Abstract: In this article, a new method is proposed for the measuring of well-being inequality through a model composed of superimposing satisfaction waves. The displacement of households’ satisfactory state (i.e. satisfaction) is defined in a satisfaction string. The duration of the satisfactory state for a given period is measured in order to determine the relationship between utility and total satisfactory time, itself dependent on the density and tension of each satisfaction string. Thus, individual cardinal total satisfaction values are computed by way of a one-dimensional form for scalar sinusoidal (harmonic) moving wave function, using satisfaction waves with varying amplitudes and frequencies which allow us to measure wellbeing inequality. One advantage to using satisfaction waves is the ability to show that individual utility and consumption amounts would probably not commute; hence, it is impossible to measure or to know simultaneously the values of these observables from the dataset. Thus, we crystallize the problem by using a Heisenberg-type uncertainty resolution for self-adjoint economic operators. We propose to eliminate any estimation bias by correlating the standard deviations of selected economic operators; this is achieved by replacing the aforementioned observed uncertainties with households’ perceived uncertainties (i.e. corrected standard deviations) obtained through the logarithmic psychophysical law proposed by Weber and Fechner.
Abstract: In the present paper the design of plate heat exchangers
is formulated as an optimization problem considering two
mathematical modelling. The number of plates is the objective
function to be minimized, considering implicitly some parameters
configuration. Screening is the optimization method used to solve the
problem. Thermal and hydraulic constraints are verified, not viable
solutions are discarded and the method searches for the convergence to
the optimum, case it exists. A case study is presented to test the
applicability of the developed algorithm. Results show coherency with
the literature.
Abstract: This paper seeks to assess the implications of
insurance to foreign direct investment inflow in Nigeria. Multiple
linear regression technique and correlation matrix test were employed
to measure the extent to which foreign direct investment was
influenced. The result showed that insurance premium (IP), asset size
of insurance industry (AS), and total investment of the industry (TI)
impacted significantly and positively on foreign direct investment
inflow in Nigeria. There should be effective risk transfer mechanism
and financial intermediation, which gives the investor confidence in
the risk management strength of the host country.
Abstract: Electrohydraulic servo system have been used in
industry in a wide number of applications. Its dynamics are highly
nonlinear and also have large extent of model uncertainties and
external disturbances. In this paper, a robust back-stepping control
(RBSC) scheme is proposed to overcome the problem of disturbances
and system uncertainties effectively and to improve the tracking
performance of EHS systems. In order to implement the proposed
control scheme, the system uncertainties in EHS systems are
considered as total leakage coefficient and effective oil volume. In
addition, in order to obtain the virtual controls for stabilizing system,
the update rule for the system uncertainty term is induced by
the Lyapunov control function (LCF). To verify the performance and
robustness of the proposed control system, computer simulation of
the proposed control system using Matlab/Simulink Software
is executed. From the computer simulation, it was found that the
RBSC system produces the desired tracking performance and has
robustness to the disturbances and system uncertainties of EHS
systems.
Abstract: Financial innovations can be regarded as the cause
and the effect of the evolution of the financial system. Most of
financial innovations are created by various financial institutions for
their own purposes and needs. However, due to their diversity,
financial innovations can be also applied by various business entities
(other than financial institutions).
This paper focuses on the potential application of financial
innovations by non-financial companies. It is assumed that financial
innovations may be effectively applied in all fields of corporate
financial decisions integrating financial management with the risk
management process. Appropriate application of financial
innovations may enhance the development of the company and
increase its value by improving its financial situation and reducing
the level of risk. On the other hand, misused financial innovations
may become the source of extra risk for the company threatening its
further operation.
The main objective of the paper is to identify the major types of
financial innovations offered to non-financial companies by the
banking system in Poland. It also aims at identifying the main factors
determining the creation of financial innovations in the banking
system in Poland and indicating future directions of their
development.
