Abstract: Environmental investments, including ecological
projects, relating to the protection of atmosphere are today a need.
However, investing in the environment should be based on rational
management rules. This comes across a problem of selecting a
method to assess substances reduced during projects. Therefore, a
method allowing for the assessment of decision rationality has to be
found.
The purpose of this article is to present and systematise pollution
reduction assessment methods and illustrate theoretical analyses with
empirical data.
Empirical results confirm theoretical considerations, which proved
that the only method for judging pollution reduction, free of apparent
disadvantages, is the Eco 99-ratio method. To make decisions on
environmental projects, financing institutions should take into
account a rationality rule. Therefore the Eco 99-ratio method could
be applied to make decisions relating to environmental investments in
the area of air protection.
Abstract: Government spending is categorized into consumption spending and capital spending. Three categories of private consumption are used: food consumption, nonfood consumption, and services consumption. The estimated model indicates substitution effects of government consumption spending on budget shares of private nonfood consumption and of government capital spending on budget share of private food consumption. However, the results do not indicate whether the negative effects of changes in the budget shares of the nonfood and the food consumption equates to reduce total private consumption. The concept of aggregate demand comprising consumption, investment, government spending (consumption spending and capital spending), export, and import are used to estimate their relationship by using the Vector Error Correction Mechanism. The study found no effect of government capital spending on either the private consumption or the growth of GDP while the government consumption spending has negative effect on the growth of GDP.
Abstract: The development of the power electronics has allowed
increasing the precision and reliability of the electrical devices, thanks
to the adjustable inverters, as the Pulse Wide Modulation (PWM)
applied to the three level inverters, which is the object of this study.
The authors treat the relation between the law order adopted for a
given system and the oscillations of the electrical and mechanical
parameters of which the tolerance depends on the process with which
they are integrated (paper factory, lifting of the heavy loads,
etc.).Thus, the best choice of the regulation indexes allows us to
achieve stability and safety training without investment (management
of existing equipment). The optimal behavior of any electric device
can be achieved by the minimization of the stored electrical and
mechanical energy.
Abstract: Planning of economic activities development has various dimensions one of which determines adequate capacity of economic activities in provinces regarding the government-s goals. Paralleling planning goals of economic activities development including subjects being focused on the view statement is effective to better realize the statement's goals. Current paper presents a native framework for economic activities development in provincial level. Triple steps within the framework are concordant with the view statement-s goals achievement. At first step of the proposed framework, economic activities are being prioritized in terms of employment indices, and secondly economic activities regarding to the province's relative advantages are being recognized. In the third step, desirable capacity of economic activities is determined with regards to the government's goals and effective constraints in economic activities development. Development of economic activities related to the provinces- relative advantages, contributes on regional balance and on equal development of economic activities. Furthermore, results of the framework enable more confident investment, affect employment development and remove unemployment concern as the main goals of the view statement.
Abstract: Under the limitation of investment budget, a utility
company is required to maximize the utilization of their existing
assets during their life cycle satisfying both engineering and financial
requirements. However, utility does not have knowledge about the
status of each asset in the portfolio neither in terms of technical nor
financial values. This paper presents a knowledge based model for
the utility companies in order to make an optimal decision on power
transformer with their utilization. CommonKADS methodology, a
structured development for knowledge and expertise representation,
is utilized for designing and developing knowledge based model. A
case study of One MVA power transformer of Nepal Electricity
Authority is presented. The results show that the reusable knowledge
can be categorized, modeled and utilized within the utility company
using the proposed methodologies. Moreover, the results depict that
utility company can achieve both engineering and financial benefits
from its utilization.
Abstract: The purpose of this study is to identify and evaluate
the scale of implementation of Just-In-Time (JIT) in the different industrial sectors in the Middle East. This study analyzes the empirical data collected by a questionnaire survey distributed to
companies in three main industrial sectors in the Middle East, which
are: food, chemicals and fabrics. The following main hypotheses is formulated and tested: (The requirements of JIT application differ
according to the type of industrial sector).Descriptive statistics and Box plot analysis were used to examine the hypotheses. This study indicates a reasonable evidence for accepting the main hypotheses. It
reveals that there is no standard way to adopt JIT as a production system. But each industrial sector should concentrate in the
investment on critical requirements that differ according to the nature
and strategy of production followed in that sector.
