This paper delves into the dynamics of asset pricing within Bachelier’s market model (BMM), elucidating the representation of risky asset price dynamics and the definition of riskless assets. It highlights the fundamental differences between BMM and the Black-Scholes-Merton market model (BSMMM), including the extension of BMM to handle assets yielding a simple dividend. Our investigation further explores Bachelier’s term structure of interest rates (BTSIR), introducing a novel version of Bachelier’s Heath-Jarrow-Morton model and adapting the Hull-White interest rate model to fit BMM. The study concludes by examining the applicability of BMM in real-world scenarios, such as those involving environmental, social, and governance (ESG)-adjusted stock prices and commodity spreads.

Resource pricing in cloud computing has become one of the main challenges for cloud providers. The challenge is determining a fair and appropriate price to satisfy users and resource providers. To determine a fair price, it is necessary to consider the conditions and needs of both parties: provider and user. This research tries to provide a pricing mechanism for cloud computing based on game theory. The proposed mechanism takes into account three factors including fault possibility, interaction between virtual machines, and energy consumption to reach a fair price. In the proposed game, the provider decides on the price of the virtual machine which can be offered to the user on each physical machine and the user decides between the virtual machines offered to run its application. The whole game is implemented as a function of the resource broker component. The proposed mechanism is simulated and evaluated using the CloudSim simulator. Its performance is compared with several previous recent mechanisms. According to the results, the proposed mechanism has been able to determine a more reasonable price for the user and the provider which increases the overall profitability of the cloud system.

Motivated by a common Mathematical Finance topic, this paper surveys several results concerning windings of 2-dimensional processes, including planar Brownian motion, complex-valued Ornstein-Uhlenbeck processes and planar stable processes. In particular, we present Spitzer's asymptotic Theorem for each case. We also relate this study to the pricing of Asian options.

The Imbalance Cost Pass-Through (ICPT) is a flexible component of the Incentive Regulation (IBR) that empowers power producers to adjust tariffs in response to variable fuel prices, thereby enhancing the economic resilience of electricity generation. However, the cost of electricity generation is significantly influenced by the volatility of commodity prices, including coal, gas and LNG. In Malaysia, the Energy Commission has conducted biannual reviews of fuel and other generation costs. Any cost savings or increases identified during these reviews will be passed on to customers in the form of rebates or surcharges. Due to that reason, this study proposes ICPT price forecasting for the electricity market in Peninsular Malaysia. The study aims to construct an ICPT-related baseline model for the peninsular generation data by employing three forecasting methods. The forecasting performance is analysed by a Mean Absolute Percentage Error (MAPE). In findings, the ARIMA method is one of the most accurate forecasting methods for fuel prices compared to the Moving Average (MA) and LSSVM methods. The observed price differences between the ARIMA and LSSVM models for ICPT are minimal. The ICPT price for July-December 2022 and January-June 2023 is MYR 0.21/ kWh for ARIMA and MYR 0.18/kWh for LSSVM, which are close to the actual TNB’s ICPT tariff. As for the forecasting, the ICPT price is expected to drop for the next announcement. The findings of this study may contribute to a positive impact on the sustainability of the energy sector in Malaysia.

The development of accurate dynamic battery pack models for electric vehicles (EVs) is critical for the ongoing electrification of the global automotive vehicle fleet, since these serve as a key element in the energy performance of an EV powertrain system. The Equivalent Circuit Model (ECM) technique at the cell level is commonly employed for this purpose, combining accuracy and efficiency in the representation of battery operation within the broader powertrain system. In this study, a second-order ECM model of a battery cell is being developed using Modelica, an equation-based modeling language. Parameter lookup tables at multiple levels of state of charge (SoC), extracted from Li-ion battery cells with 4 different commonly used cathode materials, have been utilized. This approach allows for a representation of the battery systems that are used in a wide range of commercial EV applications. To verify the model, an integrated EV model is developed and simulation results of the FTP75 driving cycle have been compared against an equivalent application in MATLAB Simulink. The findings demonstrate a close match between the results obtained from both software across different system points. Specifically, the maximum deviation of SoC is limited to 0.08% and the maximum value of relative voltage deviation is 1.4%. The verified model enables the exploration of multiple possible architecture configurations of EV powertrains with Modelica.

CoCrFeNiMn high-entropy alloy coatings were prepared on compacted graphite iron（CGI） through plasma cladding to strength the CGI substrate. The effects of heat treatment temperatures and times on the microstructure and mechanical properties of the CoCrFeNiMn coatings were investigated. After heat treatment, a single FCC phase was remained in the coating as compared to the deposited one, with smaller dendrites, larger dendritic spacing and more Cr-rich compounds precipitated between dendrites. The coatings’ microhardness was increased after heat treatment. After heat treated at 660°C for 90 minutes, the coating had the highest microhardness of 563±6.9 HV0.2, the lowest frictional coefficient of 0.71 and the smallest wear mass loss of 1.12 mg, and it had the best wear resistance.

There is no method of predicting the price of an option other than hedging strategies such as the binomial hedging strategy, the Black-Scholes hedging strategy and others. The price of an option is defined to be equal to the amount the seller needs to implement a hedging strategy. We will study these two basic hedging strategies in terms of their feasibility and we will see that the Black-Scholes hedging strategy is not feasible because this strategy demands instantaneously rebuilding the replicating portfolio. Consequently, the real world prices of the options are not relevant at all with the Black-Scholes hedging strategy! We will suitably redefine the binomial hedging strategy so that it will be practically useful and present other feasible and generally more effective hedging strategies with some of them are practically useful for options with no tradable underlying assets. Finally, we will mention some open questions related to the above.

As traffic congestion gets worse year by year in metropolitan areas, cities search for solutions to improve their traffic performance and reduce their environmental impacts. This paper focuses on parking pricing and congestion pricing and their short-term effects not only on traffic congestion but also on the potential revenue for a city. We develop an easy to implement multimodal macroscopic traffic and parking search model for a central area based on aggregated data at the network level. Our methodology allows us to analyze how introducing parking pricing inside a network, or a congestion toll combined with a park and ride (P+R) scheme can affect the drivers’ decision between entering the network by car (private vehicle) or using P+R instead. This decision directly influences the number of drivers using P+R, and this impacts, in turn, the traffic performance. Based on such analysis, a city can get valuable insights to evaluate whether congestion pricing is a necessity or if the traffic improvements resulting from implementing parking pricing strategies are sufficient when combined with P+R facilities. A search algorithm is used to find the best trade-off between the parking fees and the congestion toll. Any additional revenue collected through these schemes can then be used to improve public transport or the P+R facilities themselves. With minor data collection efforts and little computational costs compared to most existing parking and congestion pricing models, we illustrate our proposed framework in a case study of an area with a high parking demand for public parking spaces within the city of Zurich, Switzerland. Results show that parking pricing combined with P+R is indeed a viable option compared to congestion pricing for improving traffic performance, even if parking pricing schemes do not target all the drivers.

This paper investigates whether currency risk is priced differently in the different sectors (industrial, financial, and basic materials) of equity markets in a sample of developed United States of America (USA) and developing economies (Brazil, India, Poland, and South Africa). The paper makes use of the following techniques: (i) Univariate Autoregressive Fractionally Integrated Moving Average and Exponential General Autoregressive Conditional Heteroskedastic (ARFIMA-EGARCH), (ii) the Markov-Switching method (MS), and (iii) the Canonical Vine Copulas (C-Vine) techniques. Using a sample of daily data made of the foreign exchange rate against the domestic currency and equity market sectors; our findings show that there is an asymmetry effect between equities markets and the foreign exchange rate: there is a heterogeneous, strong, and positive dependence between the two. Higher equities prices are associated with depreciation of local currencies, according to US dollar (USD) exchange rates. In addition, we find that the selected emerging economies are pricing a positive and considerable currency risk. The pricing of currency risk has a varied effect in both regimes representing the states of the economy. In fact, when currency risk pricing has a beneficial impact on certain sectors of the economy, investors predict better returns.

The purpose of the study is to establish compliance of the design of the modernized car with the requirements for safe operation. An option has been proposed for upgrading a passenger wagon to a Mobile Diagnostic Complex for transporting a combined vehicle equipped with appropriate flaw detection equipment intended for rail diagnostics. The authors have established the most optimal option for locating the diagnostic vehicle on board the Mobile Diagnostic Complex (MDC) wagon, taking into account the additional load from the vehicle. To achieve this goal, the article developed a three-dimensional model of the supporting structure of the wagon body, proposed a methodology and presented the results of a study of the stress-strain state of the wagon body, taking into account the additional weight of the wagon. The article develops a methodology for studying the natural frequencies of vibrations of the wagon body and develops a three-dimensional model of the wagon for calculating dynamic indicators in the Universal Mechanism software package. Taking into account the previously carried out strength calculations, as well as in order to maintain the factory life cycle indicators of the supporting structure of the wagon body, it is recommended to use the model in the first version.

This paper considers the theoretical framework of the consumption-based asset-pricing model and derives successive approximations of the modified basic pricing equation using Taylor series expansions of the investor’s utility function during the averaging time interval Δ. For linear and quadratic Taylor approximations we derive new expressions for the mean asset price, mean payoff, their volatilities, skewness and amount of asset that delivers max to investor’s utility. We introduce new market-based price probability determined by statistical moments of the market trade values and volumes. We show that the market-based price probability results zero correla-tions between time-series of n-th power of price pn and trade volume Un, but doesn’t cause statis-tical independence and we derive correlation between time-series of price p and squares of trade volume U2. The market-based treatment of the random trade price describes impact of the size of market trade values and volumes on price probability. Predictions of the market-based price probability at horizon T should match forecasts of statistical moments of the trade values and volumes at the same horizon T. The market-based price probability emphasizes direct dependence on random properties of market trades.