This paper consists of conceptual and empirical part. Conceptual
part based on theoretical study is focused on the determinants of the
process of financial innovations and their application by the nonfinancial
companies. Theoretical study is followed by the empirical
research based on the analysis of the actual offer of the 20 biggest
banks operating in Poland with regard to financial innovations
offered to SMEs and large corporations. These innovations are
classified according to the main functions of the integrated financial
management, such as financing, investment, working capital
management and risk management.
Empirical study has proved that the biggest banks operating in the
Polish market offer to their business customers many types and
classes of financial innovations. This offer appears vast and adequate
to the needs and purposes of the Polish non-financial companies. It
was observed that financial innovations pertained to financing
decisions dominate in the banks’ offer. However, due to high
diversification of the offered financial innovations, business
customers may effectively apply them in all fields and areas of
integrated financial management. It should be underlined, that the
banks’ offer is highly dispersed, which may limit the implementation
of financial innovations in the corporate finance. It would be also
recommended for the banks operating in the Polish market to
intensify the education campaign aiming at increasing knowledge
about financial innovations among business customers.
Abstract: Land reallocation is one of the most important steps in
land consolidation projects. Many different models were proposed for
land reallocation in the literature such as Fuzzy Logic, block priority
based land reallocation and Spatial Decision Support Systems. A
model including four parts is considered for automatic block
reallocation with genetic algorithm method in land consolidation
projects. These stages are preparing data tables for a project land,
determining conditions and constraints of land reallocation, designing
command steps and logical flow chart of reallocation algorithm and
finally writing program codes of Genetic Algorithm respectively. In
this study, we designed the first three steps of the considered model
comprising four steps.
Abstract: Despite the financial crisis and ongoing need for cost
cutting, companies all around the world heavily invest in Information
Systems (IS) and underlying Information Technology (IT).
Proliferation of governance of enterprise IT helps companies manage,
or rather, governs IS as a primary business function with executive
management involved in making decision about IS and IT. The
business value of IT is raising with the involvement of the executive
management in IT decision making process and quality IT
governance mechanisms in place. In this paper the practice of
governing the enterprise IT will be investigated on a sample of the
largest 100 Croatian companies. Research questions posed here will
reveal if there are some formal IT governance mechanisms, are there
any differences in perceived role of IS and IT between CIOs (Chief
Information Officers) and CEOs (Chief Executive Officers) of the
sampled companies and what are the mechanisms to govern massive
investment in enterprise IT.
Abstract: The right to basic sanitation, was elevated to the
category of fundamental right by the Constitution of 1988 to protect
the ecologically balanced environment, ensuring social rights to
health and adequate housing and put the dignity of the human person
as the foundation of the Brazilian Democratic State. Before their
essentiality to humans, this article seeks to understand why universal
access to basic sanitation is a goal so difficult to achieve in Brazil.
Therefore, this research uses the deductive and analytical method.
Given the nature of the research literature, research techniques were
centered in specialized books on the subject, journals, theses and
dissertations, laws, relevant law case and raising social indicators
relating to the theme. The relevance of the topic stems, among other
things, the fact that sanitation services are essential for a dignified
life, i.e., everyone is entitled to the maintenance of the necessary
existence conditions are satisfied. However, the effectiveness of this
right is undermined in society, since Brazil has huge deficit in
sanitation services, denying thus a worthy life to most of the
population. Thus, it can be seen that the provision of water and
sewage services in Brazil is still characterized by a large imbalance,
since the municipalities with lower population index have greater
disability in the sanitation service. The truth is that the precariousness
of water and sewage services in Brazil is still very concentrated in the
North and Northeast regions, limiting the effective implementation of
the Law 11.445/2007 in the country. Therefore, there is urgent need
for a positive service by the State in the provision of sanitation
services in order to prevent and control disease, improve quality of
life and productivity of individuals, besides preventing contamination
of water resources. More than just social and economic necessity,
there is a government duty to implement such services. In this sense,
given the current scenario, to achieve universal access to basic
sanitation imposes many hurdles. These are mainly in the field of
properly formulated and implemented public policies, i.e., it requires
an excellent institutional organization, management services,
strategic planning, social control, in order to provide answers to
complex challenges.