Abstract: Fuzzy logic can be used when knowledge is
incomplete or when ambiguity of data exists. The purpose of
this paper is to propose a proactive fuzzy set- based model for
reacting to the risk inherent in investment activities relative to
a complete view of portfolio management. Fuzzy rules are
given where, depending on the antecedents, the portfolio size
may be slightly or significantly decreased or increased. The
decision maker considers acceptable bounds on the proportion
of acceptable risk and return. The Fuzzy Controller model
allows learning to be achieved as 1) the firing strength of each
rule is measured, 2) fuzzy output allows rules to be updated,
and 3) new actions are recommended as the system continues
to loop. An extension is given to the fuzzy controller that
evaluates potential financial loss before adjusting the
portfolio. An application is presented that illustrates the
algorithm and extension developed in the paper.
Abstract: Considering complexity of products, new geometrical
design and investment tolerances that are necessary, measuring and
dimensional controlling involve modern and more precise methods.
Photo digitizing method using two cameras to record pictures and
utilization of conventional method named “cloud points" and data
analysis by the use of ATOUS software, is known as modern and
efficient in mentioned context. In this paper, benefits of photo
digitizing method in evaluating sampling of machining processes
have been put forward. For example, assessment of geometrical
integrity surface in 5-axis milling process and measurement of
carbide tool wear in turning process, can be can be brought forward.
Advantages of this method comparing to conventional methods have
been expressed.
Abstract: A game animals – elk (Alces alces), deer (Cervus
elaphus), roe deer (Capreolus capreolus) or wild boar (Sus scrofa
scrofa) - every autumn and winter period provide an excellent
investment, diversification of many consumer meals. In last years
consumption and assortiment of game meat products significantly
increase. Investigations about biochemical composition of game meat
are not very much. The meat of wild animals is more favourable for
human health because it has lower saturated fatty acids content, but
higher content of protein. Therefore the aim of investigations was to
compare biochemical composition of ungulates obtained in
Latvia.Investigations were carried out in wild animals different
regions of Latvia. In the studied samples protein, intramuscular fat,
fatty acids and cholesterol were determined. The biochemical
analysis of 54 samples were done. Results of analysis showed that
protein content 22.36 – 22.92% of all types of meat samples is not
different statistically, significantly lower fat content 1.33 ± 0.88%
had elk meat samples and 1.59 ± 0.59% roe deer samples. Content of
cholesterol was various 64.41 – 95.07% in the ruminant meat
samples of different species. From the dietetic point of view the best
composition of fatty acids has meat samples of roe deer.
Abstract: The recent global financial problem urges government
to play role in stimulating the economy due to the fact that private
sector has little ability to purchase during the recession. A concerned
question is whether the increased government spending crowds out
private consumption and whether it helps stimulate the economy. If
the government spending policy is effective; the private consumption
is expected to increase and can compensate the recent extra
government expense. In this study, the government spending is
categorized into government consumption spending and government
capital spending. The study firstly examines consumer consumption
along the line with the demand function in microeconomic theory.
Three categories of private consumption are used in the study. Those
are food consumption, non food consumption, and services
consumption. The dynamic Almost Ideal Demand System of the three
categories of the private consumption is estimated using the Vector
Error Correction Mechanism model. The estimated model indicates
the substituting effects (negative impacts) of the government
consumption spending on budget shares of private non food
consumption and of the government capital spending on budget share
of private food consumption, respectively. Nevertheless the result
does not necessarily indicate whether the negative effects of changes
in the budget shares of the non food and the food consumption means
fallen total private consumption. Microeconomic consumer demand
analysis clearly indicates changes in component structure of
aggregate expenditure in the economy as a result of the government
spending policy. The macroeconomic concept of aggregate demand
comprising consumption, investment, government spending (the
government consumption spending and the government capital
spending), export, and import are used to estimate for their
relationship using the Vector Error Correction Mechanism model.
