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model</title> <meta name="description" content="Search results for: empirical model"> <meta name="keywords" content="empirical model"> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button class="d-block d-lg-none navbar-toggler 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id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value="empirical model"> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 18575</div> </div> </div> </div> <h1 class="mt-3 mb-3 text-center" style="font-size:1.6rem;">Search results for: empirical model</h1> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18575</span> Empirical Modeling of Air Dried Rubberwood Drying System</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=S.%20Khamtree">S. Khamtree</a>, <a href="https://publications.waset.org/abstracts/search?q=T.%20Ratanawilai"> T. Ratanawilai</a>, <a href="https://publications.waset.org/abstracts/search?q=C.%20Nuntadusit"> C. Nuntadusit</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Rubberwood is a crucial commercial timber in Southern Thailand. All processes in a rubberwood production depend on the knowledge and expertise of the technicians, especially the drying process. This research aims to develop an empirical model for drying kinetics in rubberwood. During the experiment, the temperature of the hot air and the average air flow velocity were kept at 80-100 °C and 1.75 m/s, respectively. The moisture content in the samples was determined less than 12% in the achievement of drying basis. The drying kinetic was simulated using an empirical solver. The experimental results illustrated that the moisture content was reduced whereas the drying temperature and time were increased. The coefficient of the moisture ratio between the empirical and the experimental model was tested with three statistical parameters, R-square (<em>R²</em>), Root Mean Square Error (RMSE) and Chi-square (χ²) to predict the accuracy of the parameters. The experimental moisture ratio had a good fit with the empirical model. Additionally, the results indicated that the drying of rubberwood using the Henderson and Pabis model revealed the suitable level of agreement. The result presented an excellent estimation (<em>R² </em>= 0.9963<strong>)</strong> for the moisture movement compared to the other models. Therefore, the empirical results were valid and can be implemented in the future experiments. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=empirical%20models" title="empirical models">empirical models</a>, <a href="https://publications.waset.org/abstracts/search?q=rubberwood" title=" rubberwood"> rubberwood</a>, <a href="https://publications.waset.org/abstracts/search?q=moisture%20ratio" title=" moisture ratio"> moisture ratio</a>, <a href="https://publications.waset.org/abstracts/search?q=hot%20air%20drying" title=" hot air drying"> hot air drying</a> </p> <a href="https://publications.waset.org/abstracts/93645/empirical-modeling-of-air-dried-rubberwood-drying-system" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/93645.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">267</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18574</span> Empirical Model for the Estimation of Global Solar Radiation on Horizontal Surface in Algeria</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Malika%20Fekih">Malika Fekih</a>, <a href="https://publications.waset.org/abstracts/search?q=Abdenour%20Bourabaa"> Abdenour Bourabaa</a>, <a href="https://publications.waset.org/abstracts/search?q=Rafika%20Hariti"> Rafika Hariti</a>, <a href="https://publications.waset.org/abstracts/search?q=Mohamed%20Saighi"> Mohamed Saighi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In Algeria the global solar radiation and its components is not available for all locations due to which there is a requirement of using different models for the estimation of global solar radiation that use climatological parameters of the locations. Empirical constants for these models have been estimated and the results obtained have been tested statistically. The results show encouraging agreement between estimated and measured values. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=global%20solar%20radiation" title="global solar radiation">global solar radiation</a>, <a href="https://publications.waset.org/abstracts/search?q=empirical%20model" title=" empirical model"> empirical model</a>, <a href="https://publications.waset.org/abstracts/search?q=semi%20arid%20areas" title=" semi arid areas"> semi arid areas</a>, <a href="https://publications.waset.org/abstracts/search?q=climatological%20parameters" title=" climatological parameters"> climatological parameters</a> </p> <a href="https://publications.waset.org/abstracts/17957/empirical-model-for-the-estimation-of-global-solar-radiation-on-horizontal-surface-in-algeria" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/17957.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">502</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18573</span> Comparison of Applicability of Time Series Forecasting Models VAR, ARCH and ARMA in Management Science: Study Based on Empirical Analysis of Time Series Techniques</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Muhammad%20Tariq">Muhammad Tariq</a>, <a href="https://publications.waset.org/abstracts/search?q=Hammad%20Tahir"> Hammad Tahir</a>, <a href="https://publications.waset.org/abstracts/search?q=Fawwad%20Mahmood%20Butt"> Fawwad Mahmood Butt </a> </p> <p class="card-text"><strong>Abstract:</strong></p> Purpose: This study attempts to examine the best forecasting methodologies in the time series. The time series forecasting models such as VAR, ARCH and the ARMA are considered for the analysis. Methodology: The Bench Marks or the parameters such as Adjusted R square, F-stats, Durban Watson, and Direction of the roots have been critically and empirically analyzed. The empirical analysis consists of time series data of Consumer Price Index and Closing Stock Price. Findings: The results show that the VAR model performed better in comparison to other models. Both the reliability and significance of VAR model is highly appreciable. In contrary to it, the ARCH model showed very poor results for forecasting. However, the results of ARMA model appeared double standards i.e. the AR roots showed that model is stationary and that of MA roots showed that the model is invertible. Therefore, the forecasting would remain doubtful if it made on the bases of ARMA model. It has been concluded that VAR model provides best forecasting results. Practical Implications: This paper provides empirical evidences for the application of time series forecasting model. This paper therefore provides the base for the application of best time series forecasting model. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=forecasting" title="forecasting">forecasting</a>, <a href="https://publications.waset.org/abstracts/search?q=time%20series" title=" time series"> time series</a>, <a href="https://publications.waset.org/abstracts/search?q=auto%20regression" title=" auto regression"> auto regression</a>, <a href="https://publications.waset.org/abstracts/search?q=ARCH" title=" ARCH"> ARCH</a>, <a href="https://publications.waset.org/abstracts/search?q=ARMA" title=" ARMA"> ARMA</a> </p> <a href="https://publications.waset.org/abstracts/45124/comparison-of-applicability-of-time-series-forecasting-models-var-arch-and-arma-in-management-science-study-based-on-empirical-analysis-of-time-series-techniques" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/45124.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">348</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18572</span> The Effects of Quality of Web-Based Applications on Competitive Advantage: An Empirical Study in Commercial Banks in Jordan</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Faisal%20Asad%20Aburub">Faisal Asad Aburub</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Many organizations are investing in web applications and technologies in order to be competitive, some of them could not achieve its goals. The quality of web-based applications could play an important role for organizations to be competitive. So the aim of this study is to investigate the impact of quality of web-based applications to achieve a competitive advantage. A new model has been developed. An empirical investigation was performed on a banking sector in Jordan to test the new model. The results show that impact of web-based applications on competitive advantage is significant. Finally, further work is planned to validate and evaluate the proposed model using several domains. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=competitive%20advantage" title="competitive advantage">competitive advantage</a>, <a href="https://publications.waset.org/abstracts/search?q=web-based%20applications" title=" web-based applications"> web-based applications</a>, <a href="https://publications.waset.org/abstracts/search?q=empirical%20investigation" title=" empirical investigation"> empirical investigation</a>, <a href="https://publications.waset.org/abstracts/search?q=commercial%20banks%20in%20Jordan" title=" commercial banks in Jordan"> commercial banks in Jordan</a> </p> <a href="https://publications.waset.org/abstracts/30052/the-effects-of-quality-of-web-based-applications-on-competitive-advantage-an-empirical-study-in-commercial-banks-in-jordan" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/30052.