Abstract: Due to the increasing and varying risks that economic units face with, derivative instruments gain substantial importance, and trading volumes of derivatives have reached very significant level. Parallel with these high trading volumes, researchers have developed many different models. Some are parametric, some are nonparametric. In this study, the aim is to analyse the success of artificial neural network in pricing of options with S&P 100 index options data. Generally, the previous studies cover the data of European type call options. This study includes not only European call option but also American call and put options and European put options. Three data sets are used to perform three different ANN models. One only includes data that are directly observed from the economic environment, i.e. strike price, spot price, interest rate, maturity, type of the contract. The others include an extra input that is not an observable data but a parameter, i.e. volatility. With these detail data, the performance of ANN in put/call dimension, American/European dimension, moneyness dimension is analyzed and whether the contribution of the volatility in neural network analysis make improvement in prediction performance or not is examined. The most striking results revealed by the study is that ANN shows better performance when pricing call options compared to put options; and the use of volatility parameter as an input does not improve the performance.
Abstract: In the literature of fuzzy measures, there exist many
well known parametric and non-parametric measures, each with its
own merits and limitations. But our main emphasis is on
applications of these measures to a variety of disciplines. To extend
the scope of applications of these fuzzy measures to geometry, we
need some special fuzzy measures. In this communication, we have
introduced two new fuzzy measures involving trigonometric
functions and simultaneously provided their applications to obtain
the basic results already existing in the literature of geometry.
Abstract: Saudi Arabia is an arid country which depends on
costly desalination plants to satisfy the growing residential water
demand. Prediction of water demand is usually a challenging task
because the forecast model should consider variations in economic
progress, climate conditions and population growth. The task is
further complicated knowing that Mecca city is visited regularly by
large numbers during specific months in the year due to religious
occasions. In this paper, a neural networks model is proposed to
handle the prediction of the monthly and yearly water demand for
Mecca city, Saudi Arabia. The proposed model will be developed
based on historic records of water production and estimated visitors-
distribution. The driving variables for the model include annuallyvarying
variables such as household income, household density, and
city population, and monthly-varying variables such as expected
number of visitors each month and maximum monthly temperature.
Abstract: Fats and oils are made of esterified hydrocarbons
(RCOOR-) and this work demonstrates the substitution of R by
multi-walled CNTs (MWNTs). The resultant materials are fluidic, oily,
electrically conducting and excellent lubricants. Esterified MWNTs
can also respond to magnetic field when tubules contain long segments
of Fe
Abstract: Weather disaster events were frequent and caused loss
of lives and property in Taiwan recently. Excessive concentration of
population and lacking of integrated planning led to Taiwanese coastal
zone face the impacts of climate change directly. Comparing to many
countries which have already set up legislation, competent authorities
and national adaptation strategies, the ability of coastal management
adapting to climate change is still insufficient in Taiwan. Therefore, it
is necessary to establish a complete institutional arrangement for
coastal management due to climate change in order to protect
environment and sustain socio-economic development. This paper
firstly reviews the impact of climate change on Taiwanese coastal
zone. Secondly, development of Taiwanese institutional arrangement
of coastal management is introduced. Followed is the analysis of four
dimensions of legal basis, competent authority, scientific and financial
support and international cooperations of institutional arrangement.
The results show that Taiwanese government shall: 1) integrate climate
change issue into Coastal Act, Wetland Act and territorial planning
Act and pass them; 2) establish the high level competent authority for
coastal management; 3) set up the climate change disaster coordinate
platform; 4) link scientific information and decision markers; 5)
establish the climate change adjustment fund; 6) participate in
international climate change organizations and meetings actively; 7)
cooperate with near countries to exchange experiences.
Abstract: This research was conducted for the first time at the
southeastern coasts of the Caspian Sea in order to evaluate the
performance of osteichthyes cooperatives through production (catch)
function. Using one of the indirect valuation methods in this research,
contributory factors in catch were identified and were inserted into
the function as independent variables. In order to carry out this
research, the performance of 25 Osteichthyes catching cooperatives
in the utilization year of 2009 which were involved in fishing in
Miankale wildlife refuge region. The contributory factors in catch
were divided into groups of economic, ecological and biological
factors. In the mentioned function, catch rate of the cooperative were
inserted into as the dependant variable and fourteen partial variables
in terms of nine general variables as independent variables. Finally,
after function estimation, seven variables were rendered significant at
99 percent reliably level. The results of the function estimation
indicated that human resource (fisherman quantity) had the greatest
positive effect on catch rate with an influence coefficient of 1.7 while
weather conditions had the greatest negative effect on the catch rate
of cooperatives with an influence coefficient of -2.07. Moreover,
factors like member's share, experience and fisherman training and
fishing effort played the main roles in the catch rate of cooperative
with influence coefficients of 0.81, 0.5 and 0.21, respectively.