The attitude dynamics and orbit dynamics of large rigid space structures are coupled with each other under gravity gradient, which may affect the stability of the large rigid space structures. In this paper, the gravity gradient stability of a large rigid space structure is studied under both small and large disturbances. Based on the rigid body dynamics and orbit dynamics, an accurate dynamic model without any linearization of the large rigid space structure is established via the natural coordinate formulation (NCF), which is able to describe the large overall motions of the structures. By using the generalized-α algorithm, the gravity gradient stability of the large rigid space structure is simulated and analyzed via various examples, including the influence of large disturbance angles, the positions at the stabilization and unstabilization regions. Finally, the relationship between spinning stability and gravity gradient stability is also investigated via a large spinning space structure.

In this paper, we study the global existence and exponential decay for a dynamic contact problem between a Timoshenko beam with second sound and two rigid obstacles, of which the heat flux is given by Cattaneo's law instead of the usual Fourier's law. The main difficulties arise from the irregular boundary terms, from the low regularity of the weak solution and from the weaker dissipative effects of heat conduction induced by Cattaneo's law. By considering related penalized problems, proving some a priori estimates and passing to the limit, we prove the global existence of the solutions. By considering the approximate framework, constructing some new functionals and applying the perturbed energy method, we obtain the exponential decay result for the approximate solution, and then prove the exponential decay rate to the original problem by utilizing the weak lower semicontinuity arguments.

Price markups and firm Tobin’s Q ratios are widely believed to have been increasing in the past several decades. Various models for the calculation of price markups have been developed, but each have methodological drawbacks and some results are poorly reflective of the near past wider macroeconomic experience. This paper defines an approach for the definition and measurement of markup pricing using the measure of Economic Rent and The Capital Asset Pricing Model. The results show limited markup pricing for The UK’s FTSE 100 companies (2018-2023), but that that certain Real Estate, Technology/Media and Financial Services/Equity Investment firms have enjoyed higher price markup levels. An analysis of the business models of these firms is used to qualitatively propose explanations for such markups. Finally, this work offers a formal proof that that expected price markup is equal to Tobin’s Q and finds that the empiric market level of markup is near equivalent to the market Tobin’s Q; differences between the markup and Tobin’s Q at the level of the firm are equally assessed.

We present a normative methodology, for value-pricing B2B services, using a Nash Equilibrium mechanism. Value is fundamental to any service, yet it has defied a definition. The literature is conspicuously silent on how to define value, but abounds in richly descriptive characterizations. To overcome this deficit, we focus on the financial economics of service-value. We formulate an axiomatic definition and a differential equation that embodies the idea of service-value. We specify a set of value axioms and multidisciplinary postulates that coherently form our service-value constructs. Value-pricing is challenging. It is natural that providers desire a high price and customers want a low price. Realistically, both will agree on a win-win price. To uncover this price, we specify an algorithm to reveal the Nash Equilibrium. Once agreed, it validates providers’ and customers’ commitments, and payment obligations. Service value is cocreated by both provider and customer. For a reciprocal process, its treatment is remarkably asymmetric favoring the customer. We argue that one-sided descriptions of value-in-use and value-proposition are limiting mental models. We propose the additional ideas of value-from-use and value-supposition to strengthen the conceptual symmetry of cocreation. Our work reveals a critical gap in service science, metrology. Metrology, the science of measurements, is absent from service-science. Service-value is silent on the questions of quantities, units, scales, measurement principles and instruments. We argue for a call to action for Service Metrology. We sketch a roadmap of actionable suggestions to get started.

Aiming at effectively generating safe and reliable motion paths for quadruped robots, a hierar-chical path planning approach driven by dynamic 3D point cloud is proposed in this article. The developed path planning model is essentially constituted of two layers: global path planning layer and local path planning layer. At the global path planning layer, a new method is proposed for calculating terrain potential field based on point cloud height segmentation. Variable step size is employed to improve the path smoothness. At the local path planning layer, a real-time prediction method for potential collision area and a strategy for temporary target point selection is developed. Quadruped robot experiments were carried out in an outdoor complex environment. The experi-mental results verified that, for global path planning, the smoothness of the path is improved and the complexity of the passing ground is reduced. The effective step size is increased by a maxi-mum of 13.4 times, and the number of iterations is decreased by up to 1/6, compared with the traditional fixed step size planning algorithm. For local path planning, the path length is short-ened by 20%, more efficient dynamic obstacle avoidance and more stable velocity planning are achieved by using the improved dynamic window approach (DWA).

The advancement of autonomous capabilities in maritime navigation has gained significant attention, with a trajectory moving from decision support systems to full autonomy. This push towards autonomy has led to extensive research focusing on collision avoidance, a critical aspect of safe navigation. Among the various possible approaches, Dynamic Programming is a promising tool for optimizing collision avoidance maneuvers. This paper presents a DP formulation for collision avoidance of autonomous vessels. We set up the problem framework, formulate it as a multi-stage decision process, define cost functions and constraints focusing on the actual requirements a marine maneuver must comply with, and propose a solution algorithm leveraging parallel computing. Additionally, we present a greedy approximation to reduce algorithm complexity. Through case studies, we demonstrate the effectiveness of the proposed approach in navigating complex scenarios, contributing to the future of autonomous maritime navigation. Through case studies, we show the efficacy of our approach in navigating complex scenarios.

This short paper reveals a simple methodology to create local-correlation models suitable for the closed-form pricing of multi-asset financial derivatives. The multivariate models are built to ensure two conditions, first, marginals follow desirable processes, e.g. we choose the Geometric Brownian Motion (GBM), popular for stock prices. Second, the payoff of the derivative should follow a desired one dimensional process. These conditions lead to a specific choice of the dependence structure, in the form of a local-correlation model. Two popular multi-asset options are entertained, a spread option and a basket option.

We propose a methodology for the quantification of model risk in the context of credit derivatives pricing and CVA, where the uncertain or unmodelled parameter is often the correlation between rates and credit. We take the rates model to be Hull-White (normal) and the credit model to be Black-Karasinski (lognormal). We show how highly accurate analytic pricing formulae, hitherto unpublished, can be derived for CDS and extended to address instruments with defaultable Libor flows which may in addition be capped and/or floored. We also consider the pricing of a contingent CDS with an interest rate swap underlying. We derive explicit expressions showing how to good accuracy the dependence of model prices on the uncertain parameter(s) can be captured in analytic formulae which are readily amenable to computation without recourse to Monte Carlo or lattice-based computation. In so doing, we take into account the impact on model calibration of the uncertain (or unmodelled) parameter.

The COVID-19-medical emergency has ended worldwide, yet there is still a need to evaluate the psychological impact of these years of unprecedented changes on students’ life. Methods: This study aims to assess and compare COVID-19-related stressors (Relationships-and-Academic-Life; Isolation; Fear-of-Contagion) and psychophysical symptoms reported by university students in April-2020, April 2021, and April 2022. The predictive role of COVID-19-related stressors on psychophysical symptoms within each time was also tested. Data were collected among 637 university students in April-2020 (n = 197), April-2021 (n = 200), April-2022 (n = 240). Results: In April-2022, perceived Isolation and Fear-of-Contagion decreased from the peak registered in April-2021, but stress related to Relationships-and-Academic-Life remained noteworthy high. A sharp and ongoing increase in psychophysical symptoms was found, with more than 50% of students reporting clinical levels of Sleep-Disorders, Depression, Psychoticism, and Interpersonal-Sensitivity. In April-2022, students still perceiving stress related to Relationships-and-Academic-Life and Isolation were at risk for Anxiety, Somatization, and Sleep-Disorders, while those still perceiving stress related to Fear-of-Contagion were also at risk for Depression, Obsessive-Compulsive, and Psychoticism. Conclusion: Findings emphasized the long-lasting detrimental effects of the COVID-19-related stress. Interventions must pinpoint the complex post-pandemic adjustment process and their effects on university students' psychophysical health.

Although, promotion of urbanization culture in recent decades has made inevitable development of cities in the world, however, the development can be guided in a direction that leave, to the extent possible, minimum socioeconomic and environmental impacts. For this, it is required to first forecast auto-spreading orientation of cities and suburbs in rural areas over time and then avoid shapeless growth of cities. This paper is an attempt to develop a dynamic hybrid model based on logistic regression (LR), Markov chain (MC), and cellular automata (CA) for prediction of future urban sprawl in fast-growing cities. The model was developed using 12 widely-used urban development criteria, whose significant coefficient was determined by logistic regression, and validated by relative operating characteristic (ROC) analysis. The validated model was run in Guilan, a tourist province in northern Iran with a very high rate of urban development. For this, changes in the area of urban land use were detected over the period of 1989 to 2013 and then, future sprawl of the province was forecasted by the years 2025 and 2037. The analysis results revealed that the area of urban land use was increased by more than 1.7 % from 36012.5 ha in 1989 to 59754.8 ha in 2013, and the area of Caspian Hyrcanian forestland was reduced by 31628 ha. The results also predicted an alarming increase in the rate of urban development in the province by the years 2025 and 2037, during which urban land use is predicted to develop 0.9 % and 1.38 %, respectively. The development pattern is expected to be uneven and scattered, without following any particular direction. The development will occur close to the existing or newly-formed urban basements as well as around major roads and commercial areas. This development, if not controlled, will lead to the loss of 13863 ha of Hyrcanian forests and if the trend continues, 21013 ha of Hyrcanian forests and 20208 ha of Barren/open lands are expected to be destroyed by the year 2037. In general, the proposed model is an efficient tool for the support of urban planning decisions and facilitates the process of sustainable development of cities by providing decision-makers with an overview on future development of cities where the growth rate is very fast.