Abstract: The aim of study was to analyze the functioning the
new model of criminal corporate responsibility in Poland. The need
to introduce into the Polish legal system liability of corporate
(collective entities) has resulted, among others, from the Polish
Republic's international commitments, in particular related to
membership in the European Union. The study showed that responsibility of collective entities under
the Act has a criminal nature. The main question concerns the ability
of the collective entity to be brought to guilt under criminal law
sense. Polish criminal law knows only the responsibility of individual
persons. So far, guilt as a personal feature of action, based on the
ability of the offender to feel in his psyche, could be considered only
in relation to the individual person, while the said Act destroyed this
conviction. Guilt of collective entity must be proven under at least
one of the three possible forms: the guilt in the selection or
supervision and so called organizational guilt. In addition, research in
article has resolved the issue how the principle of proportionality in
relation to criminal measures in response of collective entities should
be considered. It should be remembered that the legal subjectivity of
collective entities, including their rights and freedoms, is an
emanation of the rights and freedoms of individual persons which
create collective entities and through these entities implement their
rights and freedoms. The whole study was proved that the adopted Act largely reflects
the international legal regulations but also contains the unknown and
original legislative solutions.
Abstract: These days, the industrial trend is moving away from heavy and bulky passive components to power converter systems that use more and more semiconductor elements. Also, it is difficult to connect the traditional converters to the high and medium voltage. For these reasons, a new family of multilevel inverters has appeared as a solution for working with higher voltage levels. Different modulation topologies like Sinusoidal Pulse Width Modulation (SPWM), Selective Harmonic Elimination Pulse Width Modulation (SHE-PWM) are available for multilevel inverters. In this work, different hybrid modulation techniques which are combination of fundamental frequency modulation and multilevel sinusoidal-modulation are compared. The main characteristic of these modulations are reduction of switching losses with good harmonic performance and balanced power loss dissipation among the device. The proposed hybrid modulation schemes are developed and simulated in Matlab/Simulink for cascaded H-bridge inverter. The results validate the applicability of the proposed schemes for cascaded multilevel inverter.
Abstract: Sewer deposits have been identified as a major cause
of dysfunctions in combined sewer systems regarding sewer
management, which induces different negative consequents resulting
in poor hydraulic conveyance, environmental damages as well as
worker’s health. In order to overcome the problematics of
sedimentation, flushing has been considered as the most operative
and cost-effective way to minimize the sediments impacts and
prevent such challenges. Flushing, by prompting turbulent wave
effects, can modify the bed form depending on the hydraulic
properties and geometrical characteristics of the conduit. So far, the
dynamics of the bed-load during high-flow events in combined sewer
systems as a complex environment is not well understood, mostly due
to lack of measuring devices capable to work in the “hostile” in
combined sewer system correctly. In this regards, a one-episode
flushing issue from an opening gate valve with weir function was
carried out in a trunk sewer in Paris to understand its cleansing
efficiency on the sediments (thickness: 0-30 cm). During more than
1h of flushing within 5 m distance in downstream of this flushing
device, a maximum flowrate and a maximum level of water have
been recorded at 5 m in downstream of the gate as 4.1 m3/s and 2.1
m respectively. This paper is aimed to evaluate the efficiency of this
type of gate for around 1.1 km (from the point -50 m to +1050 m in
downstream from the gate) by (i) determining bed grain-size
distribution and sediments evolution through the sewer channel, as
well as their organic matter content, and (ii) identifying sections that
exhibit more changes in their texture after the flush. For the first one,
two series of sampling were taken from the sewer length and then
analyzed in laboratory, one before flushing and second after, at same
points among the sewer channel. Hence, a non-intrusive sampling
instrument has undertaken to extract the sediments smaller than the
fine gravels. The comparison between sediments texture after the
flush operation and the initial state, revealed the most modified zones
by the flush effect, regarding the sewer invert slope and hydraulic
parameters in the zone up to 400 m from the gate. At this distance,
despite the increase of sediment grain-size rages, D50 (median grainsize)
varies between 0.6 mm and 1.1 mm compared to 0.8 mm and 10
mm before and after flushing, respectively. Overall, regarding the
sewer channel invert slope, results indicate that grains smaller than
sands (< 2 mm) are more transported to downstream along about 400
m from the gate: in average 69% before against 38% after the flush
with more dispersion of grain-sizes distributions. Furthermore, high
effect of the channel bed irregularities on the bed material evolution
has been observed after the flush.