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">339</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18571</span> Reliability Assessment of Various Empirical Formulas for Prediction of Scour Hole Depth (Plunge Pool) Using a Comprehensive Physical Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Majid%20Galoie">Majid Galoie</a>, <a href="https://publications.waset.org/abstracts/search?q=Khodadad%20Safavi"> Khodadad Safavi</a>, <a href="https://publications.waset.org/abstracts/search?q=Abdolreza%20Karami%20Nejad"> Abdolreza Karami Nejad</a>, <a href="https://publications.waset.org/abstracts/search?q=Reza%20Roshan"> Reza Roshan</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this study, a comprehensive scouring model has been developed in order to evaluate the accuracy of various empirical relationships which were suggested for prediction of scour hole depth in plunge pools by Martins, Mason, Chian and Veronese. For this reason, scour hole depths caused by free falling jets from a flip bucket to a plunge pool were investigated. In this study various discharges, angles, scouring times, etc. have been considered. The final results demonstrated that the all mentioned empirical formulas, except Mason formula, were reasonably agreement with the experimental data. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=scour%20hole%20depth" title="scour hole depth">scour hole depth</a>, <a href="https://publications.waset.org/abstracts/search?q=plunge%20pool" title=" plunge pool"> plunge pool</a>, <a href="https://publications.waset.org/abstracts/search?q=physical%20model" title=" physical model"> physical model</a>, <a href="https://publications.waset.org/abstracts/search?q=reliability%20assessment" title=" reliability assessment "> reliability assessment </a> </p> <a href="https://publications.waset.org/abstracts/20084/reliability-assessment-of-various-empirical-formulas-for-prediction-of-scour-hole-depth-plunge-pool-using-a-comprehensive-physical-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/20084.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">535</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18570</span> Kou Jump Diffusion Model: An Application to the SP 500; Nasdaq 100 and Russell 2000 Index Options</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Wajih%20Abbassi">Wajih Abbassi</a>, <a href="https://publications.waset.org/abstracts/search?q=Zouhaier%20Ben%20Khelifa"> Zouhaier Ben Khelifa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The present research points towards the empirical validation of three options valuation models, the ad-hoc Black-Scholes model as proposed by Berkowitz (2001), the constant elasticity of variance model of Cox and Ross (1976) and the Kou jump-diffusion model (2002). Our empirical analysis has been conducted on a sample of 26,974 options written on three indexes, the S&P 500, Nasdaq 100 and the Russell 2000 that were negotiated during the year 2007 just before the sub-prime crisis. We start by presenting the theoretical foundations of the models of interest. Then we use the technique of trust-region-reflective algorithm to estimate the structural parameters of these models from cross-section of option prices. The empirical analysis shows the superiority of the Kou jump-diffusion model. This superiority arises from the ability of this model to portray the behavior of market participants and to be closest to the true distribution that characterizes the evolution of these indices. Indeed the double-exponential distribution covers three interesting properties that are: the leptokurtic feature, the memory less property and the psychological aspect of market participants. Numerous empirical studies have shown that markets tend to have both overreaction and under reaction over good and bad news respectively. Despite of these advantages there are not many empirical studies based on this model partly because probability distribution and option valuation formula are rather complicated. This paper is the first to have used the technique of nonlinear curve-fitting through the trust-region-reflective algorithm and cross-section options to estimate the structural parameters of the Kou jump-diffusion model. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=jump-diffusion%20process" title="jump-diffusion process">jump-diffusion process</a>, <a href="https://publications.waset.org/abstracts/search?q=Kou%20model" title=" Kou model"> Kou model</a>, <a href="https://publications.waset.org/abstracts/search?q=Leptokurtic%20feature" title=" Leptokurtic feature"> Leptokurtic feature</a>, <a href="https://publications.waset.org/abstracts/search?q=trust-region-reflective%20algorithm" title=" trust-region-reflective algorithm"> trust-region-reflective algorithm</a>, <a href="https://publications.waset.org/abstracts/search?q=US%20index%20options" title=" US index options"> US index options</a> </p> <a href="https://publications.waset.org/abstracts/17915/kou-jump-diffusion-model-an-application-to-the-sp-500-nasdaq-100-and-russell-2000-index-options" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/17915.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">429</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18569</span> Coverage Probability Analysis of WiMAX Network under Additive White Gaussian Noise and Predicted Empirical Path Loss Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Chaudhuri%20Manoj%20Kumar%20Swain">Chaudhuri Manoj Kumar Swain</a>, <a href="https://publications.waset.org/abstracts/search?q=Susmita%20Das"> Susmita Das</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper explores a detailed procedure of predicting a path loss (PL) model and its application in estimating the coverage probability in a WiMAX network. For this a hybrid approach is followed in predicting an empirical PL model of a 2.65 GHz WiMAX network deployed in a suburban environment. Data collection, statistical analysis, and regression analysis are the phases of operations incorporated in this approach and the importance of each of these phases has been discussed properly. The procedure of collecting data such as received signal strength indicator (RSSI) through experimental set up is demonstrated. From the collected data set, empirical PL and RSSI models are predicted with regression technique. Furthermore, with the aid of the predicted PL model, essential parameters such as PL exponent as well as the coverage probability of the network are evaluated. This research work may assist in the process of deployment and optimisation of any cellular network significantly. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=WiMAX" title="WiMAX">WiMAX</a>, <a href="https://publications.waset.org/abstracts/search?q=RSSI" title=" RSSI"> RSSI</a>, <a href="https://publications.waset.org/abstracts/search?q=path%20loss" title=" path loss"> path loss</a>, <a href="https://publications.waset.org/abstracts/search?q=coverage%20probability" title=" coverage probability"> coverage probability</a>, <a href="https://publications.waset.org/abstracts/search?q=regression%20analysis" title=" regression analysis"> regression analysis</a> </p> <a href="https://publications.waset.org/abstracts/107614/coverage-probability-analysis-of-wimax-network-under-additive-white-gaussian-noise-and-predicted-empirical-path-loss-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/107614.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">177</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18568</span> An Empirical Dynamic Fuel Cell Model Used for Power System Verification in Aerospace</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Giuliano%20Raimondo">Giuliano Raimondo</a>, <a href="https://publications.waset.org/abstracts/search?q=J%C3%B6rg%20Wangemann"> Jörg Wangemann</a>, <a href="https://publications.waset.org/abstracts/search?q=Peer%20Drechsel"> Peer Drechsel</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In systems development involving Fuel Cells generators, it is important to have from an early stage of the project a dynamic model for the electrical behavior of the stack to be shared between involved development parties. It allows independent and early design and tests of fuel cell related power electronic. This paper presents an empirical Fuel Cell system model derived from characterization tests on a real system. Moreover, it is illustrated how the obtained model is used to build and validate a real-time Fuel Cell system emulator which is used for aerospace electrical integration testing activities. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=fuel%20cell" title="fuel cell">fuel cell</a>, <a href="https://publications.waset.org/abstracts/search?q=modelling" title=" modelling"> modelling</a>, <a href="https://publications.waset.org/abstracts/search?q=real%20time%20emulation" title=" real time emulation"> real time emulation</a>, <a href="https://publications.waset.org/abstracts/search?q=testing" title=" testing"> testing</a> </p> <a href="https://publications.waset.org/abstracts/57838/an-empirical-dynamic-fuel-cell-model-used-for-power-system-verification-in-aerospace" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/57838.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">336</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18567</span> Taleghan Dam Break Numerical Modeling</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hamid%20Goharnejad">Hamid Goharnejad</a>, <a href="https://publications.waset.org/abstracts/search?q=Milad%20Sadeghpoor%20Moalem"> Milad Sadeghpoor Moalem</a>, <a href="https://publications.waset.org/abstracts/search?q=Mahmood%20Zakeri%20Niri"> Mahmood Zakeri Niri</a>, <a href="https://publications.waset.org/abstracts/search?q=Leili%20Sadeghi%20Khalegh%20Abadi"> Leili Sadeghi Khalegh Abadi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> While there are many benefits to using reservoir dams, their break leads to destructive effects. From the viewpoint of International Committee of Large Dams (ICOLD), dam break means the collapse of whole or some parts of a dam; thereby the dam will be unable to hold water. Therefore, studying dam break phenomenon and prediction of its behavior and effects reduces losses and damages of the mentioned phenomenon. One of the most common types of reservoir dams is embankment dam. Overtopping in embankment dams occurs because of flood discharge system inability in release inflows to reservoir. One of the most important issues among managers and engineers to evaluate the performance of the reservoir dam rim when sliding into the storage, creating waves is large and long. In this study, the effects of floods which caused the overtopping of the dam have been investigated. It was assumed that spillway is unable to release the inflow. To determine outflow hydrograph resulting from dam break, numerical model using Flow-3D software and empirical equations was used. Results of numerical models and their comparison with empirical equations show that numerical model and empirical equations can be used to study the flood resulting from dam break. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=embankment%20dam%20break" title="embankment dam break">embankment dam break</a>, <a href="https://publications.waset.org/abstracts/search?q=empirical%20equations" title=" empirical equations"> empirical equations</a>, <a href="https://publications.waset.org/abstracts/search?q=Taleghan%20dam" title=" Taleghan dam"> Taleghan dam</a>, <a href="https://publications.waset.org/abstracts/search?q=Flow-3D%20numerical%20model" title=" Flow-3D numerical model"> Flow-3D numerical model</a> </p> <a href="https://publications.waset.org/abstracts/49153/taleghan-dam-break-numerical-modeling" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/49153.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">321</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18566</span> Normalizing Logarithms of Realized Volatility in an ARFIMA Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=G.%20L.%20C.%20Yap">G. L. C. Yap</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Modelling realized volatility with high-frequency returns is popular as it is an unbiased and efficient estimator of return volatility. A computationally simple model is fitting the logarithms of the realized volatilities with a fractionally integrated long-memory Gaussian process. The Gaussianity assumption simplifies the parameter estimation using the Whittle approximation. Nonetheless, this assumption may not be met in the finite samples and there may be a need to normalize the financial series. Based on the empirical indices S&P500 and DAX, this paper examines the performance of the linear volatility model pre-treated with normalization compared to its existing counterpart. The empirical results show that by including normalization as a pre-treatment procedure, the forecast performance outperforms the existing model in terms of statistical and economic evaluations. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Gaussian%20process" title="Gaussian process">Gaussian process</a>, <a href="https://publications.waset.org/abstracts/search?q=long-memory" title=" long-memory"> long-memory</a>, <a href="https://publications.waset.org/abstracts/search?q=normalization" title=" normalization"> normalization</a>, <a href="https://publications.waset.org/abstracts/search?q=value-at-risk" title=" value-at-risk"> value-at-risk</a>, <a href="https://publications.waset.org/abstracts/search?q=volatility" title=" volatility"> volatility</a>, <a href="https://publications.waset.org/abstracts/search?q=Whittle%20estimator" title=" Whittle estimator"> Whittle estimator</a> </p> <a href="https://publications.waset.org/abstracts/58573/normalizing-logarithms-of-realized-volatility-in-an-arfima-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/58573.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">354</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18565</span> Theoretical Framework for Value Creation in Project Oriented Companies</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Mariusz%20Hofman">Mariusz Hofman</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The paper ‘Theoretical framework for value creation in Project-Oriented Companies’ is designed to determine, how organisations create value and whether this allows them to achieve market success. An assumption has been made that there are two routes to achieving this value. The first one is to create intangible assets (i.e. the resources of human, structural and relational capital), while the other one is to create added value (understood as the surplus of revenue over costs). It has also been assumed that the combination of the achieved added value and unique intangible assets translates to the success of a project-oriented company. The purpose of the paper is to present hypothetical and deductive model which describing the modus operandi of such companies and approach to model operationalisation. All the latent variables included in the model are theoretical constructs with observational indicators (measures). The existence of a latent variable (construct) and also submodels will be confirmed based on a covariance matrix which in turn is based on empirical data, being a set of observational indicators (measures). This will be achieved with a confirmatory factor analysis (CFA). Due to this statistical procedure, it will be verified whether the matrix arising from the adopted theoretical model differs statistically from the empirical matrix of covariance arising from the system of equations. The fit of the model with the empirical data will be evaluated using χ2, RMSEA and CFI (Comparative Fit Index). How well the theoretical model fits the empirical data is assessed through a number of indicators. If the theoretical conjectures are confirmed, an interesting development path can be defined for project-oriented companies. This will let such organisations perform efficiently in the face of the growing competition and pressure on innovation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=value%20creation" title="value creation">value creation</a>, <a href="https://publications.waset.org/abstracts/search?q=project-oriented%20company" title=" project-oriented company"> project-oriented company</a>, <a href="https://publications.waset.org/abstracts/search?q=structural%20equation%20modelling" title=" structural equation modelling"> structural equation modelling</a> </p> <a href="https://publications.waset.org/abstracts/53162/theoretical-framework-for-value-creation-in-project-oriented-companies" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/53162.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">297</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18564</span> Valuation of Caps and Floors in a LIBOR Market Model with Markov Jump Risks</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Shih-Kuei%20Lin">Shih-Kuei Lin</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The characterization of the arbitrage-free dynamics of interest rates is developed in this study under the presence of Markov jump risks, when the term structure of the interest rates is modeled through simple forward rates. We consider Markov jump risks by allowing randomness in jump sizes, independence between jump sizes and jump times. The Markov jump diffusion model is used to capture empirical phenomena and to accurately describe interest jump risks in a financial market. We derive the arbitrage-free model of simple forward rates under the spot measure. Moreover, the analytical pricing formulas for a cap and a floor are derived under the forward measure when the jump size follows a lognormal distribution. In our empirical analysis, we find that the LIBOR market model with Markov jump risk better accounts for changes from/to different states and different rates. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=arbitrage-free" title="arbitrage-free">arbitrage-free</a>, <a href="https://publications.waset.org/abstracts/search?q=cap%20and%20floor" title=" cap and floor"> cap and floor</a>, <a href="https://publications.waset.org/abstracts/search?q=Markov%20jump%20diffusion%20model" title=" Markov jump diffusion model"> Markov jump diffusion model</a>, <a href="https://publications.waset.org/abstracts/search?q=simple%20forward%20rate%20model" title=" simple forward rate model"> simple forward rate model</a>, <a href="https://publications.waset.org/abstracts/search?q=volatility%20smile" title=" volatility smile"> volatility smile</a>, <a href="https://publications.waset.org/abstracts/search?q=EM%20algorithm" title=" EM algorithm"> EM algorithm</a> </p> <a href="https://publications.waset.org/abstracts/11690/valuation-of-caps-and-floors-in-a-libor-market-model-with-markov-jump-risks" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/11690.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">421</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18563</span> Empirical Analytical Modelling of Average Bond Stress and Anchorage of Tensile Bars in Reinforced Concrete</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maruful%20H.%20Mazumder">Maruful H. Mazumder</a>, <a href="https://publications.waset.org/abstracts/search?q=Raymond%20I.%20Gilbert"> Raymond I. Gilbert</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The design specifications for calculating development and lapped splice lengths of reinforcement in concrete are derived from a conventional empirical modelling approach that correlates experimental test data using a single mathematical equation. This paper describes part of a recently completed experimental research program to assess the effects of different structural parameters on the development length requirements of modern high strength steel reinforcing bars, including the case of lapped splices in large-scale reinforced concrete members. The normalized average bond stresses for the different variations of anchorage lengths are assessed according to the general form of a typical empirical analytical model of bond and anchorage. Improved analytical modelling equations are developed in the paper that better correlate the normalized bond strength parameters with the structural parameters of an empirical model of bond and anchorage. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=bond%20stress" title="bond stress">bond stress</a>, <a href="https://publications.waset.org/abstracts/search?q=development%20length" title=" development length"> development length</a>, <a href="https://publications.waset.org/abstracts/search?q=lapped%20splice%20length" title=" lapped splice length"> lapped splice length</a>, <a href="https://publications.waset.org/abstracts/search?q=reinforced%20concrete" title=" reinforced concrete"> reinforced concrete</a> </p> <a href="https://publications.waset.org/abstracts/2746/empirical-analytical-modelling-of-average-bond-stress-and-anchorage-of-tensile-bars-in-reinforced-concrete" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/2746.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">438</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18562</span> Nonparametric Estimation of Risk-Neutral Densities via Empirical Esscher Transform</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Manoel%20Pereira">Manoel Pereira</a>, <a href="https://publications.waset.org/abstracts/search?q=Alvaro%20Veiga"> Alvaro Veiga</a>, <a href="https://publications.waset.org/abstracts/search?q=Camila%20Epprecht"> Camila Epprecht</a>, <a href="https://publications.waset.org/abstracts/search?q=Renato%20Costa"> Renato Costa</a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper introduces an empirical version of the Esscher transform for risk-neutral option pricing. Traditional parametric methods require the formulation of an explicit risk-neutral model and are operational only for a few probability distributions for the returns of the underlying. In our proposal, we make only mild assumptions on the pricing kernel and there is no need for the formulation of the risk-neutral model for the returns. First, we simulate sample paths for the returns under the physical distribution. Then, based on the empirical Esscher transform, the sample is reweighted, giving rise to a risk-neutralized sample from which derivative prices can be obtained by a weighted sum of the options pay-offs in each path. We compare our proposal with some traditional parametric pricing methods in four experiments with artificial and real data. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=esscher%20transform" title="esscher transform">esscher transform</a>, <a href="https://publications.waset.org/abstracts/search?q=generalized%20autoregressive%20Conditional%20Heteroscedastic%20%28GARCH%29" title=" generalized autoregressive Conditional Heteroscedastic (GARCH)"> generalized autoregressive Conditional Heteroscedastic (GARCH)</a>, <a href="https://publications.waset.org/abstracts/search?q=nonparametric%20option%20pricing" title=" nonparametric option pricing"> nonparametric option pricing</a> </p> <a href="https://publications.waset.org/abstracts/20964/nonparametric-estimation-of-risk-neutral-densities-via-empirical-esscher-transform" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/20964.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">489</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18561</span> Forecasting Materials Demand from Multi-Source Ordering</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hui%20Hsin%20Huang">Hui Hsin Huang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The downstream manufactures will order their materials from different upstream suppliers to maintain a certain level of the demand. This paper proposes a bivariate model to portray this phenomenon of material demand. We use empirical data to estimate the parameters of model and evaluate the RMSD of model calibration. The results show that the model has better fitness. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=recency" title="recency">recency</a>, <a href="https://publications.waset.org/abstracts/search?q=ordering%20time" title=" ordering time"> ordering time</a>, <a href="https://publications.waset.org/abstracts/search?q=materials%20demand%20quantity" title=" materials demand quantity"> materials demand quantity</a>, <a href="https://publications.waset.org/abstracts/search?q=multi-source%20ordering" title=" multi-source ordering"> multi-source ordering</a> </p> <a href="https://publications.waset.org/abstracts/57842/forecasting-materials-demand-from-multi-source-ordering" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/57842.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">534</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18560</span> Modeling of Strong Motion Generation Areas of the 2011 Tohoku, Japan Earthquake Using Modified Semi-Empirical Technique Incorporating Frequency Dependent Radiation Pattern Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Sandeep">Sandeep</a>, <a href="https://publications.waset.org/abstracts/search?q=A.%20Joshi"> A. Joshi</a>, <a href="https://publications.waset.org/abstracts/search?q=Kamal"> Kamal</a>, <a href="https://publications.waset.org/abstracts/search?q=Piu%20Dhibar"> Piu Dhibar</a>, <a href="https://publications.waset.org/abstracts/search?q=Parveen%20Kumar"> Parveen Kumar</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In the present work strong ground motion has been simulated using a modified semi-empirical technique (MSET), with frequency dependent radiation pattern model. Joshi et al. (2014) have modified the semi-empirical technique to incorporate the modeling of strong motion generation areas (SMGAs). A frequency dependent radiation pattern model is applied to simulate high frequency ground motion more precisely. Identified SMGAs (Kurahashi and Irikura 2012) of the 2011 Tohoku earthquake (Mw 9.0) were modeled using this modified technique. Records are simulated for both frequency dependent and constant radiation pattern function. Simulated records for both cases are compared with observed records in terms of peak ground acceleration and pseudo acceleration response spectra at different stations. Comparison of simulated and observed records in terms of root mean square error suggests that the method is capable of simulating record which matches in a wide frequency range for this earthquake and bears realistic appearance in terms of shape and strong motion parameters. The results confirm the efficacy and suitability of rupture model defined by five SMGAs for the developed modified technique. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=strong%20ground%20motion" title="strong ground motion">strong ground motion</a>, <a href="https://publications.waset.org/abstracts/search?q=semi-empirical" title=" semi-empirical"> semi-empirical</a>, <a href="https://publications.waset.org/abstracts/search?q=strong%20motion%20generation%20area" title=" strong motion generation area"> strong motion generation area</a>, <a href="https://publications.waset.org/abstracts/search?q=frequency%20dependent%20radiation%20pattern" title=" frequency dependent radiation pattern"> frequency dependent radiation pattern</a>, <a href="https://publications.waset.org/abstracts/search?q=2011%20Tohoku%20Earthquake" title=" 2011 Tohoku Earthquake"> 2011 Tohoku Earthquake</a> </p> <a href="https://publications.waset.org/abstracts/21731/modeling-of-strong-motion-generation-areas-of-the-2011-tohoku-japan-earthquake-using-modified-semi-empirical-technique-incorporating-frequency-dependent-radiation-pattern-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/21731.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">537</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18559</span> Social Innovation Rediscovered: An Analysis of Empirical Research</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Imen%20Douzi">Imen Douzi</a>, <a href="https://publications.waset.org/abstracts/search?q=Karim%20Ben%20Kahla"> Karim Ben Kahla</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In spite of the growing attention for social innovation, it is still considered to be in a stage of infancy with minimal progress in theory development. Upon examining the field of study, one would have to conclude that, over the past two decades, academic research has focused primarily on establishing a conceptual foundation. This has resulted in a considerable stream of conceptual papers which have outnumbered empirical articles. Nevertheless, despite its growing popularity, scholars and practitioners are far from reaching a consensus as to what social innovation actually means which resulted in competing definitions and approaches within the field of social innovation and lack of unifying conceptual framework. This paper reviews empirical research studies on social innovation, classifies them along three dimensions and summarizes research findings for each of these dimensions. Preliminary to the analysis of empirical researches, an overview of different perspectives of social innovation is presented. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=analysis%20of%20empirical%20research" title="analysis of empirical research">analysis of empirical research</a>, <a href="https://publications.waset.org/abstracts/search?q=definition" title=" definition"> definition</a>, <a href="https://publications.waset.org/abstracts/search?q=empirical%20research" title=" empirical research"> empirical research</a>, <a href="https://publications.waset.org/abstracts/search?q=social%20innovation%20perspectives" title=" social innovation perspectives"> social innovation perspectives</a> </p> <a href="https://publications.waset.org/abstracts/38783/social-innovation-rediscovered-an-analysis-of-empirical-research" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/38783.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">384</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18558</span> The Adoption of Technological Innovations in a B2C Context: An Empirical Study on the Higher Education Industry in Egypt</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Maha%20Mourad">Maha Mourad</a>, <a href="https://publications.waset.org/abstracts/search?q=Rania%20Samir"> Rania Samir </a> </p> <p class="card-text"><strong>Abstract:</strong></p> This paper seeks to explain the adoption of technological innovations in a business to consumer context. Specifically, the use of web based technology (WEBCT/blackboard) in the delivery of educational material and communication with students at universities in Egypt is the focus of this study. The analysis draws on existing research in a B2C context which highlights the importance of internal organization characteristics, perceived attributes of the innovation as well as consumer based factors as the main drivers of adoption. A distinctive B2C model is developed drawing on Roger’s innovation adoption model, as well as theoretical and empirical foundations in previous innovation adoption literature to study the adoption of technological innovations in higher education in Egypt. The model proposes that the adoption decision is dependent on a combination of perceived attributes of the innovation, inter-organization factors and consumer factors. The model is testified drawing on the results of empirical work in the form of a large survey conducted on students in three different universities in Egypt (one public, one private and one international). In addition to the attributes of the innovation, specific organization factors (such as university resources) as well as consumer factors were identified as likely to have an important influence on the adoption of technological innovations in higher education. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=innovation" title="innovation">innovation</a>, <a href="https://publications.waset.org/abstracts/search?q=WEBCT" title=" WEBCT"> WEBCT</a>, <a href="https://publications.waset.org/abstracts/search?q=higher%20education" title=" higher education"> higher education</a>, <a href="https://publications.waset.org/abstracts/search?q=adoption" title=" adoption"> adoption</a>, <a href="https://publications.waset.org/abstracts/search?q=Egypt" title=" Egypt"> Egypt</a> </p> <a href="https://publications.waset.org/abstracts/9853/the-adoption-of-technological-innovations-in-a-b2c-context-an-empirical-study-on-the-higher-education-industry-in-egypt" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/9853.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">547</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18557</span> Orthogonal Metal Cutting Simulation of Steel AISI 1045 via Smoothed Particle Hydrodynamic Method</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Seyed%20Hamed%20Hashemi%20Sohi">Seyed Hamed Hashemi Sohi</a>, <a href="https://publications.waset.org/abstracts/search?q=Gerald%20Jo%20Denoga"> Gerald Jo Denoga</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Machining or metal cutting is one of the most widely used production processes in industry. The quality of the process and the resulting machined product depends on parameters like tool geometry, material, and cutting conditions. However, the relationships of these parameters to the cutting process are often based mostly on empirical knowledge. In this study, computer modeling and simulation using LS-DYNA software and a Smoothed Particle Hydrodynamic (SPH) methodology, was performed on the orthogonal metal cutting process to analyze three-dimensional deformation of AISI 1045 medium carbon steel during machining. The simulation was performed using the following constitutive models: the Power Law model, the Johnson-Cook model, and the Zerilli-Armstrong models (Z-A). The outcomes were compared against the simulated results obtained by Cenk Kiliçaslan using the Finite Element Method (FEM) and the empirical results of Jaspers and Filice. The analysis shows that the SPH method combined with the Zerilli-Armstrong constitutive model is a viable alternative to simulating the metal cutting process. The tangential force was overestimated by 7%, and the normal force was underestimated by 16% when compared with empirical values. The simulation values for flow stress versus strain at various temperatures were also validated against empirical values. The SPH method using the Z-A model has also proven to be robust against issues of time-scaling. Experimental work was also done to investigate the effects of friction, rake angle and tool tip radius on the simulation. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=metal%20cutting" title="metal cutting">metal cutting</a>, <a href="https://publications.waset.org/abstracts/search?q=smoothed%20particle%20hydrodynamics" title=" smoothed particle hydrodynamics"> smoothed particle hydrodynamics</a>, <a href="https://publications.waset.org/abstracts/search?q=constitutive%20models" title=" constitutive models"> constitutive models</a>, <a href="https://publications.waset.org/abstracts/search?q=experimental" title=" experimental"> experimental</a>, <a href="https://publications.waset.org/abstracts/search?q=cutting%20forces%20analyses" title=" cutting forces analyses"> cutting forces analyses</a> </p> <a href="https://publications.waset.org/abstracts/70310/orthogonal-metal-cutting-simulation-of-steel-aisi-1045-via-smoothed-particle-hydrodynamic-method" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/70310.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">261</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18556</span> Estimation of Probabilistic Fatigue Crack Propagation Models of AZ31 Magnesium Alloys under Various Load Ratio Conditions by Using the Interpolation of a Random Variable</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Seon%20Soon%20Choi">Seon Soon Choi</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The essential purpose is to present the good fatigue crack propagation model describing a stochastic fatigue crack growth behavior in a rolled magnesium alloy, AZ31, under various load ratio conditions. Fatigue crack propagation experiments were carried out in laboratory air under four conditions of load ratio, R, using AZ31 to investigate the crack growth behavior. The stochastic fatigue crack growth behavior was analyzed using an interpolation of random variable, Z, introduced to an empirical fatigue crack propagation model. The empirical fatigue models used in this study are Paris-Erdogan model, Walker model, Forman model, and modified Forman model. It was found that the random variable is useful in describing the stochastic fatigue crack growth behaviors under various load ratio conditions. The good probabilistic model describing a stochastic fatigue crack growth behavior under various load ratio conditions was also proposed. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=magnesium%20alloys" title="magnesium alloys">magnesium alloys</a>, <a href="https://publications.waset.org/abstracts/search?q=fatigue%20crack%20propagation%20model" title=" fatigue crack propagation model"> fatigue crack propagation model</a>, <a href="https://publications.waset.org/abstracts/search?q=load%20ratio" title=" load ratio"> load ratio</a>, <a href="https://publications.waset.org/abstracts/search?q=interpolation%20of%20random%20variable" title=" interpolation of random variable"> interpolation of random variable</a> </p> <a href="https://publications.waset.org/abstracts/5560/estimation-of-probabilistic-fatigue-crack-propagation-models-of-az31-magnesium-alloys-under-various-load-ratio-conditions-by-using-the-interpolation-of-a-random-variable" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/5560.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">410</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18555</span> Impact of Financial System’s Development on Economic Development: An Empirical Investigation</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Vilma%20Deltuvait%C4%97">Vilma Deltuvaitė</a> </p> <p class="card-text"><strong>Abstract:</strong></p> 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. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=banking%20sector" title="banking sector">banking sector</a>, <a href="https://publications.waset.org/abstracts/search?q=economic%20development" title=" economic development"> economic development</a>, <a href="https://publications.waset.org/abstracts/search?q=financial%20system%E2%80%99s%20development" title=" financial system’s development"> financial system’s development</a>, <a href="https://publications.waset.org/abstracts/search?q=stock%20market" title=" stock market"> stock market</a>, <a href="https://publications.waset.org/abstracts/search?q=private%20bond%20market" title=" private bond market"> private bond market</a> </p> <a href="https://publications.waset.org/abstracts/16043/impact-of-financial-systems-development-on-economic-development-an-empirical-investigation" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/16043.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">386</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18554</span> Predictive Semi-Empirical NOx Model for Diesel Engine</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Saurabh%20Sharma">Saurabh Sharma</a>, <a href="https://publications.waset.org/abstracts/search?q=Yong%20Sun"> Yong Sun</a>, <a href="https://publications.waset.org/abstracts/search?q=Bruce%20Vernham"> Bruce Vernham</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Accurate prediction of NOx emission is a continuous challenge in the field of diesel engine-out emission modeling. Performing experiments for each conditions and scenario cost significant amount of money and man hours, therefore model-based development strategy has been implemented in order to solve that issue. NOx formation is highly dependent on the burn gas temperature and the O<sub>2</sub> concentration inside the cylinder. The current empirical models are developed by calibrating the parameters representing the engine operating conditions with respect to the measured NOx. This makes the prediction of purely empirical models limited to the region where it has been calibrated. An alternative solution to that is presented in this paper, which focus on the utilization of in-cylinder combustion parameters to form a predictive semi-empirical NOx model. The result of this work is shown by developing a fast and predictive NOx model by using the physical parameters and empirical correlation. The model is developed based on the steady state data collected at entire operating region of the engine and the predictive combustion model, which is developed in Gamma Technology (GT)-Power by using Direct Injected (DI)-Pulse combustion object. In this approach, temperature in both burned and unburnt zone is considered during the combustion period i.e. from Intake Valve Closing (IVC) to Exhaust Valve Opening (EVO). Also, the oxygen concentration consumed in burnt zone and trapped fuel mass is also considered while developing the reported model.  Several statistical methods are used to construct the model, including individual machine learning methods and ensemble machine learning methods. A detailed validation of the model on multiple diesel engines is reported in this work. Substantial numbers of cases are tested for different engine configurations over a large span of speed and load points. Different sweeps of operating conditions such as Exhaust Gas Recirculation (EGR), injection timing and Variable Valve Timing (VVT) are also considered for the validation. Model shows a very good predictability and robustness at both sea level and altitude condition with different ambient conditions. The various advantages such as high accuracy and robustness at different operating conditions, low computational time and lower number of data points requires for the calibration establishes the platform where the model-based approach can be used for the engine calibration and development process. Moreover, the focus of this work is towards establishing a framework for the future model development for other various targets such as soot, Combustion Noise Level (CNL), NO<sub>2</sub>/NOx ratio etc. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=diesel%20engine" title="diesel engine">diesel engine</a>, <a href="https://publications.waset.org/abstracts/search?q=machine%20learning" title=" machine learning"> machine learning</a>, <a href="https://publications.waset.org/abstracts/search?q=NO%E2%82%93%20emission" title=" NOₓ emission"> NOₓ emission</a>, <a href="https://publications.waset.org/abstracts/search?q=semi-empirical" title=" semi-empirical"> semi-empirical</a> </p> <a href="https://publications.waset.org/abstracts/103281/predictive-semi-empirical-nox-model-for-diesel-engine" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/103281.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">114</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18553</span> Research on Straightening Process Model Based on Iteration and Self-Learning</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hong%20Lu">Hong Lu</a>, <a href="https://publications.waset.org/abstracts/search?q=Xiong%20Xiao"> Xiong Xiao</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Shaft parts are widely used in machinery industry, however, bending deformation often occurred when this kind of parts is being heat treated. This parts needs to be straightened to meet the requirement of straightness. As for the pressure straightening process, a good straightening stroke algorithm is related to the precision and efficiency of straightening process. In this paper, the relationship between straightening load and deflection during the straightening process is analyzed, and the mathematical model of the straightening process has been established. By the mathematical model, the iterative method is used to solve the straightening stroke. Compared to the traditional straightening stroke algorithm, straightening stroke calculated by this method is much more precise; because it can adapt to the change of material performance parameters. Considering that the straightening method is widely used in the mass production of the shaft parts, knowledge base is used to store the data of the straightening process, and a straightening stroke algorithm based on empirical data is set up. In this paper, the straightening process control model which combine the straightening stroke method based on iteration and straightening stroke algorithm based on empirical data has been set up. Finally, an experiment has been designed to verify the straightening process control model. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=straightness" title="straightness">straightness</a>, <a href="https://publications.waset.org/abstracts/search?q=straightening%20stroke" title=" straightening stroke"> straightening stroke</a>, <a href="https://publications.waset.org/abstracts/search?q=deflection" title=" deflection"> deflection</a>, <a href="https://publications.waset.org/abstracts/search?q=shaft%20parts" title=" shaft parts"> shaft parts</a> </p> <a href="https://publications.waset.org/abstracts/40679/research-on-straightening-process-model-based-on-iteration-and-self-learning" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/40679.