The macroeconomic study found no effect of the government capital
spending on either the private consumption or the growth of GDP
while the government consumption spending has negative effect on
the growth of GDP. Therefore no crowding out effect of the
government spending is found on the private consumption but it is
ineffective and even inefficient expenditure as found reducing growth
of the GDP in the context of Thailand.
Abstract: In competitive electricity markets all over the world, an adoption of suitable transmission pricing model is a problem as transmission segment still operates as a monopoly. Transmission pricing is an important tool to promote investment for various transmission services in order to provide economic, secure and reliable electricity to bulk and retail customers. The nodal pricing based on SRMC (Short Run Marginal Cost) is found extremely useful by researchers for sending correct economic signals. The marginal prices must be determined as a part of solution to optimization problem i.e. to maximize the social welfare. The need to maximize the social welfare subject to number of system operational constraints is a major challenge from computation and societal point of views. The purpose of this paper is to present a nodal transmission pricing model based on SRMC by developing new mathematical expressions of real and reactive power marginal prices using GA-Fuzzy based optimal power flow framework. The impacts of selecting different social welfare functions on power marginal prices are analyzed and verified with results reported in literature. Network revenues for two different power systems are determined using expressions derived for real and reactive power marginal prices in this paper.
Abstract: Among many agro- based cottage industries in India
sericulture has been promoted as an agro-based, labor intensive, rural
oriented cottage industry, providing gainful employment mainly to
the weaker and marginalized section of the society specially tribal.
Sericulture occupies the place of pride in the rural economy can be
practiced even with very low land holding, low gestation, high
returns make sericulture an ideal program, requiring little capital
investment. In 2010-2011 the employment in sericulture sector was
72.5 lakh persons. The involvement of landless rural people in tasar
sericulture is because they understood its potential for rural and tribal
upliftment. This article demonstrates that certain developmental
initiatives have been playing an important role in the socio-economic
progress of tribal masses in Raigarh district and explains the
increased returns from sericulture as a result of development
programs. The study concludes with some suggestions to improve the
long term feasibility of sericulture.
Abstract: Planning capacities when regenerating complex investment goods involves particular challenges in that the planning is subject to a large degree of uncertainty regarding load information. Using information fusion – by applying Bayesian Networks – a method is being developed for forecasting the anticipated expenditures (human labor, tool and machinery utilization, time etc.) for regenerating a good. The generated forecasts then later serve as a tool for planning capacities and ensure a greater stability in the planning processes.
Abstract: Lack of resources for road infrastructure financing is a
problem that currently affects not only eastern European economies
but also many other countries especially in relation to the impact of
global financial crisis. In this context, we are talking about the socalled
short-investment problem as a result of long-term lack of
investment resources. Based on an analysis of road infrastructure
financing in the Czech Republic this article points out at weaknesses
of current system and proposes a long-term planning methodology
supported by system approach. Within this methodology and using
created system dynamic model the article predicts the development of
short-investment problem in the Country and in reaction on the
downward trend of certain sources the article presents various
scenarios resulting from the change of the structure of financial
sources. In the discussion the article focuses more closely on the
possibility of introduction of tax on vehicles instead of taxes with
declining revenue streams and estimates its approximate price in
relation to reaching various solutions of short-investment in time.
Abstract: This paper applies fuzzy clustering algorithm in classifying real estate companies in China according to some general financial indexes, such as income per share, share accumulation fund, net profit margins, weighted net assets yield and shareholders' equity. By constructing and normalizing initial partition matrix, getting fuzzy similar matrix with Minkowski metric and gaining the transitive closure, the dynamic fuzzy clustering analysis for real estate companies is shown clearly that different clustered result change gradually with the threshold reducing, and then, it-s shown there is the similar relationship with the prices of those companies in stock market. In this way, it-s great valuable in contrasting the real estate companies- financial condition in order to grasp some good chances of investment, and so on.
