Abstract: The main aim of this paper is to develop and calibrate
an econometric model for modeling prices of long term electricity
futures contracts. The calibration of our model is performed on data
from EEX AG allowing us to capture the specific features of German
electricity market. The data sample contains several structural breaks
which have to be taken into account for modeling. We model the data
with an ARIMAX model which reveals high correlation between the
price of electricity futures contracts and prices of LT futures
contracts of fuels (namely coal, natural gas and crude oil). Besides
this, also a share price index of representative electricity companies
traded on Xetra, spread between 10Y and 1Y German bonds and
exchange rate between EUR and USD appeared to have significant
explanatory power over these futures contracts on EEX.
Abstract: This paper presents an overview of current municipal
solid waste management in Khoram Abad city.
According to data collected by the local authorities, the waste
generation rate is estimated to be 800 g/cap.d with density of 243
kg/m3. Solid waste is stored in different types of containers at the
source of generation in different areas of the city.
Local Authority is responsible for waste collection, transportation.
Municipality is responsible for waste collection, using private sector
contracts.
At present, both mechanical and manual methods are used to
collect residential waste. Manual methods of collection are the most
commonly used for waste collection in most parts of the city.
Land filling is the main disposal method in this city. But it has
some obvious problem and deficiencies
The current state of solid waste management has been improved
slightly in the last decade. By more actions can reduce the human and
environmental risks.
Abstract: The purpose of this research is: a) to investigate how
the HR practices influence psychological contracts, b) to examine the
influence of psychological contracts to individual behavior and to
contribute individually, c) to study the psychological contact through
leadership. This research using mixed methods, qualitative and
quantitative research methods were utilized to gather the data
collected using a qualitative method by the HR Manager who is in
charge of the trainings from the staffs and quantitative method
(survey) by using questionnaire was utilized to draw upon and to
elaborate on the recurring themes present during the interviews. The
survey was done to 400 staffs of the company. The study found that
leadership styles supporting the firm’s HR strategy is the key in
making psychological contracts that benefit both the firm and its
members.
Abstract: Since the conception of JML, many tools, applications and implementations have been done. In this context, the users or developers who want to use JML seem surounded by many of these tools, applications and so on. Looking for a common infrastructure and an independent language to provide a bridge between these tools and JML, we developed an approach to embedded contracts in XML for Java: XJML. This approach offer us the ability to separate preconditions, posconditions and class invariants using JML and XML, so we made a front-end which can process Runtime Assertion Checking, Extended Static Checking and Full Static Program Verification. Besides, the capabilities for this front-end can be extended and easily implemented thanks to XML. We believe that XJML is an easy way to start the building of a Graphic User Interface delivering in this way a friendly and IDE independency to developers community wich want to work with JML.
Abstract: Coordinated supply chain represents major challenges
for the different actors involved in it, because each agent responds to
individual interests. The paper presents a framework with the
reviewed literature regarding the system's decision structure and
nature of demand. Later, it characterizes an agri food supply chain in
the Central Region of Colombia, it responds to a decentralized
distribution system and a stochastic demand. Finally, the paper
recommends coordinating the chain based on shared information, and
mechanisms for each agent, as VMI (vendor-managed inventory)
strategy for farmer-buyer relationship, information system for
farmers and contracts for transportation service providers.
Abstract: Any decision-making is based on certain theory. Taking
the public rental housing in Chongqing municipality as an example,
this essay states that the stakeholder theory can provide innovative
criteria and evaluation methods for Public Private Partnership (PPP)
projects. It gives an analysis of how to choose decision-making criteria
for different stakeholders in the PPP model and what measures to take
to meet the criteria to form “symbiotic" decision-making mode
through contracts and to boost the application of PPP model in
large-scale public programs in China.
