a 8 years period data set from 2005 to 2012. In order to analyze the effect of intellectual capital on the market-to-book value ratio of the companies, the data set was divided into 10 industries, Banking, Pharmaceutical, Metals & Mineral Nonmetallic, Food, Computer, Building, Investments, Chemical, Cement and Automotive, and the panel data method was applied to estimating pooled OLS. The results exhibited that value added of capital employed has a positive significant relation with increasing market value in the industries, Banking, Metals & Mineral Nonmetallic, Food, Computer, Chemical and Cement, and also, showed that value added efficiency of structural capital has a positive significant relation with increasing market value in the Banking, Pharmaceutical and Computer industries groups. The results of the value added showed a negative relation with the Banking and Pharmaceutical industries groups and a positive relation with computer and Automotive industries groups. Among the studied industries, computer industry has placed the widest gap between the market value and book value in its intellectual capital.

Keywords: Capital Employed, Human Capital, Intellectual Capital, Market-to-Book Value, Structural Capital, Value Added Efficiency.

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Authors: Carol Anne Hargreaves

Abstract:

A key issue in stock investment is how to select representative features for stock selection. The objective of this paper is to firstly determine whether an automated stock investment system, using machine learning techniques, may be used to identify a portfolio of growth stocks that are highly likely to provide returns better than the stock market index. The second objective is to identify the technical features that best characterize whether a stock’s price is likely to go up and to identify the most important factors and their contribution to predicting the likelihood of the stock price going up. Unsupervised machine learning techniques, such as cluster analysis, were applied to the stock data to identify a cluster of stocks that was likely to go up in price – portfolio 1. Next, the principal component analysis technique was used to select stocks that were rated high on component one and component two – portfolio 2. Thirdly, a supervised machine learning technique, the logistic regression method, was used to select stocks with a high probability of their price going up – portfolio 3. The predictive models were validated with metrics such as, sensitivity (recall), specificity and overall accuracy for all models. All accuracy measures were above 70%. All portfolios outperformed the market by more than eight times. The top three stocks were selected for each of the three stock portfolios and traded in the market for one month. After one month the return for each stock portfolio was computed and compared with the stock market index returns. The returns for all three stock portfolios was 23.87% for the principal component analysis stock portfolio, 11.65% for the logistic regression portfolio and 8.88% for the K-means cluster portfolio while the stock market performance was 0.38%. This study confirms that an automated stock investment system using machine learning techniques can identify top performing stock portfolios that outperform the stock market.

Keywords: Machine learning, stock market trading, logistic principal component analysis, automated stock investment system.

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Authors: Rohit Choudhry, Kumkum Garg

Abstract:

In this paper, we propose a hybrid machine learning system based on Genetic Algorithm (GA) and Support Vector Machines (SVM) for stock market prediction. A variety of indicators from the technical analysis field of study are used as input features. We also make use of the correlation between stock prices of different companies to forecast the price of a stock, making use of technical indicators of highly correlated stocks, not only the stock to be predicted. The genetic algorithm is used to select the set of most informative input features from among all the technical indicators. The results show that the hybrid GA-SVM system outperforms the stand alone SVM system.

Keywords: Genetic Algorithms, Support Vector Machines, Stock Market Forecasting.

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