Abstract: Commercial banks in Nigeria adopted many strategies
to attract fresh deposits including the use of high deposit rate.
However, pricing of banking services moved in favor of the banks at
the expense of customers, resulting in their seeking other investment
alternatives rather than saving their money in the bank. Both deposit
and lending rates were greatly influenced by the Central Bank of
Nigeria (CBN) decision on interest rate. Therefore, commercial bank
effort to attract deposits via manipulation of her rates was greatly
limited, otherwise the banks will be giving out more than it earned.
The study aimed at examining the relationship between interest rate
and fixed fund deposit of commercial banks, how policy-controlled
interest rate affected commercial bank’s fixed fund deposit The
researcher employed ordinary least square technique, using, multiple
linear regression, unrestricted vector auto-regression, correlation
matrix test, granger causality and impulse response graph in the
analysis. Commercial bank’s interest rates affected commercial
bank’s fixed fund deposit significantly while policy-controlled
interest rate did not significantly transmit through the commercial
bank’s interest rates to affect fixed fund deposit. While commercial
banks seek creative ways to expand their fixed fund deposit, policy
authorities in Nigeria should better coordinate interest rate fluctuation
and induce competition in the entire financial sector.
Abstract: Standard Gibbs energy of formation ΔGfor(298.15) of
lanthanide-iron double oxides of garnet-type crystal structure
R3Fe5O12 - RIG (R – are rare earth ions) from initial oxides are
evaluated. The calculation is based on the data of standard entropies
S298.15 and standard enthalpies ΔH298.15 of formation of compounds
which are involved in the process of garnets synthesis. Gibbs energy
of formation is presented as temperature function ΔGfor(T) for the
range 300-1600K. The necessary starting thermodynamic data were
obtained from calorimetric study of heat capacity – temperature
functions and by using the semi-empirical method for calculation of
ΔH298.15 of formation. Thermodynamic functions for standard
temperature – enthalpy, entropy and Gibbs energy - are
recommended as reference data for technological evaluations.
Through the structural series of rare earth-iron garnets the correlation
between thermodynamic properties and characteristics of lanthanide
ions are elucidated.
Abstract: In this article, we deal with a variant of the classical
course timetabling problem that has a practical application in many
areas of education. In particular, in this paper we are interested in
high schools remedial courses. The purpose of such courses is to
provide under-prepared students with the skills necessary to succeed
in their studies. In particular, a student might be under prepared in
an entire course, or only in a part of it. The limited availability
of funds, as well as the limited amount of time and teachers at
disposal, often requires schools to choose which courses and/or which
teaching units to activate. Thus, schools need to model the training
offer and the related timetabling, with the goal of ensuring the
highest possible teaching quality, by meeting the above-mentioned
financial, time and resources constraints. Moreover, there are some
prerequisites between the teaching units that must be satisfied. We
first present a Mixed-Integer Programming (MIP) model to solve
this problem to optimality. However, the presence of many peculiar
constraints contributes inevitably in increasing the complexity of
the mathematical model. Thus, solving it through a general-purpose
solver may be performed for small instances only, while solving
real-life-sized instances of such model requires specific techniques
or heuristic approaches. For this purpose, we also propose a heuristic
approach, in which we make use of a fast constructive procedure
to obtain a feasible solution. To assess our exact and heuristic
approaches we perform extensive computational results on both
real-life instances (obtained from a high school in Lecce, Italy) and
randomly generated instances. Our tests show that the MIP model is
never solved to optimality, with an average optimality gap of 57%.