The hospital indoor environment plays a significant role in shaping the microbial exposures that humans encounter. Resistance to antibiotics is one of the mechanisms employed by bacteria to develop resilience against stress in indoor environments. The extensive usage of antibiotics has been a key factor in driving changes in the ecological function of antibiotic resistance genes (ARGs) and their acquisition by pathogenic bacteria. By integrating the 16S rRNA Illumina sequencing and high throughput-qPCR approaches with water and air dust samples across seven departments at Peking University Shenzhen Hospital, China, this study yielded intriguing findings regarding the department-specific variation, transmission, and correlation of bacteria, ARGs and MGEs within the hospital indoor environment. One notable observation was that the seasonal variation played a vital role in shaping the bacterial composition in the overall hospital indoor environment across seven studied departments. Nevertheless, a similar significant seasonal impact was only observed in the blood test room and emergency departments, rather than in the other five departments. Another intriguing finding was the correlation between ARGs and MGEs abundance. This correlation was evident in the overall hospital indoor environment, which was conversely not found in the emergency, pneumology and gynecology departments. Additionally, while there was no significant relationship that occurred between bacterial communities and ARGs/MGEs within the hospital, the gynecology department demonstrated a close link between bacterial communities and the presence of ARGs/MGEs. Notably, the gynecology department also stood out as an important source of bacteria and ARGs/MGEs for other departments. This study underscores the need for careful surveillance and monitoring of antibiotic resistance, particularly in Legionella spp. in man-made water systems. The findings also show the importance of monitoring and understanding the genetic elements such as Tp614 involved in gene transfer and recombination, as well as their impact on antimicrobial treatment efficacy.

The impacts of inflation on international finance are generally reflected in the decline of buying power, risks of investment and deposit loss from currency devaluation. For the purpose of optimized allocation and management of asset values, i.e., annual income or research grants, a framework of a three-level model for static financial management is presented to maximize banking interests, bonuses, and the remaining balance after spending necessary expenditures. Meanwhile, in retrospect to higher-level financial inflation, strategies of dynamic investment, i.e., posing regular tests of flipping coins, exploiting variations of the currency exchange rate, as well as applying the theory of broad money, are presented to increase the appreciation rate of net assets in and post the era of COVID-19. Quantitative evaluations in case studies verify the feasibility of improving the financial situation, indicating broader applications for budgeting and investing when US inflation rate is below 3.0%. Besides, combining approaches of static and dynamic strategies, the expected annual growth rate of individual zero-risk asset investment is predicted as within the range of 8.30~9.62% according to budgeted appreciation on net assets in 12 months, which is capable of overcoming negative impacts from higher level annual inflation, i.e., those as highest as 8.01% in the Year 2022.

In this note we study the binomial model applied to European, American and Bermudan type of derivatives. Our aim is to give the necessary and sufficient conditions under which we can define a fair value via replicating portfolios for any derivative using simple mathematical arguments and without using no arbitrage techniques. Giving suitable definitions we are able to define rigorously the fair value of any derivative without using concepts from probability theory or stochastic analysis therefore is suitable for students or young researchers. It will be clear in our analysis that if $e^{r \delta} \notin [d,u]$ then we can not define a fair value by any means for any derivative while if $d \leq e^{r \delta} \leq u$ we can. Therefore the definition of the fair value of a derivative is not so closely related with the absence of arbitrage. In the usual probabilistic point of view we assume that $d < e^{r \delta} < u$ in order to define the fair value but it is not clear what we can (or we can not) do in the cases where $e^{r \delta} \leq d$ or $e^{r \delta} \geq u$.

Due to the rapid development of unmanned aerial vehicles (UAVs) communication technology, UAVs are gradually competing with primary users (PUs) for spectrum resources. Cognitive radio (CR) is a promising solution to meet the needs. Cooperative spectrum sensing (CSS) is considered as an effective method to detect the PU signal and identify available spectrum resources for UAVs in a cognitive UAV network (CUAVN). However, the cooperative mode among multiple UAVs may incur a high overhead, resulting in performance degradation. Therefore, we introduce a differential sequential 1 (DS1), which incorporates a differential mechanism and leverages the sequential idea based on the classical voting rule to enhance cooperative performance and efficiency. In view of this, we formulate three scenarios to characterize the PU activity and introduce a multi-slot cooperative mode within a single UAV to realize cooperative gain. Further, only the information change about the PU status is sequentially calculated in DS1, and combined with a sequential idea, the efficiency of the voting rule is greatly improved. Moreover, the application of support vector machines (SVM) in dynamic selection enables the selection of the most suitable voting rule based on diverse sensing parameters. This dynamic selection process ensures optimal performance and efficiency by adapting the voting rule to the specific characteristics of the given scenario. Finally, simulation results demonstrate that the superiority of our proposal with respect to the detection performance, sample size and the energy efficiency is evident, which proves the high performance of the proposed policy.

The famous Capital Asset Pricing Model (CAPM) takes into account only business risk. In practice, companies use debt financing and operate at non–zero levels of leverage. This means that it is necessary to take into account the financial risk associated with the use of debt financing along with business one. The purpose of this paper is to simultaneously take into account the business and financial risk. A new approach to CAPM has been developed that takes into account both business and financial risk. We combine the theory of CAPM and the Modigliani–Miller (MM) theory. The first is based on portfolio analysis and accounting for business risks in relation to the market (or industry). The second one (the Modigliani–Miller (MM) theory) describes a specific company and takes into account the financial risks associated with the use of debt financing. The combination of these two different approaches makes it possible to take into account both types of risks: business and financial ones. We combine these two approaches analytically, while Hamada did it phenomenologically. Using the Modigliani–Miller (MM) theory, it is shown that the Hamada’s model, first model, used for this purpose half a century ago, is incorrect. In addition to the renormalization of the beta–coefficient, obtained in the Hamada model, two additional terms are found: the renormalized risk–free return and the term dependent on the cost of debt kd. A critical analysis of the Hamada model was carried out. The vast majority of listing companies use debt financing and are levered, and the Hamada model is not applicable to them in contrast to a new approach applicable to leveraged companies. Implemented a new approach to specific companies. A comparison of the results of the new approach with the results of the conventional CAPM is shown. Two versions of CAPM (market or industry) are considered.

While some research supports utilizing plain radiography for measuring biomechanical alignment of the spine for prognosis and treatment, there are contrasting viewpoints regarding both the value and utilization of these procedures in conservative care. Evaluation of both conservative and non-conservative approaches to spinal care revealed vast differences in radiographic utilization and interpretation between orthopedic surgeons, primary care physicians, chiropractic physicians, and physical therapists, which may account for the different viewpoints and rationale in the literature. A research summary is provided regarding the various methods of spinal analysis utilized by these professions to help determine if there is any unique diagnostic or prognostic value associated with radiographic utilization that could assist in advancing conservative spinal assessment and treatment. Understanding any unique value provided through biomechanical assessment utilizing plain radiography of the spine established in the literature may help chiropractic physicians determine the appropriate use of radiographic procedures in clinical practice and how to coordinate efforts with other conservative and non-conservative professions to improve spinal healthcare.

This paper aims to address the exponential stability and stabilization problems for a class of delayed nonlinear Markov jump systems under randomly occurring Denial-of-Service (DoS) attack and packet loss. Firstly, the stochastic characteristics of DoS attack and packet loss are depicted by the attack success rate and packet loss rate. Secondly, a Period Observation Window (POW) method and a hybrid-input strategy are proposed to compensate for the impact of DoS attack and packet loss on the system. Thirdly, A Dynamic Event-triggered Mechanism (DETM) is introduced to save more network resources and ensure the security and reliability of systems. Then, by constructing a general common Lyapunov functional and combining with the DETM and other inequality analysis techniques, the less conservative stability and stabilization criteria for the underlying systems are derived. In the end, the effectiveness of our result is verified through a numerical example.

The research on the excavation mechanical properties of underpass tunnels has already had certain results, but fewer of them consider the effects of dynamic and static loads on the excavation mechanical properties of underground tunnels at the same time, especially the lack of research cases of double-line highway tunnels with angled underpasses of existing railway tunnels. In this paper, based on the tunnel project of the new double-line Shiqian Highway Tunnel passing under the Hurong Railway at an oblique angle, the mechanical parameters of the rock body in the cross-tunneling area under the influence of static and dynamic load coupling are obtained by using the disturbance quantification coefficients and the Hoek-Brown criterion based on the method of over-advanced geological prediction and the investigation of the surrounding rock on the palisade face, and the engineering-scale finite element model is constructed and the mechanical characteristics of the excavation in the tunnel of the double-lane highway tunnel passing under the existing railroad under the influence of the static and dynamic loads are analyzed. The results show that: the new tunnel rock movement law for the top of the arch sinking, bottom plate bulging, side wall to move outward, the height and width of the arch and bottom plate arch with the tunnel excavation and increase, the side wall rock displacement effect is smaller; left and right lines of the tunnel disturbed area of the rule of change is similar; the existing tunnel bottom plate displacement is more than the top plate and the left and right side walls by the excavation of the time step influence is larger. Typical profile displacement is mainly determined by the distance from the excavation surface; the new tunnel in the four types of calculation conditions of the rock disturbance angle is the same; the existing tunnel roof and side wall Von Mises stress extreme occurs in the tunnel structure, the bottom plate there are pressure relief and pressure-bearing areas; based on the displacement control criteria, the recommended upper and lower step blasting method.