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">328</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18552</span> Replicating Brain’s Resting State Functional Connectivity Network Using a Multi-Factor Hub-Based Model</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=B.%20L.%20Ho">B. L. Ho</a>, <a href="https://publications.waset.org/abstracts/search?q=L.%20Shi"> L. Shi</a>, <a href="https://publications.waset.org/abstracts/search?q=D.%20F.%20Wang"> D. F. Wang</a>, <a href="https://publications.waset.org/abstracts/search?q=V.%20C.%20T.%20Mok"> V. C. T. Mok</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The brain’s functional connectivity while temporally non-stationary does express consistency at a macro spatial level. The study of stable resting state connectivity patterns hence provides opportunities for identification of diseases if such stability is severely perturbed. A mathematical model replicating the brain’s spatial connections will be useful for understanding brain’s representative geometry and complements the empirical model where it falls short. Empirical computations tend to involve large matrices and become infeasible with fine parcellation. However, the proposed analytical model has no such computational problems. To improve replicability, 92 subject data are obtained from two open sources. The proposed methodology, inspired by financial theory, uses multivariate regression to find relationships of every cortical region of interest (ROI) with some pre-identified hubs. These hubs acted as representatives for the entire cortical surface. A variance-covariance framework of all ROIs is then built based on these relationships to link up all the ROIs. The result is a high level of match between model and empirical correlations in the range of 0.59 to 0.66 after adjusting for sample size; an increase of almost forty percent. More significantly, the model framework provides an intuitive way to delineate between systemic drivers and idiosyncratic noise while reducing dimensions by more than 30 folds, hence, providing a way to conduct attribution analysis. Due to its analytical nature and simple structure, the model is useful as a standalone toolkit for network dependency analysis or as a module for other mathematical models. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=functional%20magnetic%20resonance%20imaging" title="functional magnetic resonance imaging">functional magnetic resonance imaging</a>, <a href="https://publications.waset.org/abstracts/search?q=multivariate%20regression" title=" multivariate regression"> multivariate regression</a>, <a href="https://publications.waset.org/abstracts/search?q=network%20hubs" title=" network hubs"> network hubs</a>, <a href="https://publications.waset.org/abstracts/search?q=resting%20state%20functional%20connectivity" title=" resting state functional connectivity"> resting state functional connectivity</a> </p> <a href="https://publications.waset.org/abstracts/92618/replicating-brains-resting-state-functional-connectivity-network-using-a-multi-factor-hub-based-model" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/92618.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">151</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18551</span> The Use of Psychological Tests in Polish Organizations - Empirical Evidence</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Milena%20Gojny-Zbierowska">Milena Gojny-Zbierowska</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In the last decades psychological tests have been gaining in popularity as a method used for evaluating personnel, and they bring consulting companies solid profits rising by up to 10% each year. The market is offering a growing range of tools for the assessment of personality. Tests are used in organizations mainly in the recruitment and selection of staff. This paper is an attempt to initially diagnose the state of the use of psychological tests in Polish companies on the basis of empirical research. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=psychological%20tests" title="psychological tests">psychological tests</a>, <a href="https://publications.waset.org/abstracts/search?q=personality" title=" personality"> personality</a>, <a href="https://publications.waset.org/abstracts/search?q=content%20analysis" title=" content analysis"> content analysis</a>, <a href="https://publications.waset.org/abstracts/search?q=NEO%20FFI" title=" NEO FFI"> NEO FFI</a>, <a href="https://publications.waset.org/abstracts/search?q=big%20five%20personality%20model" title=" big five personality model"> big five personality model</a> </p> <a href="https://publications.waset.org/abstracts/39287/the-use-of-psychological-tests-in-polish-organizations-empirical-evidence" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/39287.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">365</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18550</span> The Promotion Effects for a Supply Chain System with a Dominant Retailer</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Tai-Yue%20Wang">Tai-Yue Wang</a>, <a href="https://publications.waset.org/abstracts/search?q=Yi-Ho%20Chen"> Yi-Ho Chen</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this study, we investigate a two-echelon supply chain with two suppliers and three retailers among which one retailer dominates other retailers. A price competition demand function is used to model this dominant retailer, which is leading market. The promotion strategies and negotiation schemes are integrated to form decision-making models under different scenarios. These models are then formulated into different mathematical programming models. The decision variables such as promotional costs, retailer prices, wholesale price, and order quantity are included in these models. At last, the distributions of promotion costs under different cost allocation strategies are discussed. Finally, an empirical example used to validate our models. The results from this empirical example show that the profit model will create the largest profit for the supply chain but with different profit-sharing results. At the same time, the more risk a member can take, the more profits are distributed to that member in the utility model. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=supply%20chain" title="supply chain">supply chain</a>, <a href="https://publications.waset.org/abstracts/search?q=price%20promotion" title=" price promotion"> price promotion</a>, <a href="https://publications.waset.org/abstracts/search?q=mathematical%20models" title=" mathematical models"> mathematical models</a>, <a href="https://publications.waset.org/abstracts/search?q=dominant%20retailer" title=" dominant retailer"> dominant retailer</a> </p> <a href="https://publications.waset.org/abstracts/40876/the-promotion-effects-for-a-supply-chain-system-with-a-dominant-retailer" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/40876.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">400</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18549</span> Thermal Expansion Coefficient and Young’s Modulus of Silica-Reinforced Epoxy Composite</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Hyu%20Sang%20Jo">Hyu Sang Jo</a>, <a href="https://publications.waset.org/abstracts/search?q=Gyo%20Woo%20Lee"> Gyo Woo Lee</a> </p> <p class="card-text"><strong>Abstract:</strong></p> In this study, the evaluation of thermal stability of the micrometer-sized silica particle reinforced epoxy composite was carried out through the measurement of thermal expansion coefficient and Young’s modulus of the specimens. For all the specimens in this study from the baseline to those containing 50 wt% silica filler, the thermal expansion coefficients and the Young’s moduli were gradually decreased down to 20% and increased up to 41%, respectively. The experimental results were compared with filler-volume-based simple empirical relations. The experimental results of thermal expansion coefficients correspond with those of Thomas’s model which is modified from the rule of mixture. However, the measured result for Young’s modulus tends to be increased slightly. The differences in increments of the moduli between experimental and numerical model data are quite large. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=thermal%20stability" title="thermal stability">thermal stability</a>, <a href="https://publications.waset.org/abstracts/search?q=silica-reinforced" title=" silica-reinforced"> silica-reinforced</a>, <a href="https://publications.waset.org/abstracts/search?q=epoxy%20composite" title=" epoxy composite"> epoxy composite</a>, <a href="https://publications.waset.org/abstracts/search?q=coefficient%20of%20thermal%20expansion" title=" coefficient of thermal expansion"> coefficient of thermal expansion</a>, <a href="https://publications.waset.org/abstracts/search?q=empirical%20model" title=" empirical model"> empirical model</a> </p> <a href="https://publications.waset.org/abstracts/16198/thermal-expansion-coefficient-and-youngs-modulus-of-silica-reinforced-epoxy-composite" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/16198.