On the other hand, the heuristic algorithm is much faster (in about the
50% of the considered instances it converges in approximately half of
the time limit) and in many cases allows achieving an improvement
on the objective function value obtained by the MIP model. Such an
improvement ranges between 18% and 66%.
Abstract: An approach was evaluated for the retrieval of soil
moisture of bare soil surface using bistatic scatterometer data in the
angular range of 200 to 700 at VV- and HH- polarization. The
microwave data was acquired by specially designed X-band (10
GHz) bistatic scatterometer. The linear regression analysis was done
between scattering coefficients and soil moisture content to select the
suitable incidence angle for retrieval of soil moisture content. The 250
incidence angle was found more suitable. The support vector
regression analysis was used to approximate the function described
by the input output relationship between the scattering coefficient and
corresponding measured values of the soil moisture content. The
performance of support vector regression algorithm was evaluated by
comparing the observed and the estimated soil moisture content by
statistical performance indices %Bias, root mean squared error
(RMSE) and Nash-Sutcliffe Efficiency (NSE). The values of %Bias,
root mean squared error (RMSE) and Nash-Sutcliffe Efficiency
(NSE) were found 2.9451, 1.0986 and 0.9214 respectively at HHpolarization.
At VV- polarization, the values of %Bias, root mean
squared error (RMSE) and Nash-Sutcliffe Efficiency (NSE) were
found 3.6186, 0.9373 and 0.9428 respectively.
Abstract: This paper is concerned with the single-item
continuous review inventory system in which demand is stochastic
and discrete. The budget consumed for purchasing the ordered items
is not restricted but it incurs extra cost when exceeding specific
value. The unit purchasing price depends on the quantity ordered
under the all-units discounts cost structure. In many actual systems,
the budget as a resource which is occupied by the purchased items is
limited and the system is able to confront the resource shortage by
charging more costs. Thus, considering the resource shortage costs as
a part of system costs, especially when the amount of resource
occupied by the purchased item is influenced by quantity discounts,
is well motivated by practical concerns. In this paper, an optimization
problem is formulated for finding the optimal (r, Q) policy, when the
system is influenced by the budget limitation and a discount pricing
simultaneously. Properties of the cost function are investigated and
then an algorithm based on a one-dimensional search procedure is
proposed for finding an optimal (r, Q) policy which minimizes the
expected system costs.