Electrospun ultrathin fibers based on binary compositions of polylactide (PLA) and poly(ε-caprolactone) (PCL) with different ratios of polymer components from 0/100 to 100/0 wt. % were studied. Using a combination of thermal (DSC) and relaxation (EPR) measurements, the effect of biopolymers content on the characteristics of the crystal structure of PLA and PCL and the diffusive rotational mobility of the stable TEMPO radical in the amorphous regions of PLA/PCL compositions was shown. It was revealed that after PLA and PCL blending, significant changes in the degree of crystallinity of PLA, PCL segmental mobility, sorption capacity of the radical as well as activation energy of rotational diffusion in the amorphous regions of PLA/PCL composition are observed. The characteristic region of biopolymers’ composition from 50/50 to 30/70 % PLA/PCL blends ratio was found, where the inversion transition of PLA from dispersive medium to dispersive phase where an inversion transition is assumed when the continuous medium of the PLA transforms into a discrete phase. The performed studies made it possible for the first time to carry out a comprehensive analysis of the effect of the system component ratio on the structural and dynamic characteristics of the PLA/PCL film material at the molecular level.

This study investigates optimal decisions in a green supply chain consisting of a manufacturer and a leading retailer considering the green marketing and fairness preferences of member firms. Four Stackelberg game decision models are constructed in which the manufacturer and the re-tailer engage in green marketing separately when the manufacturer has no and has fairness preferences. The impacts of fairness preferences and green marketing on the optimal decision in the green supply chain are comparatively analyzed. The study finds that member firms perform green marketing regardless of the presence or absence of fairness preferences and that such be-havior increases the wholesale price, retail price, and market demand of low-carbon products as well as the profits of member firms and the supply chain. A more interesting finding is that the profit growth of member firms and the supply chain due to the manufacturer’s green marketing is more pronounced than that due to the retailer’s green marketing. When the retailer and the manufacturer engage in conduct green marketing, the manufacturer's fairness preferences have different effects on the wholesale price, retail price, market demand, level of green marketing efforts, member enterprises and profits of supply chain. Therefore, firms should consider the impact of green marketing and fairness preferences to make pricing and performance decisions, so as to achieve efficient operation of the whole supply chain and avoid double marginal effects. Finally, the above conclusions are verified through numerical simulation, providing a reference for the decision-making of member firms in the green supply chain.

Surface water distribution extracted from remote sensing data has been used in water resource assessment, coastal management, and environmental change studies. Traditional manual methods for extracting water bodies cannot satisfy the requirements for mass processing of remote sensing data; therefore, accurate automated extraction of such water bodies has remained a challenge. The histogram bimodal method (HBM) is a frequently used objective tool for threshold selection in image segmentation. The threshold is determined by seeking twin peaks, and the valley values between them; however, automatically calculating the threshold is difficult because complex surfaces and image noise which lead to not perfect twin peaks (single or multiple peaks). We developed an operational automated water extraction method, the modified histogram bimodal method (MHBM). The MHBM defines the threshold range of water extraction through mass static data; therefore, it does not require the identification of twin histogram peaks. It then seeks the minimum values in the threshold range to achieve automated threshold. We calibrated the MHBM for many lakes in China using Landsat 8 Operational Land Imager (OLI) images, for which the relative error (RE) and squared correlation coefficient (R2) for threshold accuracy were found to be 2.1% and 0.96, respectively. The RE and root-mean-square error (RMSE) for the area accuracy of MHBM were 0.59% and 7.4 km2. The results show that the MHBM could easily be applied to mass time-series remote sensing data to calculate water thresholds within water index images and successfully extract the spatial distribution of large water bodies automatically.

In this note we describe a new approach to the option pricing problem by introducing the notion of the safe (and acceptable) for the writer price of an option, in contrast to the fair price used in the Black-Scholes model. Our starting point is that the option pricing problem is closely related with the hedging problem by practical techniques. Recalling that the Black - Scholes model does not give us the price of the option but the initial value of a replicating portfolio we observe easily that has a serious disadvantage because assumes the building of this replicating portfolio continuously in time and this is a disadvantage of any model that assumes such a construction. Here we study the problem from the practical point of view concerning mainly the over the counter market. This approach is not affected by the number of the underlying assets and is particularly useful for incomplete markets. In the usual Black-Scholes or binomial or some other approaches one assumes that one can invest or borrow at the same risk free rate $r>0$ which is not true in general. Even if this is the case one can immediately observes that this risk free rate is not a universal constant but is different among different people or institutions. So, the fair price of an option is not so much fair! Moreover, the two sides are not, in general, equivalent against the risk therefore the notion of a fair price has no meaning at all. We also define a variant of the usual binomial model, by estimating safe upward and downward rates $u,d$, trying to give a cheaper safe or acceptable price for the option.

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one.

Aim: The aim of this study was to investigate if tests used to assess core stability could be used to determine success in physiological tests applied to assess dynamic balance and agility for a young active population. Methods: Pearson's r correlation coefficient was used to assess the relationship between the core stability tests and the dynamic balance and agility tests. Evaluation of the tests was established using Cronbach's coefficient of variance as part of intra-rater reliability tests. An analysis of 18 active college aged students was conducted (males: n= 13, females: n= 5). The mean ± SD age for males was 19.2 years ± 3.22 years and for females was 19.4 years ± 1.14 years. Conclusion: The results indicate that there is no significant relationship between tests that assess core stability and tests conducted to assess dynamic balance in active young adults. With the exception of the abdominal flexion test, no significant relationship exists between the remaining core stability tests and agility T-Test. Core stability is not a determinant of balance and agility.

This study derives space travel pricing by Walrasian Equilibrium, which is logical reasoning from the general relativity theory (GRT), the accounting equation, and economic supply and demand functions. The Cobb-Douglas functions embed the endogenous space factor as new capital to form the space travel firm's production function, which is also transformed into the consumer's utility function. Thus, the market equilibrium occurs at the equivalence of supply and demand functions, like the GRT presents the equivalence between the spatial geometric tensor and the energy-momentum tensor, which explains the principles of gravity and the motion of space matter in the spacetime framework. The mathematical axiomatic set theory of the accounting equation explains the equity premium effect that causes a short-term accounting equation inequality, then reaches the equivalence by suppliers' incremental equity through the closing accounts process of the accounting cycle. On the demand side, the consumption of space travel can be assumed as a value at risk (VaR) investment to attain the specific spacetime curvature in an expected orbit. Spacetime market equilibrium is then achieved to construct the space travel pricing model. The methodology of econophysics and analogy method was applied to infer the space travel pricing by the model of profit maximization, single-minded, and envy-free pricing in unit-demand markets. A case study with simulation was conducted for empirical verification of the math models and algorithm. Results show that space travel pricing remains the principle of market equilibrium but needs to be extended to the spacetime tensor of GRT.

In this study, I extend the Fama and French five-factor asset pricing model with a sixth factor, namely, carbon risk, to investigate its impact on equity returns. To measure carbon risk, a new factor ‘pollutant minus green,’ is developed using the difference between the weighted average returns of pollutant and green firms across 51 developed and emerging countries across four categories—North America, Europe, Emerging Markets, and the Asia Pacific. The results reveal that North America, Europe, and Asia Pacific markets have a carbon risk premium that gets eliminated in small-cap firms. The carbon risk factor is further tested in left-hand side (LHS) test asset portfolios and found to be more pronounced with size-effect anomaly; specifically, small stock firms report greater declining average returns because of more exposure than the mega-cap stocks to carbon dioxide emissions. Furthermore, size-effect anomaly prevails with profitability and investment factors across firms. Therefore, high profitability, as well as high investment small firms, show a greater decline than the big stock firms in average returns when their carbon dioxide emissions increase. The asset pricing model evaluation is carried out through the Gibbons, Ross, and Shanken test. The six-factor model directed at capturing carbon risk patterns in average equity returns performs better than the three-factor and five-factor models of Fama and French (1993 and 2015) in the majority of categories under 3x3 sorting and compete with both Fama and French model under 2x4x4 sorted LHS portfolios. The finding of this study offers various useful applications for investors, policymakers, brokers, corporations, governmental pollution abatement institutions, and other stakeholders who wish to obtain carbon risk premium.

Due to the continued deepening of today’s mining projects, there is a need to develop new or improved rockbolts that are strong and yielding and have high energy absorption when exposed to dynamic loading. Impact tests can provide useful information about the dynamic response of rockbolts but most laboratory tests involve high costs in preparation and result validation. Numerical modeling is an alternative that, in addition to complementing laboratory results, can be used to represent the process of deformation and energy absorption of support elements. In this paper the implementation and results obtained from a finite difference (FDM) numerical model are presented. The model functions as a simulation tool to illuminate all the elements that conform the large-scale (1:1) impact test and their behavior and influence on the dynamic response of a threadbar bolt (22 mm nominal diameter). The model was calibrated using published results and based on these results as well as parametric analysis, the response of each component (steel tube, grout, and bolt) could be identified and its behavior in terms of absorbed energy and displacement could be observed. Results show the model can provide important preliminary information to make design decisions about support elements design.