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">296</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18548</span> Comparison of Wake Oscillator Models to Predict Vortex-Induced Vibration of Tall Chimneys</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Saba%20Rahman">Saba Rahman</a>, <a href="https://publications.waset.org/abstracts/search?q=Arvind%20K.%20Jain"> Arvind K. Jain</a>, <a href="https://publications.waset.org/abstracts/search?q=S.%20D.%20Bharti"> S. D. Bharti</a>, <a href="https://publications.waset.org/abstracts/search?q=T.%20K.%20Datta"> T. K. Datta</a> </p> <p class="card-text"><strong>Abstract:</strong></p> The present study compares the semi-empirical wake-oscillator models that are used to predict vortex-induced vibration of structures. These models include those proposed by Facchinetti, Farshidian, and Dolatabadi, and Skop and Griffin. These models combine a wake oscillator model resembling the Van der Pol oscillator model and a single degree of freedom oscillation model. In order to use these models for estimating the top displacement of chimneys, the first mode vibration of the chimneys is only considered. The modal equation of the chimney constitutes the single degree of freedom model (SDOF). The equations of the wake oscillator model and the SDOF are simultaneously solved using an iterative procedure. The empirical parameters used in the wake-oscillator models are estimated using a newly developed approach, and response is compared with experimental data, which appeared comparable. For carrying out the iterative solution, the ode solver of MATLAB is used. To carry out the comparative study, a tall concrete chimney of height 210m has been chosen with the base diameter as 28m, top diameter as 20m, and thickness as 0.3m. The responses of the chimney are also determined using the linear model proposed by E. Simiu and the deterministic model given in Eurocode. It is observed from the comparative study that the responses predicted by the Facchinetti model and the model proposed by Skop and Griffin are nearly the same, while the model proposed by Fashidian and Dolatabadi predicts a higher response. The linear model without considering the aero-elastic phenomenon provides a less response as compared to the non-linear models. Further, for large damping, the prediction of the response by the Euro code is relatively well compared to those of non-linear models. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=chimney" title="chimney">chimney</a>, <a href="https://publications.waset.org/abstracts/search?q=deterministic%20model" title=" deterministic model"> deterministic model</a>, <a href="https://publications.waset.org/abstracts/search?q=van%20der%20pol" title=" van der pol"> van der pol</a>, <a href="https://publications.waset.org/abstracts/search?q=vortex-induced%20vibration" title=" vortex-induced vibration"> vortex-induced vibration</a> </p> <a href="https://publications.waset.org/abstracts/141523/comparison-of-wake-oscillator-models-to-predict-vortex-induced-vibration-of-tall-chimneys" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/141523.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">221</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18547</span> Hybrid Equity Warrants Pricing Formulation under Stochastic Dynamics</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Teh%20Raihana%20Nazirah%20Roslan">Teh Raihana Nazirah Roslan</a>, <a href="https://publications.waset.org/abstracts/search?q=Siti%20Zulaiha%20Ibrahim"> Siti Zulaiha Ibrahim</a>, <a href="https://publications.waset.org/abstracts/search?q=Sharmila%20Karim"> Sharmila Karim</a> </p> <p class="card-text"><strong>Abstract:</strong></p> A warrant is a financial contract that confers the right but not the obligation, to buy or sell a security at a certain price before expiration. The standard procedure to value equity warrants using call option pricing models such as the Black–Scholes model had been proven to contain many flaws, such as the assumption of constant interest rate and constant volatility. In fact, existing alternative models were found focusing more on demonstrating techniques for pricing, rather than empirical testing. Therefore, a mathematical model for pricing and analyzing equity warrants which comprises stochastic interest rate and stochastic volatility is essential to incorporate the dynamic relationships between the identified variables and illustrate the real market. Here, the aim is to develop dynamic pricing formulations for hybrid equity warrants by incorporating stochastic interest rates from the Cox-Ingersoll-Ross (CIR) model, along with stochastic volatility from the Heston model. The development of the model involves the derivations of stochastic differential equations that govern the model dynamics. The resulting equations which involve Cauchy problem and heat equations are then solved using partial differential equation approaches. The analytical pricing formulas obtained in this study comply with the form of analytical expressions embedded in the Black-Scholes model and other existing pricing models for equity warrants. This facilitates the practicality of this proposed formula for comparison purposes and further empirical study. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=Cox-Ingersoll-Ross%20model" title="Cox-Ingersoll-Ross model">Cox-Ingersoll-Ross model</a>, <a href="https://publications.waset.org/abstracts/search?q=equity%20warrants" title=" equity warrants"> equity warrants</a>, <a href="https://publications.waset.org/abstracts/search?q=Heston%20model" title=" Heston model"> Heston model</a>, <a href="https://publications.waset.org/abstracts/search?q=hybrid%20models" title=" hybrid models"> hybrid models</a>, <a href="https://publications.waset.org/abstracts/search?q=stochastic" title=" stochastic"> stochastic</a> </p> <a href="https://publications.waset.org/abstracts/124157/hybrid-equity-warrants-pricing-formulation-under-stochastic-dynamics" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/124157.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">129</span> </span> </div> </div> <div class="card paper-listing mb-3 mt-3"> <h5 class="card-header" style="font-size:.9rem"><span class="badge badge-info">18546</span> A Spatial Approach to Model Mortality Rates</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/abstracts/search?q=Yin-Yee%20Leong">Yin-Yee Leong</a>, <a href="https://publications.waset.org/abstracts/search?q=Jack%20C.%20Yue"> Jack C. Yue</a>, <a href="https://publications.waset.org/abstracts/search?q=Hsin-Chung%20Wang"> Hsin-Chung Wang</a> </p> <p class="card-text"><strong>Abstract:</strong></p> Human longevity has been experiencing its largest increase since the end of World War II, and modeling the mortality rates is therefore often the focus of many studies. Among all mortality models, the Lee–Carter model is the most popular approach since it is fairly easy to use and has good accuracy in predicting mortality rates (e.g., for Japan and the USA). However, empirical studies from several countries have shown that the age parameters of the Lee–Carter model are not constant in time. Many modifications of the Lee–Carter model have been proposed to deal with this problem, including adding an extra cohort effect and adding another period effect. In this study, we propose a spatial modification and use clusters to explain why the age parameters of the Lee–Carter model are not constant. In spatial analysis, clusters are areas with unusually high or low mortality rates than their neighbors, where the “location” of mortality rates is measured by age and time, that is, a 2-dimensional coordinate. We use a popular cluster detection method—Spatial scan statistics, a local statistical test based on the likelihood ratio test to evaluate where there are locations with mortality rates that cannot be described well by the Lee–Carter model. We first use computer simulation to demonstrate that the cluster effect is a possible source causing the problem of the age parameters not being constant. Next, we show that adding the cluster effect can solve the non-constant problem. We also apply the proposed approach to mortality data from Japan, France, the USA, and Taiwan. The empirical results show that our approach has better-fitting results and smaller mean absolute percentage errors than the Lee–Carter model. <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/abstracts/search?q=mortality%20improvement" title="mortality improvement">mortality improvement</a>, <a href="https://publications.waset.org/abstracts/search?q=Lee%E2%80%93Carter%20model" title=" Lee–Carter model"> Lee–Carter model</a>, <a href="https://publications.waset.org/abstracts/search?q=spatial%20statistics" title=" spatial statistics"> spatial statistics</a>, <a href="https://publications.waset.org/abstracts/search?q=cluster%20detection" title=" cluster detection"> cluster detection</a> </p> <a href="https://publications.waset.org/abstracts/93746/a-spatial-approach-to-model-mortality-rates" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/abstracts/93746.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> 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