Abstract: Nowadays, engineering ceramics have significant
applications in different industries such as; automotive, aerospace,
electrical, electronics and even martial industries due to their
attractive physical and mechanical properties like very high hardness
and strength at elevated temperatures, chemical stability, low friction
and high wear resistance. However, these interesting properties plus
low heat conductivity make their machining processes too hard,
costly and time consuming. Many attempts have been made in order
to make the grinding process of engineering ceramics easier and
many scientists have tried to find proper techniques to economize
ceramics' machining processes. This paper proposes a new diamond
plunge grinding technique using ultrasonic vibration for grinding
Alumina ceramic (Al2O3). For this purpose, a set of laboratory
equipments have been designed and simulated using Finite Element
Method (FEM) and constructed in order to be used in various
measurements. The results obtained have been compared with the
conventional plunge grinding process without ultrasonic vibration
and indicated that the surface roughness and fracture strength
improved and the grinding forces decreased.
Abstract: As in other countries from Central and Eastern Europe,
the economic restructuring occurred in the last decade of the
twentieth century affected the mining industry in Romania, an
oversize and heavily subsidized sector before 1989. After more than
a decade since the beginning of mining restructuring, an evaluation
of current social implications of the process it is required, together
with an efficiency analysis of the adaptation mechanisms developed
at governmental level. This article aims to provide an insight into
these issues through case studies conducted in the most important
coal basin of Romania, Petroşani Depression.
Abstract: This study investigates the relationship between 10
year bond value, Yen/U.S dollar exchange rate, non-farm payrolls (all
employs) and crude oil to U.S. Dow Jones Sustainability Index. A
GARCH model is used to test these relationships for the period
January 1st 1999 to January 31st 2008 using monthly data. Results
show that an increase of the 10 year bond and non farm payrolls (all
employs) lead to an increase of the D.J.S.I returns. On the contrary
the volatility of the Yen/U.S dollar exchange rates as well as the
increase of crude oil returns has negative effects on the U.S D.J.S.I
returns. This study aims at assisting investors to understand the
influences certain macroeconomic indicators have on the companies-
stock returns as reported by the D.J.S.I.
Abstract: Population diversification phenomena becomes quite common in villages located in China’s developed coastal area. Based on the analysis of the traditional rural society and its landscape characteristics, and in consideration of diversified landscape requirements due to the population diversification, with dual ideas of heritage and innovation, methods for rural landscape design were explored by taking Duxuao Village in Zhejiang Province of China as an example.
Abstract: If price and quantity are the fundamental building
blocks of any theory of market interactions, the importance of trading
volume in understanding the behavior of financial markets is clear.
However, while many economic models of financial markets have
been developed to explain the behavior of prices -predictability,
variability, and information content- far less attention has been
devoted to explaining the behavior of trading volume. In this article,
we hope to expand our understanding of trading volume by
developing a new measure of herding behavior based on a cross
sectional dispersion of volumes betas. We apply our measure to the
Toronto stock exchange using monthly data from January 2000 to
December 2002. Our findings show that the herd phenomenon
consists of three essential components: stationary herding, intentional
herding and the feedback herding.
Abstract: Measurement of competitiveness between countries or regions is an important topic of many economic analysis and scientific papers. In European Union (EU), there is no mainstream approach of competitiveness evaluation and measuring. There are many opinions and methods of measurement and evaluation of competitiveness between states or regions at national and European level. The methods differ in structure of using the indicators of competitiveness and ways of their processing. The aim of the paper is to analyze main sources of competitive potential of the EU Member States with the help of Factor analysis (FA) and to classify the EU Member States to homogeneous units (clusters) according to the similarity of selected indicators of competitiveness factors by Cluster analysis (CA) in reference years 2000 and 2011. The theoretical part of the paper is devoted to the fundamental bases of competitiveness and the methodology of FA and CA methods. The empirical part of the paper deals with the evaluation of competitiveness factors in the EU Member States and cluster comparison of evaluated countries by cluster analysis.
Abstract: The cinema in Turkey during the 1940s was shaped
under the Second World War conditions. The amateur film makers
from different socioeconomic roots experienced movie production in
those years. Having similar socioeconomic characteristics and
autobiographies, each of them has a different understanding of
cinema. Nevertheless, they joined in making movies which address
native culture and audience. They narrated indigenous stories with
native music, amateur players and simple settings. Although the
martial law, censorship and economical deficiencies, they started to
produce films in the Second World War. The cinematographers of the
1940s usually called as thetransition period cinematographers in
Turkey, producing in the passage between the period of thetheatre
playersand the period of thenational cinema. But, 1940- 1950 period
of Turkish cinema should be defined not as a transition but a period
of forming the professional conscioussness in cinema.
Abstract: Reduction of Single Input Single Output (SISO) discrete systems into lower order model, using a conventional and an evolutionary technique is presented in this paper. In the conventional technique, the mixed advantages of Modified Cauer Form (MCF) and differentiation are used. In this method the original discrete system is, first, converted into equivalent continuous system by applying bilinear transformation. The denominator of the equivalent continuous system and its reciprocal are differentiated successively, the reduced denominator of the desired order is obtained by combining the differentiated polynomials. The numerator is obtained by matching the quotients of MCF. The reduced continuous system is converted back into discrete system using inverse bilinear transformation. In the evolutionary technique method, Particle Swarm Optimization (PSO) is employed to reduce the higher order model. PSO method is based on the minimization of the Integral Squared Error (ISE) between the transient responses of original higher order model and the reduced order model pertaining to a unit step input. Both the methods are illustrated through numerical example.