Livestock farming plays a crucial role in agriculture and is important in meeting people's needs for a better life in the new era. However, due to China's "double carbon" target, the development of animal husbandry has been affected by the level of carbon emissions. To study the spatial dis-tribution and dynamic evolution of livestock carbon emissions in Shandong Province, we used panel data from 16 prefecture-level cities in Shandong Province from 2001 to 2022 to determine the spatial differentiation of livestock carbon emissions in Shandong Province and their dynamic evolution by combining spatial and non-parametric estimation methods based on livestock carbon emissions and livestock emission intensity measured by city. The results of the study show that the distribution of carbon emissions from animal husbandry in Shandong Province is in a "dis-persed-aggregated" pattern, and the intensity of carbon emissions shows a gradual downward trend, with a ladder-like distribution characterized by high in the west and low in the east. Through the analysis of the dynamic evolution of nuclear density, we observe that the regional differences of animal husbandry carbon emissions in Shandong Province are expanding, showing the characteristics of polarization. The difference of carbon emissions in the peninsula is gradually narrowing, and the phenomenon of polarization is weakening. The carbon emissions of animal husbandry in the central and western regions of Shandong are polarized.

Proteins have the ability to adsorb on the surface of materials, such as soft contact lenses (SCLs), and can affect the hydrophobicity, roughness and surface properties of the contact lenses (CLs), which, in turn, can influence the friction between the lenses and the ocular surface. Excessive friction between contact lenses and the ocular surface can lead to discomfort for the wearer and may cause irritation or inflammation of the cornea, better known as corneal ulcers (keratitis). Bovine serum albumin (BSA) is often used as a standard protein in biocompatibility testing of materials, including contact lenses. One standard commercial contact lenses was tested under lubricated conditions to access the coefficient of friction (CoF), being the contact lubricated with a tear like fluid (TLF) solution containing six different concentrations of BSA. In all cases, a good linearity of the results of the friction force was verified, so the first friction law can be applied to determine the value of the coefficient of friction. It was found that friction increases with increasing protein concentration.

The clinical features of increasing muscle weakening are shared by a diverse set of illnesses known as muscular dystrophies. In early childhood, males with Duchenne muscular dystrophy (DMD) exhibit proximal muscle weakening and calf enlargement, making it the most frequent X-linked disease of muscular dystrophy in children. Development of motor skills is typically delayed, and wheelchair confinement eventually leads to early death from heart or lung problems. In terms of function, ambulation, quality of life, and life expectancy, treatment approaches like corticosteroid therapy and intermittent positive pressure breathing have improved. This is a case report of a 6-year-old kid who had early ambulatory stage Duchenne Muscular Dystrophy and complained to the neuro-physiotherapy department about frequent falls, walking difficulties, and dyspnea when walking. Other grievances included being unable to get off the ground and having trouble ascending stairs. He had physiotherapy and dynamic neuromuscular stabilization for his complaints. The main goals of treatment were educating the family, respiratory training, preventing ankle plantar flexors, maintaining strength, balance and gait training.

^{We consider the collective pricing orders in a minimum supply chain that is composed of a monopolistic manufacturer and many retailers that belong to the same chain store firm. The retailers have the freedom to raise or lower the local price. The chain store firm sets up the commercial rules for local retail stores to maximize its total payoff. The monopolistic manufacturer firm controls the total quantity supplied for the market to achieve maximum benefits. We applied the two dimensional Ising model in statistical physics to map the collective distribution of microscopic strategy of local retailers into the macroscopic total payoff of the chain store firm. The local stores choose to raise the price or lower the price based their own mind when the supply in market surpasses the demand. When the supply in market is far less than the demand, the stores synchronously raise prices, even though a local store only have the incomplete information of their nearest neighboring supermarket. We find the critical equation for the balance point between the action of supplier and the action of chain store management based on game theory and statistical physics. The critical equation can identify the Nash equilibrium point of the non-cooperative game between the manufacturer and the chain-store seller, and reveal different levels of collective operations. This statistical physics method also holds for more complicate supply chains and economic systems.}

Three Seas Initiative (3SI) is still an underresearched area and is particularly important due to historical circumstances and economic backwardness. A study was carried out to assess the impact of renewable energy and production generated by the agricultural sector on CO2 emissions in 3SI countries between 2008 and 2020. The study used panel data analysis based on the two-step system generalised method of moments (GMM) and the Dumitrescu-Hurlin panel causality test. The results show that a 1% increase in the value-added generated by agriculture increases CO2 emissions in the countries studied by 0.11%. In contrast, a 1% increase in GDP leads to a 0.29% increase in CO2 emissions. Conversely, when renewable energy consumption increases by 1%, CO2 emissions fall by 0.25% in the countries studied. One way to reduce CO2 emissions from agricultural production in the short term is to increase the share of renewables, which, incidentally, is in line with EU action.

Compared with the traditional bundle pricing strategy with fixed products, this paper proposes a more flexible interactive bundle pricing strategy (IBPS) for agricultural e-retailers. Since more and more consumers tend to buy more environmentally friendly and healthy organic agricultural products, we consider consumers' organic preferences and build a mixed bundle pricing model for organic and inorganic agricultural products. A free shipping strategy is introduced to maximize retailer profit and optimize consumer surplus. Through numerical analysis, we find: (1) Compared with the traditional online retailing method, IBPS can effectively stimulate consumption and higher retailer profit; (2) As the free shipping threshold increases, the total profit shows a trend of first increasing and then decreasing, indicating that a suitable free shipping threshold can optimize the retailer profit; (3) As the consumer green preference increases, the total sales of agricultural products decrease, but the organic sales improve, while total profit rises; (4) The higher the level of consumption, the higher the sales volume of organic products and there is an upward trend in the profits of e-retailers.

This paper inquires on the options pricing modeling using Artificial Neural Networks to price Apple(AAPL) European Call Options. Our model is based on the premise that Artificial Neural Networks can be used as functional approximators and can be used as an alternative to the numerical methods to some extent, for a faster and an efficient solution. This paper provides a neural network solution for two financial models, the BlackScholes-Merton model, and the calibrated-Heston Stochastic Volatility Model, we evaluate our predictions using the existing numerical solutions for the same, the analytic solution for the Black-Scholes equation, COS-Model for Heston’s Stochastic Volatility Model and Standard Heston-Quasi analytic formula. The aim of this study is to find a viable time-efficient alternative to existing quantitative models for option pricing.

In this paper, we consider a manufacturer who produces and sells a kind of innovative product in the monopoly market environment. Because the life cycle of innovative product is usually shorter than its procurement lead time, one unique demand quantity (scenario) will occur in the selling season, thus there is only one chance for the manufacturer to determine both optimal production quantity and optimal sale price. Considering this one-time feature of such a decision problem, a price-setting newsvendor model for innovative products is proposed. Different to the existing price-setting newsvendor models, the proposed models determine the optimal production quantity and sale price based on some specific state (scenario) which is most applicable for the manufacturer. The theoretical analysis provides managerial insights into the manufacturers’ behaviors in a monopoly market of an innovative product and several phenomena in the luxury goods market are well explained.

Two polyurethanes (PUs) were similarly synthesized by reacting a cycloaliphatic isocyanate with 1,4 butanediol and two polyols of different nature (polyester, polycarbonate diol) with molecular weights of 1000 Da. The PU made with polycarbonate diol polyol (YCD) was the only showing intrinsic self-healing at 20 °C. For assessing the mechanism of intrinsic self-healing of YCD, a structural characterization by molecular weights determination, infrared and X-ray photoelectronic spectroscopies, differential scanning calorimetry, X-ray diffraction, thermal gravimetric analysis and dynamic mechanical thermal analysis was carried out. It was concluded that the self-healing at 20 °C of YCD was due to non-covalent dynamic exchange interactions among the carbonate groups of the soft segments. Therefore, the chemical nature of the polyol played a key role in developing PUs with intrinsic self-healing at 20 °C.

Due to the long duration and high cost of traditional pumping tests, the response of well water level to seismic wave, earth tide, and barometric pressure provides a feasible method for determining continuous changes in aquifer hydraulic parameters. Aiming at the problem that the response phase shift of well BB water level to tidal tide M2 is greater than that of tide O1, this paper preferentially calculated the time series changes of S, Be, n and BKu based on the response mechanism of well water level to barometric pressure and earth tide and with the help of smooth moving method. Then by using the mixed flow model, the variation of transmissivity and leakage coefficient over time were simultaneously obtained, and the evolution process and characteristics of aquifer parameters near well BB caused by the Wenchuan earthquake were ultimately discussed. The calculation results are basically consistent with the previous pumping test, and have been verified and compared by using other scholars' methods. This solving process avoids the problems such as excessive dependence on initial values, multiple solutions, and unstable tide O1, which has a promoting effect on the study of the impact of seismic activity on aquifer systems.

Nowadays, considering the growing tendency of companies towards e-commerce as well as green production, and dual-channel green supply chain management has become particularly important. This paper investigates pricing decisions within a dual-channel green supply chain framework while considering the capital constraints faced by risk-averse manufacturer. Simultaneously, the impact of the degree of risk aversion, consumer green preferences, and channel preferences on the optimal decision-making process of green supply chain members is analyzed. We address the issue of financial constraints faced by manufacturer through bank loans and trade credit financing and compare the two cases. Our findings illustrate that trade credit financing outperforms bank loan financing in the dual-channel green supply chain. Moreover, pricing decisions under different models are influenced by consumer preferences and risk aversion. Specifically, the greenness of the product, wholesale price, and sale price exhibit negative correlations with manufacturers' risk aversion but positive correlations with consumer preferences.