Abstract: Limited competition has been a serious concern in infrastructure procurement. Importantly, however, there are normally a number of potential bidders initially showing interest in proposed projects. This paper focuses on tackling the question why these initially interested bidders fade out. An empirical problem is that no bids of fading-out firms are observable. They could decide not to enter the process at the beginning of the tendering or may be technically disqualified at any point in the selection process. The paper applies the double selection model to procurement data from road development projects in developing countries and shows that competition ends up restricted, because bidders are self-selective and auctioneers also tend to limit participation depending on the size of contracts.Limited competition would likely lead to high infrastructure procurement costs, threatening fiscal sustainability and economic growth.
Abstract: This study proposes a materials procurement contracts
model to which the zero-cost collar option is applied for heading price
fluctuation risks in construction.The material contract model based on
the collar option that consists of the call option striking zone of the
construction company(the buyer) following the materials price
increase andthe put option striking zone of the material vendor(the
supplier) following a materials price decrease. This study first
determined the call option strike price Xc of the construction company
by a simple approach: it uses the predicted profit at the project starting
point and then determines the strike price of put option Xp that has an
identical option value, which completes the zero-cost material
contract.The analysis results indicate that the cost saving of the
construction company increased as Xc decreased. This was because the
critical level of the steel materials price increasewas set at a low level.
However, as Xc decreased, Xpof a put option that had an identical
option value gradually increased. Cost saving increased as Xc
decreased. However, as Xp gradually increased, the risk of loss from a
construction company increased as the steel materials price decreased.
Meanwhile, cost saving did not occur for the construction company,
because of volatility. This result originated in the zero-cost features of
the two-way contract of the collar option. In the case of the regular
one-way option, the transaction cost had to be subtracted from the cost
saving. The transaction cost originated from an option value that
fluctuated with the volatility. That is, the cost saving of the one-way
option was affected by the volatility. Meanwhile, even though the
collar option with zero transaction cost cut the connection between
volatility and cost saving, there was a risk of exercising the put option.
Abstract: One of the main consequences of the ubiquitous usage of Internet as a means to conduct business has been the progressive internationalization of contracts created to support such transactions. As electronic commerce becomes International commerce, the reality is that commercial disputes will occur creating such questions as: "In which country do I bring proceedings?" and "Which law is to be applied to solve disputes?" The decentralized and global structure of the Internet and its decentralized operation have given e-commerce a transnational element that affects two questions essential to any transaction: applicable law and jurisdiction in the event of dispute. The sharing of applicable law and jurisdiction among States in respect of international transactions traditionally has been based on the use of contact factors generally of a territorial nature (the place where real estate is located, customary residence, principal establishment, place of shipping goods). The characteristics of the Internet as a new space sometimes make it difficult to apply these rules, and may make them inoperative or lead to results that are surprising or totally foreign to the contracting parties and other elements and circumstances of the case.
Abstract: Construction projects can be implemented under various contractual and organizational systems. They can be divided into two groups: systems without the managing company where the Client manages the process, and systems with the managing company, where management is entrusted to an external company. In the public sector of the Polish market there are two ways of delivery of construction projects with the participation of the manager: one is to assign operations to another party, the so called Project Supervisor, whilst the other results from the application of FIDIC conditions of contract, which entail appointment of the Engineer. The decision is to be made by the Client and depends on various factors. On the public procurement market in Poland the selection of construction project manager boils down to awarding the contract for such a service. The selection can be done by one of eight public procurement procedures identified by the procurement law. The paper provides the analysis of 96 contracts for services awarded in 2011, which employed construction management. The study aimed to investigate the methods and criteria for selecting managers, applied in practice by the Polish public Clients.
Abstract: This paper begins with formal defining of human rights and freedoms, and the basic document regarding the said subject is undoubtedly French Declaration of the Rights of Man and of the Citizen from 789. This paper furthermore parses legal sources relevant for the workers' rights in legal system of the Republic of Croatia, international contracts and the Labour Act, which is also a master bill regarding workers' rights The authors are also dealing with issues of Constitutional Court of the Republic of Croatia and its' position in judicial system of the Republic of Croatia, as well as with the specifics of Constitutional Complaint, and the crucial part of the paper is based on the research conducted with an aim to determine implementation of rights and liberties guaranteed by the articles 54. and 55. of the Constitution of the Republic of Croatia by means of Constitutional Complaint.