Abstract: The aim of this paper is to present the role of
myotonometry in assessment muscle viscoelasticity by measurement
of force index (IF) and stiffness (S) at thigh muscle groups. The
results are used for improve the muscle training. The method is based
on mechanic impulse on the muscle group, that involve a muscle
response like acceleration, speed and amplitude curves. From these
we have information about elasticity, stiffness beginning from
mechanic oscillations of muscle tissue. Using this method offer the
possibility for monitoring the muscle capacity for produce mechanic
energy, that allows a efficiency of movement with a minimal tissue
deformation.
Abstract: In image processing and visualization, comparing two
bitmapped images needs to be compared from their pixels by matching
pixel-by-pixel. Consequently, it takes a lot of computational time
while the comparison of two vector-based images is significantly
faster. Sometimes these raster graphics images can be approximately
converted into the vector-based images by various techniques. After
conversion, the problem of comparing two raster graphics images
can be reduced to the problem of comparing vector graphics images.
Hence, the problem of comparing pixel-by-pixel can be reduced to
the problem of polynomial comparisons. In computer aided geometric
design (CAGD), the vector graphics images are the composition of
curves and surfaces. Curves are defined by a sequence of control
points and their polynomials. In this paper, the control points will be
considerably used to compare curves. The same curves after relocated
or rotated are treated to be equivalent while two curves after different
scaled are considered to be similar curves. This paper proposed an
algorithm for comparing the polynomial curves by using the control
points for equivalence and similarity. In addition, the geometric
object-oriented database used to keep the curve information has also
been defined in XML format for further used in curve comparisons.
Abstract: In a very simple form a Mobile Agent is an independent piece of code that has mobility and autonomy behavior. One of the main advantages of using Mobile Agent in a network is - it reduces network traffic load. In an, ad hoc network Mobile Agent can be used to protect the network by using agent based IDS or IPS. Besides, to deploy dynamic software in the network or to retrieve information from network nodes Mobile Agent can be useful. But in an ad hoc network the Mobile Agent itself needs some security. Security services should be guaranteed both for Mobile Agent and for Agent Server. In this paper to protect the Mobile Agent and Agent Server in an ad hoc network we have proposed a solution which is based on Threshold Cryptography, a new vibe in the cryptographic world where trust is distributed among multiple nodes in the network.
Abstract: The effective machine-job assignment of injection
molding machines is very important for industry because it is not
only directly affects the quality of the product but also the
performance and lifetime of the machine as well. The phase of
machine selection was mostly done by professionals or experienced
planners, so the possibility of matching a job with an inappropriate
machine might occur when it was conducted by an inexperienced
person. It could lead to an uneconomical plan and defects. This
research aimed to develop a machine selection system for plastic
injection machines as a tool to help in decision making of the user.
This proposed system could be used both in normal times and in
times of emergency. Fuzzy logic principle is applied to deal with
uncertainty and mechanical factors in the selection of both quantity
and quality criteria. The six criteria were obtained from a plastic
manufacturer's case study to construct a system based on fuzzy logic
theory using MATLAB. The results showed that the system was able
to reduce the defects of Short Shot and Sink Mark to 24.0% and
8.0% and the total defects was reduced around 8.7% per month.
Abstract: The Prediction of aerodynamic characteristics and
shape optimization of airfoil under the ground effect have been carried
out by integration of computational fluid dynamics and the multiobjective
Pareto-based genetic algorithm. The main flow
characteristics around an airfoil of WIG craft are lift force, lift-to-drag
ratio and static height stability (H.S). However, they show a strong
trade-off phenomenon so that it is not easy to satisfy the design
requirements simultaneously. This difficulty can be resolved by the
optimal design. The above mentioned three characteristics are chosen
as the objective functions and NACA0015 airfoil is considered as a
baseline model in the present study. The profile of airfoil is
constructed by Bezier curves with fourteen control points and these
control points are adopted as the design variables. For multi-objective
optimization problems, the optimal solutions are not unique but a set
of non-dominated optima and they are called Pareto frontiers or Pareto
sets. As the results of optimization, forty numbers of non- dominated
Pareto optima can be obtained at thirty evolutions.
Abstract: This paper aims to present the main instruments used
in the economic literature for measuring the price risk, pointing out
on the advantages brought by the conditional variance in this respect.
The theoretical approach will be exemplified by elaborating an
EGARCH model for the price returns of wheat, both on Romanian
and on international market. To our knowledge, no previous
empirical research, either on price risk measurement for the
Romanian markets or studies that use the ARIMA-EGARCH
methodology, have been conducted. After estimating the
corresponding models, the paper will compare the estimated
conditional variance on the two markets.