Several life contingency agreements are based on the assumption that policyholders have impaired life expectancy attributable to factors such as lifestyle, social class, or preexisting health issues. Quantifying two crucial variables, augmented death probabilities and the discount rate of projected cash flows, is essential for pricing such agreements. Information regarding the correct values of these parameters is subject to vagueness and imprecision, which further intensifies if impairments must be considered. This study proposes modelling mortality and interest rates using a generalization of fuzzy numbers (FNs), known as intuitionistic fuzzy numbers (IFNs). Consequently, this paper extends the literature on life contingency pricing with fuzzy parameters, where uncertainty in variables, such as interest rates and death probabilities, is modelled using FNs. While FNs introduce epistemic uncertainty, the use of IFNs adds bipolarity to the analysis by incorporating both positive and negative information regarding actuarial variables. Our analysis focuses on two agreements involving policyholders with impaired life expectancy: determining the annuity payment in a substandard annuity and pricing a life settlement over a whole life insurance policy. In particular, we emphasize modelling interest rates and survival probabilities using triangular intuitionistic fuzzy numbers (TIFNs) owing to their ease of interpretation and implementation.

Many problems in the fields of finance and actuarial science can be transformed into the problem of solving backward stochastic differential equations (BSDE) and partial differential equations (PDE) with jumps, which are often difficult to solve in high-dimensional cases. To solve this problem, this paper applies the deep learning algorithm to solve a class of high-dimensional nonlinear partial differential equations with jump terms and their corresponding backward stochastic differential equations (BSDE) with jump terms. Using the nonlinear Feynman-Kac formula, the problem of solving this kind of PDE is transformed into the problem of solving the corresponding backward stochastic differential equations with jump terms, and the numerical solution problem is turned into a stochastic control problem. At the same time, the gradient and jump process of the unknown solution are separately regarded as the strategy function and they are approximated respectively by using two multilayer neural networks as function approximators. Thus, deep learning-based method is used to overcome the “curse of dimensionality” caused by high-dimensional PDE with jump, and the numerical solution is obtained. In addition, this paper proposes a new optimization algorithm based on the existing neural network random optimization algorithm, and compares the results with the traditional optimization algorithm, and achieves good results. Finally, the proposed method is applied to three practical high-dimensional problems: Hamilton-Jacobi-Bellman equation, bond pricing under the jump Vasicek model and high-dimensional option pricing model with default risk. The proposed numerical method has obtained satisfactory accuracy and efficiency. The method has important application value and practical significance in investment decision-making, option pricing, insurance and other fields.

Increasing distributed generation and intermittency, along with the increasing frequency of extreme weather events, impose a serious challenge for the electric power supply security. Understanding the costs of interruption is vital in terms of enhancing the power system infrastructure and planning the distribution grid. On the other hand, customer rights and demand response techniques are further reasons to study the worth of power reliability. In this paper, the authors make use of directional distance function and shadow pricing method for a case study from Finland. The aim is to calculate the cost of one minute of power interruption from the distribution network operator perspective. The sample consists of 78 distribution network operators from Finland with cost and network information between 2013 and 2015.

In a dynamic production processes, mechanical degradation poses a significant challenge, impacting product quality and process efficiency. This paper explores a novel approach for monitoring degradation in the context of viscose fiber production, a highly dynamic manufacturing process. Using causal discovery techniques, our method allows domain experts to incorporate background knowledge into the creation of causal graphs. Further, it enhances the interpretability and increases the ability to identify potential problems via changes in causal relations over time. The case study employs a comprehensive analysis of the viscose fiber production process within a prominent textile industry, emphasizing the advantages of causal discovery for monitoring degradation. The results are compared with state-of-the-art methods, which are not considered to be interpretable, specifically LSTM-based autoencoders, showcasing the alignment and validation of our approach. This paper provides valuable information on degradation monitoring strategies, demonstrating the efficacy of causal discovery in dynamic manufacturing environments. The findings contribute to the evolving landscape of process optimization and quality control.

Leasing and recycling are important issues to achieve low-carbon sustainable development of construction machinery industry, however there are some dilemmas bothering which is caused by excessive restriction of product service life. Focusing on the problem of pricing and coordination, a two-stage model of leasing closed-loop supply chain based on the Industrial Internet platform practical application was proposed. Under the centralized and decentralized decision-making scenarios, the price of leasing and selling, maintenance effort and recovery rate are calculated respectively. By using the Shapley value method to optimize the selling price, and the two-part pricing contract to calculate the compensation fee, the global profit is reasonably distributed, while the supply chain achieving Pareto optimality. The performance of different contracts on the improvement of supply chain profit was investigated. And the correlation among parameters was also explored through sensitivity analysis and numerical simulation. The findings showed that maintenance and recycling of construction machinery can be improved with the advantage of the Industrial Internet platform, while achieving the supply chain coordination by contracts. The enhancement of maintenance effort can decrease the remanufacturing cost which is positively correlated to the selling price and leasing price of product, furthermore promoting the recovery rate of used products. In the future, reasonable control of platform cost can help improve the recycling of construction machinery.

Population events such as natural disasters, pandemics, extreme weather, and wars might cause jumps that have an immediate impact on mortality rates. The recent COVID-19 pandemic has demonstrated that these events should not be treated as nonrepetitive exogenous interventions. Therefore, mortality models incorporating jump effects are particularly important to capture the adverse mortality shocks. The mortality models with jumps, proposed by Cox. et al. , Chen and Cox , and Özen and Şahin , which we consider in this study, differ in terms of the duration of the jumps - transitory or permanent, frequency of the jumps, and size of the jumps. To illustrate the effect of jumps, we also consider benchmark mortality models without jump effects, such as the Lee-Carter , Renshaw and Haberman and the Cairns-Blake-Dowd models. We discuss the performance of all the models by analysing their ability to capture the mortality deterioration caused by COVID-19. We use data from different countries to simulate the mortality rates for the pandemic years and examine their accuracy in forecasting the mortality jumps due to the pandemic. Moreover, we also analyse the impact of mortality jump models on catastrophe bond pricing.

Change orders have received considerable attention from researchers thus far, but none have considered pricing strategies of change orders through the interaction between general contractors and subcontractors. Previous studies found that contractors’ opportunistic bidding considering beyond-contractual reward (BCR) in the execution stage can be reduced by improving the construction management system and strengthening the supervision of contractors’ performance. However, the BCR remains in ecology of construction engineering. This study proposes an integrated evolutionary game theory-system dynamics model (ET-SD model) and simulates the pricing strategy of change orders between general contractors and subcontractors to explore the root cause of BCR phenomenon. Sensitivity analysis on the evolutionary dynamics of payoff is explored. Results reveal that change orders with BCR maintain Nash equilibrium and evolutionary stable strategy (ESS) unless changing the payoff structure between general and subcontractors’ pricing strategies. This study presents important managerial insights from the evolutionary game perspectives, nature of change orders, and payoff of the alternative.

Service pricing is a bottleneck in the development of innovation services, as it is the issue of most concern between the suppliers and demanders. In this paper, a negotiation pricing model that is based on the multiobjective genetic algorithm is developed for innovation service pricing. Regarding the service pricing process as a multiobjective problem, the objective functions, which include the service price, service efficiency, and service quality, for suppliers and demanders are constructed. As the solution of a multiobjective problem is typically a series of alternatives, another negotiation process is necessary for determining the final decision. A learning strategy is adopted during the negotiation process to simulate reality. Finally, the model is implemented for an innovation service transaction, the objective of which is to identify the optimal price plan. The results demonstrate that the model can provide quantitative decision support for the pricing of an innovation service and ultimately yield a win-win result for both the supplier and demander of the innovation service. Furthermore, the influence of the parameters during the negotiation process is analyzed in detail. The effects of the learning strategy on accelerating the negotiation process, as well as the chosen of reasonable parameters are given.

Based on the Expected Utility Theory and Regret Theory, the Extended Regret Theory (ERT) is proposed in this paper to study the optimal pricing strategy of retailers in e-commerce environment. Taking the diversity of sales channels and the uncertainty of consumers in e-commerce environment into consideration, author of the paper designs an extended regret utility function which comprehensively considers both pessimistic and optimistic attitudes of decision makers in retailing industry to describe their regret-avoidance behavior. According to the sensitivity analysis, it is found that the optimal retail price decreases as the consumer price sensitivity coefficient increases, yet does not show variation with changes of the consumers pessimism degree. Moreover, the optimal retail price(s) obtained under EUT, ERT and combination of EUT and ERT represent the same.

The dynamic resistance is an important parameter in flux pumping. It is simple to calculate in slab geometry but more complex in tapes. In this paper another simple geometry is analysed which is a wire loop. To do this it is essential to make clear what is meant by the term 'voltage', which is ambiguous when there are alternating magnetic fields present. The term can be used if it refers to the EMF along a specified path. However this means that results are dependent on how the voltage leads are attached. If the n value of the V-I characteristic is large simple analytic expressions can be obtained. This will be referred to as the 'Bean' model solution. A more exact approach uses Faraday's law to derive a differential equation which is solved and compared with the Bean model. The dynamic resistance of the loop can be used to drive a flux pump of the type proposed by Geng and Coombs [4] and again simple expressions can be obtained for the performance. If the load is of high inductance L2 and the loop has an inductance L1 then the load current increases exponentially with a characteristic number of cycles L2/L1. The final current can be close to the critical value.