Abstract: Demand of energy is increasing faster than the
generation. It leads shortage of power in all sectors of society. At
peak hours this shortage is higher. Unless we utilize energy efficient
technology, it is very difficult to minimize the shortage of energy. So
energy efficiency program and energy conservation has an important
role. Energy efficient technologies are cost intensive hence it is
always not possible to implement in country like India. In the recent
study, an educational building with operating hours from 10:00 a.m.
to 05:00 p.m. has been selected to quantify the possibility of lighting
energy conservation. As the operating hour is in daytime, integration
of daylight with artificial lighting system will definitely reduce the
lighting energy consumption. Moreover the initial investment has
been given priority and hence the existing lighting installation was
unaltered. An automatic controller has been designed which will be
operated as a function of daylight through windows and the lighting
system of the room will function accordingly. The result of the study
of integrating daylight gave quite satisfactory for visual comfort as
well as energy conservation.
Abstract: In Algeria, liberalization reforms undertaken since the 1990s have resulted in negative effects on the development and management of irrigation schemes, as well as on the conditions of farmers. Reforms have been undertaken to improve the performance of irrigation schemes, such as the national plan of agricultural development (PNDA) in 2000 and the water pricing policy of 2005. However, after implementation of these policies, questions have arisen with regard to irrigation performance and its suitability for agricultural development. Hence, the aim of this paper is to provide insight into the profitability of irrigation during the transition period under current irrigation agricultural policies in Algeria. By using the method of farm crop budget analysis in the East Mitidja irrigation scheme, the returns from using surface water resources based on farm typology were found to vary among crops and farmers- groups within the scheme. Irrigation under the current situation is profitable for all farmers, including both those who benefit from subsidies and those who do not. However, the returns to water were found to be very sensitive to crop price fluctuations, particularly for non-subsidized groups and less so for those whose farming is based on orchards. Moreover, the socio-economic environment of the farmers contributed to less significant impacts of the PNDA policy. In fact, the limiting factor is not only the water, but also the lack of land ownership title. Market access constraints led to less agricultural investment and therefore to low intensification and low water productivity. It is financially feasible to recover the annual O&M costs in the irrigation scheme. By comparing the irrigation water price, returns to water, and O&M costs of water delivery, it is clear that irrigation can be profitable in the future. However, water productivity must be improved by enhancing farmers- income through farming investment, improving assets access, and the allocation of activities and crops which bring high returns to water; this could allow the farmers to pay more for water and allow cost recovery for water systems.
Abstract: This research explores the links between physical
development and transportation infrastructure around Kumasi,
Ghana. It utilizes census data as well as fieldwork and interviews
carried out during July and December 2005. The results suggest that
there is a weak association between transportation investments and
physical development, and that recent housing has generally occurred
in poorly accessible locations. Road investments have generally
followed physical expansion rather than the reverse. Hence policies
designed to manage the fast growth now occurring around Ghanaian
cities should not focus exclusively on improving transportation
infrastructure but also strengthening the underlying the traditional
land management structures and the official land administrative
institutions that operate within those structures.
Abstract: In this paper, we discuss the paradigm shift in bank
capital from the “gone concern" to the “going concern" mindset. We
then propose a methodology for pricing a product of this shift called
Contingent Capital Notes (“CoCos"). The Merton Model can
determine a price for credit risk by using the firm-s equity value as a
call option on those assets. Our pricing methodology for CoCos also
uses the credit spread implied by the Merton Model in a subsequent
derivative form created by John Hull et al . Here, a market implied
asset volatility is calculated by using observed market CDS spreads.
This implied asset volatility is then used to estimate the probability of
triggering a predetermined “contingency event" given the distanceto-
trigger (DTT). The paper then investigates the effect of varying
DTTs and recovery assumptions on the CoCo yield. We conclude
with an investment rationale.
Abstract: Since the feasibility study of R&D programs have been
initiated for efficient public R&D investments, year 2008, feasibility
studies have improved in terms of precision. Although experience
related to these studies of R&D programs have increased to a certain
point, still methodological improvement is required. The feasibility
studies of R&D programs are consisted of various viewpoints, such as
technology, policy, and economics. This research is to provide
improvement methods to the economic perspective; especially the cost
estimation process of R&D activities. First of all, the fundamental
concept of cost estimation is reviewed. After the review, a statistical
and econometric analysis method is applied as empirical analysis.
Conclusively, limitations and further research directions are provided.