Abstract: This study analyzes the critical gaps in the
architecture of European stability and the expected role of the
banking union as the new important step towards completing the
Economic and Monetary Union that should enable the creation of
safe and sound financial sector for the euro area market. The single
rulebook together with the Single Supervisory Mechanism and the
Single Resolution Mechanism - as two main pillars of the banking
union, should provide a consistent application of common rules and
administrative standards for supervision, recovery and resolution of
banks – with the final aim of replacing the former bail-out practice
with the bail-in system through which possible future bank failures
would be resolved by their own funds, i.e. with minimal costs for
taxpayers and real economy. In this way, the vicious circle between
banks and sovereigns would be broken. It would also reduce the
financial fragmentation recorded in the years of crisis as the result of
divergent behaviors in risk premium, lending activities and interest
rates between the core and the periphery. In addition, it should
strengthen the effectiveness of monetary transmission channels, in
particular the credit channels and overflows of liquidity on the money
market which, due to the fragmentation of the common financial
market, has been significantly disabled in period of crisis. However,
contrary to all the positive expectations related to the future
functioning of the banking union, major findings of this study
indicate that characteristics of the economic system in which the
banking union will operate should not be ignored. The euro area is an
integration of strong and weak entities with large differences in
economic development, wealth, assets of banking systems, growth
rates and accountability of fiscal policy. The analysis indicates that
low and unbalanced economic growth remains a challenge for the
maintenance of financial stability and this problem cannot be
resolved just by a single supervision. In many countries bank assets
exceed their GDP by several times and large banks are still a matter
of concern, because of their systemic importance for individual
countries and the euro zone as a whole. The creation of the Single
Supervisory Mechanism and the Single Resolution Mechanism is a
response to the European crisis, which has particularly affected
peripheral countries and caused the associated loop between the
banking crisis and the sovereign debt crisis, but has also influenced
banks’ balance sheets in the core countries, as the result of crossborder
capital flows. The creation of the SSM and the SRM should
prevent the similar episodes to happen again and should also provide
a new opportunity for strengthening of economic and financial
systems of the peripheral countries. On the other hand, there is a
potential threat that future focus of the ECB, resolution mechanism
and other relevant institutions will be extremely oriented towards
large and significant banks (whereby one half of them operate in the
core and most important euro area countries), and therefore it remains
questionable to what extent will the common resolution funds will be used for rescue of less important institutions. Recent geopolitical
developments will be the optimal indicator to show whether the
previously established mechanisms are sufficient enough to maintain
the adequate financial stability in the euro area market.
Abstract: Mobile Ad hoc Network is a set of self-governing
nodes which communicate through wireless links. Dynamic topology
MANETs makes routing a challenging task. Various routing
protocols are there, but due to various fundamental characteristic
open medium, changing topology, distributed collaboration and
constrained capability, these protocols are tend to various types of
security attacks. Black hole is one among them. In this attack,
malicious node represents itself as having the shortest path to the
destination but that path not even exists. In this paper, we aim to
develop a routing protocol for detection and prevention of black hole
attack by modifying AODV routing protocol. This protocol is able to
detect and prevent the black hole attack. Simulation is done using
NS-2, which shows the improvement in network performance.
Abstract: A solution methodology without using integral
transformation is proposed to develop analytical solutions for
transient heat conduction in nonuniform hollow cylinders with
time-dependent boundary condition at the outer surface. It is shown
that if the thermal conductivity and the specific heat of the medium
are in arbitrary polynomial function forms, the closed solutions of the
system can be developed. The influence of physical properties on the
temperature distribution of the system is studied. A numerical
example is given to illustrate the efficiency and the accuracy of the
solution methodology.
Abstract: Background: Muscle Energy Techniques (MET) have
been widely used by manual therapists over the past years, but still
limited research validated its use and there was limited evidence to
substantiate the theories used to explain its effects. Objective: To
investigate the effect of Muscle Energy Technique (MET) on anterior
pelvic tilt in patients with lumbar spondylosis. Design: Randomized
controlled trial. Subjects: Thirty patients with anterior pelvic tilt from
both sexes were involved, aged between 35 to 50 years old and they
were divided into MET and control groups with 15 patients in each.
Methods: All patients received 3sessions/week for 4 weeks where the
study group received MET, Ultrasound and Infrared, and the control
group received U.S and I.R only. Pelvic angle was measured by
palpation meter, pain severity by the visual analogue scale and
functional disabilities by the Oswestry disability index. Results: Both
groups showed significant improvement in all measured variables.
The MET group was significantly better than the control group in
pelvic angle, pain severity, and functional disability as p-value were
(0.001, 0.0001, 0.0001) respectively. Conclusion and implication: the
study group fulfilled greater improvement in all measured variables
than the control group which implies that application of MET in
combination with U.S and I.R were more effective in improving
pelvic tilting angle, pain severity and functional disabilities than
using electrotherapy only.