For marine vessels, a propeller shaft system, also known as a propulsion shaft system, is an essential changer in engine torque and propeller thrust. The propeller shaft system is subjected to transverse, longitudinal, and torsional excitations during operation. These sources of excitations originate from alternating thrust generated by the propeller, operation of a propeller in a stern flow field which is non-uniform in time and space, misalignment of components such as shafts, bearings, and keyholes in the assembly, excitations in the form of rotational motion, and the whirling motion of the shafts. These dynamic excitations posed a challenging issue for the integrity and reliability of a marine vehicle. Thus, it is crucial to analyze the dynamic response of the propulsion shaft system. The dynamic analysis of the propulsion shaft system is typically conducted using numerical /analytical models. At present, Finite Element Model (FEM) as a numerical model plays a vital role in analyzing the dynamic response of the structure. The computed response and the modal parameters from the FE model are reliable only if accurate boundary conditions, such as stiffness, can be imposed on the model. However, the numerical FE model deviates from the experimental results because of uncertainties in the stiffness values of the bearings and other connectors. This paper uses the Response Surface Optimization (RSO) technique to estimate the unknown stiffness of the bearings used in the propulsion shaft system. The experimental model of the propeller shaft system is constructed from the steady-state response of the system using the step sine excitation. The natural frequencies and the amplitude of vibrations in the FE model are updated using the parametric RSO technique. The updated model shows that the difference in natural frequencies and vibration amplitude is less than 10% between the optimized and experimental models. Propeller Shaft, Vibrations, Optimization, Response Surface

The sustainability of ecotourism is the backbone of tourism development of a country. Ecotourism can contribute to both conservation and development in which involves dynamic relationship between tourism, biodiversity and communities, facilitate by great management. The purpose of this study is to analyze the dimensions of the socio-economic and environmental impacts of ecotourism in communities surrounding the Tasik Kenyir in Terengganu, Malaysia. This study provides a framework for the development and evaluation of ecotourism. The framework will determine if the relationships between indicators are positively correlated which will result in positive contribution to the other by using System Dynamic. Socio-cultural and economic data will be collected through interviews and group discussions in selected communities in Tasik Kenyir. Data on wildlife will be extracted from secondary data from Kenyir Research Institute, Universiti Malaysia Terengganu. The data analysis will explore the socio-cultural and economic differences between and within different communities due to ecotourism development, the contribution of ecotourism to conservation activities, local support for conservation and ecotourism as well as the influence of tourist activities on the distribution of wildlife species in Tasik Kenyir. This study aims to contribute toward understanding the natural resource community-ecotourism inter-relationship and help to bridge the knowledge gap that hinders biodiversity conservation initiatives. The findings will be used as a base for further development of ecotourism and will recommend alternative management options where necessary for the study area.

Efficient fixed crane position analysis is critical in precast buildings construction to maximize lifting efficiency for precast elements. The primary objective is to minimize the travel distances of fixed cranes, thereby enhancing operational efficiency and cost control. This involves strategically reducing the distances between the transport truck parking, where elements are stored, the fixed crane, and the construction installation point. Despite its significance, existing studies often overlook the dynamic movement efficiency of transport trucks, particularly when dealing with multiple transport trucks and various models of fixed cranes, rendering the opti-mization of this scenario a challenging NP-hard problem susceptible to combinatorial explosion. This study presents a novel mathematical model leveraging the Genetic Algorithm (GA). The model aims to solve optimal model and position of fixed cranes, along with identifying ideal positions for transport truck parking. The study's methodology is validated and demonstrated through a project case study. Comparative analyses between the proposed model and the original planning underscore a noteworthy 6% reduction in both duration and costs when lifting elements directly from transport trucks, as opposed to establishing an on-site stock yard. Furthermore, the developed GA exhibits a substantial improvement in final solutions, achieving a remarkable 30% reduction in both operational duration and costs. This research contributes valuable insights into fixed crane position analysis of precast building construction, providing foundation for enhanced operational efficiency and cost-effectiveness in the industry.

One of the major problem of photovoltaic grid integration is limiting the solar-induced imbalances since these can undermine the security and stability of the electrical system. Improving the forecast accuracy of photovoltaic generation is becoming essential to allow a massive solar penetration. In particular, improving the forecast accuracy of large solar farms generation is important both for the producers/traders to minimize the imbalance costs and for the Transmission System Operators to insure stability. In this article, we provide a benchmark for the day-ahead forecast accuracy of utility scale PV plants in 1325 locations spanning the country of Italy. We then use these benchmarked forecasts and real energy prices to compute the economic value of forecast accuracy and accuracy improvement in the context of the Italian energy market regulatory framework. Through this study, we further point out some several important criticisms of the Italian “single pricing” system that brings to paradoxical and counterproductive effects regarding the need to reduce the imbalance volumes. Finally, we propose a new market-pricing rule and innovative actions to overcome these undesired effects of the current dispatching regulations.

This work is a generalization of the Lopez-Ruiz, Mancini and Calbet (LMC); and Shiner, Davison and Landsberg (SDL) complexity measures, considering that the state of a system or process is represented by a dynamical variable during a certain time interval. As the two complexity measures are based on the calculation of informational entropy, an equivalent information source is defined and, as time passes, the individual information associated to the measured parameter is the seed to calculate instantaneous LMC and SDL measures. To show how the methodology works, an example with economic data is presented.

To better understand anogenital warts (AGW) natural history and dynamic of HPV6/11 infection in regional hairs, 32 newly diagnosed AGW male patients and 32 age-matched healthy controls were closely followed. During enrollment and six follow-up visits (every 2.6 months) 43 AGW tissue and 1,232 anogenital and eyebrow hair samples were collected. This represents the closest longitudinal monitoring of AGW patients to date. Patients were treated according to standard-of-care. HPV6/11 prevalence was 19.9% in patients’ hair samples (HPV6 B1 in 87.5%) and 0% in controls. The highest HPV6/11 prevalence was found in pubic hairs (29.0%) and lowest in eyebrows (7.1%). Odds for HPV6/11-positive hairs increased with smoking, shaving anogenital region and age. A close association between HPV6/11 presence in hairs and clinically visible AGW was observed. The proportion of patients with visible AGW and HPV6/11-positive hairs declined during follow-up with similar trends. No particular HPV6/11 variant was linked with increased AGW recurrence, but sublineage HPV6 B1 showed significantly higher clearance from hairs. Despite treatment, 78.1% and 62.5% of AGW patients experienced one and two/more post-initial AGW episodes, respectively. Patients having HPV6/11-positive hairs or visible AGW at preceding visit demonstrated substantially higher odds for presenting with visible AGW in subsequent visit.

Dolichandrone spathacea is a rare and endangered semi-mangrove plant species with an extremely small population, naturally distributed only in Zhanjiang City and the east coast of Hainan Island, China. Regrettably, the present situation of the D. spathacea population in China has not yet been carefully investigated. In this study, we aim to evaluate the current resource status and population dynamic characteristics of D. spathacea on Hainan Island, China, in order to propose sustainable conservation and management strategies for future ecological restoration of its natural population. Our results show that D. spathacea on Hainan Island can be divided into four populations. All the D. spathacea populations present a state of overall dispersion, local concentration, and occasionally sporadic existence, and they exist in geographical isolation. The young, middle, and old D. spathacea plants account for 20.42%, 66.20%, and 13.38%, respectively, indicating that the overall age class of the D. spathacea population on Hainan Island belongs to a declining type. Furthermore, instead of temporal structure, we chose diameter at breast height (DBH) to establish a static life table, draw a population survival curve, and quantify the future development trend through population dynamic analysis and time-series prediction. These results directly point out that the D. spathacea population on Hainan Island is sensitive to external disturbances and possesses two main increases in mortality rate—namely, in its juvenile and mature stages—due to weak vitality, competition, and anthropogenic interferences, which are the most important reasons for its endangered status. Depending on the current conditions of the D. spathacea population, we should conserve and expand mature trees in situ, preserve their germplasm resources, rehabilitate their habitats to promote provenance restoration, and conduct artificial cultivation and spreading planting in order to realize the sustainable conservation and management of D. spathacea.

The main focus of the in vitro toxicity assessment methods is on the viability of the cells, which is usually based on metabolism changes. Yet, when exposed to toxic substances, the cell triggers multiple signals in response. With this in mind, we have developed a promising cell-based toxicity method that observes various cell responses when exposed to toxic substances (either death, division or remaining viable). Based on the collective cell response, we observed and predicted the dynamics of the cell population to determine the toxicity of the toxicant. The method was tested with two different conformations: In the first conformation, we exposed a monoculture model of blood macrophages to UV light, hydrogen peroxide, nutrient deprivation, tetrabromobisphenol A, fatty acids and 5-fluorouracil. In the second, we exposed a coculture liver model consisting of hepatocytes, hepatic stellate cells, Kupffer cells and liver sinusoidal endothelial cells to rifampicin, ibuprofen and 5-fluorouracil. The method showed good accuracy compared to established toxicity assessment methods. In addition, this approach provided more representative information on the toxic effects of the compounds as it considers the different cellular responses induced by toxic agents.

This paper studies a model of dynamic compensation and capital structure with managerial traits. We show that Optimistic manager perceives equity as more undervalued than debt, while, confident manager perceives debt as more undervalued than equity. Managerial risk aversion mitigates manager’s bias. The risk aversion of the optimistic manager has a convex effect on the optimal coupon. There exists the level of risk aversion eliminating the bias on the leverage. The managerial optimist has an ambiguous effect on the owner’s bankruptcy level. The risk aversion has a convex effect on the owner’s bankruptcy level. The optimistic/confident manager underestimates the credit spread. The risk aversion has convex effect on the credit spread. In contrast to rational manager, the optimistic/confident manger has higher level of effort. The risk aversion has a negative effect on the effort.

In this paper, we investigate a financial market in which asset prices evolve based on a multi-dimensional Brownian motion process and a multi-dimensional Poisson process with different credit and deposit rates We proceed to evaluate European options by establishing upper and lower hedging prices through a transition to a suitable auxiliary market. Additionally, we address the minimization of shortfall risk and no-arbitrage price bounds in incomplete markets within this framework.

Despite providing some critical financial services to support the operation of Emissions Trading Systems (ETS), such as increasing market liquidity and price visibility and allowing operators to hedge against future fluctuations, there is growing concern about the potential threat of financial actors' speculation behaviour to the ETS's effectiveness. To confirm or alleviate the fear associated with such concern, we employ both ex-post and ex-ante approaches to determine the role of speculation in the emission reduction effect of the ETS and its forecasting power in predicting climate change. In addition to confirming carbon prices and the speculation behaviour of the emissions non-compliance actors in the ETS as accurate predictors of climate change, we also show that they both matter in the emission reduction effect of the ETS. We use several verifiable econometric approaches to select the Feasible Quasi Generalised Least Squares (FQGLS) as the best estimator for addressing some of the biases in climate change predictability. We demonstrate that a predictive model combining the complementing dynamics of the EST emissions compliance and emissions non-compliance features forecasts climate change more accurately. We demonstrate the robustness of our findings for both in-sample and out-of-sample forecasts and across different forecast horizons by using alternative approaches to evaluate forecast performance.

Structural DNA nanotechnology provides an excellent foundation for diverse nanoscale shapes that can be used in various bioapplications and materials research. From all existing DNA assembly techniques, DNA origami has proven to be the most robust one for creating custom nanoshapes. Since its invention in 2006, building from the bottom up using DNA has drastically advanced, and therefore, more and more complex DNA-based systems have become accessible. So far, vast majority of the demonstrated DNA origami frameworks are static by nature, but interestingly, there also exist dynamic DNA origami devices that are increasingly coming into view. In this review, we discuss DNA origami nanostructures that perform controlled translational or rotational movement triggered by predefined DNA strands, various molecular interactions and/or other external stimuli such as light, pH, temperature and electromagnetic fields. The rapid evolution of such dynamic DNA origami tools will undoubtedly have a significant impact on molecular scale precision measurements, targeted drug delivery and diagnostics, but they can also play a role in development of optical/plasmonic sensors, nanophotonic devices and nanorobotics for numerous different tasks.

With the rapid spread of carbon trading in the global economy, the interactions of prices between carbon (or clean/renewable energy) and traditional fossil energies such as coal and oil have raised growing attention, but little research have discussed their dynamic volatility spillover and time-varying correlation. The purpose of this study is to investigate these issues, for the weekly data of EUA futures, Biofuel and Brent oil prices from 25 October 2009 to 5 July 2020. We employ the VAR-GARCH model with the BEKK specification. Our results are summarized as follows. At first, we identified the sudden changes and the volatility persistence in the three markets, and also confirmed that the volatility of the markets has changed significantly over time. Secondly, we find that there are a weak volatility spillover effect among the three markets, while a strong spillover effect between the EUA and Brent oil markets. Lastly, in financial markets, the EUA can be used as a hedging portfolio for the Biofuel and Brent oil markets. These results can help investors to well compose their portfolios and manage their investment risks, and help potential pollutant emission sources to join in carbon market in a cost-effective way.

This paper addresses the Hubble tension in cosmology by exploring dynamic dark energy models, specifically focusing on quintessence scalar fields. We develop a comprehensive theoretical framework for these models, examining various potential forms and their implications for the universe's evolution. We elaborate on the effects of dynamic dark energy on cosmological perturbations, analyzing its influence on the Cosmic Microwave Background (CMB) anisotropies and the formation of large-scale structures. By integrating the theoretical models with observational data, including Type Ia supernovae, CMB observations, and large-scale structure surveys, we investigate the potential of dynamic dark energy to resolve the discrepancies in measurements of the Hubble constant. Our findings suggest that dynamic dark energy models resolve the Hubble tension and have broader implications for our understanding of cosmic evolution and the universe's fate. This study aims to contribute to the ongoing discourse in cosmology, providing a new perspective on dark energy and its role in the expanding cosmos.

This report discusses the application of approximate dynamic programming (ADP) and Krylov subspace methods in solving sequential decision-making problems in machine learning. ADP is used when dealing with large state spaces or when the exact dynamics are unknown. The paper explores various ADP methods such as temporal difference learning and least-squares policy evaluation. The authors also focus on the use of Krylov subspace methods for solving the Bellman equation in ADP. The report provides insights into linear approximation, stochastic algorithms, and the Arnoldi algorithm for orthonormal basis. Overall, the paper highlights the theoretical foundation provided by ADP and its connection with Krylov subspace methods, shedding light on their application in computer science.

This paper has a twofold objective. The first aim is to present a comprehensive bibliographical analysis of journal articles and book chapters on fuzzy-random option pricing (FROP) over the WoS and SCOPUS databases. It follows PRISMA criteria and takes special care of developments in continuous time. Thus, we described the principal findings about the research streams, outlets and authors of this topic and lets us suggest further research. The second contribution is motivated by the fact that the bibliographical revision has identified a lack of developments on equilibrium models on the yield curve. This question motivates extending Vasicek’s yield curve equilibrium model to introduce fuzziness in the parameters that govern interest rate movements (speed of reversion, equilibrium short-term interest rate, and volatility). Likewise, this paper develops an empirical application on the term structure of fixed income public bonds with the highest credit rating in the Euro area.

Most fully developed galaxies have vivid spiral structure, but the formation and evolution of spiral structure is still a mystery that is not fully understood in astrophysics. We find that the currently used equations of galactic dynamics contain some unreasonable components. In this paper, the following three working assumptions are introduced to simplify the galactic structural equations. 1. In the research of large-scale structure, the retarded potential of the gravitational field should be taken into account. The propagating time of the gravitational field from center to border is longer than the revolution periods of the stars near the center of galaxy. Newton's gravitational potential is unreasonable for such case, and the weak field and low velocity approximation of Einstein's field equation should be adopted. 2. The stars in a fully developed galaxy should be zero-pressure and inviscid fluid, and the equation of motion is different from that of ordinary continuum mechanics. Stars move along geodesics. 3. The structure of the galaxy is only related to the total mass density distribution. The equation of state of dark halo is different from that of ordinary luminous interstellar matter, so their trajectories are also very different. Dark halo and ordinary matter in galaxy are automatically separated. The total mass density distribution can be presupposed according to the observation data, and then it can be determined by comparing the solution of the equations with the observed data. These assumptions and treatments are supported by theory and observation. The variables of the equations of simplified galactic dynamics are separated from each other, and the equations are well-posed and can be solved according to a definite procedure. Therefore, this simplified dynamic equation system provides a more reasonable and practical framework for the further study of galactic structure, and can solve many practical problems. Besides, it is closely related to the study of dark energy and dark matter.

I propose a dynamic evolution hypothesis regarding the evolution of organisms by incorporating both diminished fitness returns and mutation rate tuning during adaptation to a constant environment. Basically, accumulating evidence from life history studies conducted over the past 70 years suggests that the evolution of individual fitness is subject to ecological constraints, leading to the evolutionary existence of an upper limit of individual fitness (ULIF). Given the existence of the ULIF, organismal evolution, which might initially have relatively great fitness returns through primarily Darwinian evolution, will eventually be subject to diminished fitness returns towards zero. With the diminished fitness return, Darwinian selection strength may eventually become smaller than the power of random genetic drift, leading to the occurrence of neutral evolution at both phenotypic and molecular levels. Meanwhile, mutation rates may change from an initial increase, due to the relatively strong fitness return, to subsequent decreases, due to both the diminished fitness return of beneficial mutations and the cost of deleterious mutations. The diminished fitness returns with subsequently reduced mutation rates are two potential evolution barriers leading to eventual evolutionary stasis. These findings provide important insights for understanding the conditions for the occurrences of different evolutionary patterns. Darwinian evolution theory, neutral evolution theory and punctuated equilibrium theory can be unified in the context of the dynamic evolution hypothesis formulated in this study.

This paper explores the interactions of dynamic dark energy with other components of the cosmos, such as dark matter and baryonic matter, and its wide-ranging implications in cosmology. By investigating the interplay between dynamic dark energy and the universe's large-scale structure, we aim to provide a deeper understanding of cosmic evolution and the behavior of dark energy in different cosmological epochs. We also examine the potential of dynamic dark energy to offer novel insights into long-standing cosmological puzzles and their impact on the formation and evolution of cosmic structures.

This study presents a dynamic model of a passenger vehicle and analyzes its dynamic characteristics and responses. A dynamic vehicle model with seven degrees of freedom was established to analyze the behavior of a driving vehicle. The vehicle model had three degrees of freedom for the motion of the sprung mass and four degrees of freedom for the unsprung masses. For this model, the equations of motion were derived using Lagrange’s equation. To verify the model, the suspension deformations computed using the model were compared with the deformations measured through three actual vehicle driving tests which are the slalom, double lane change, and step steer tests. Furthermore, we investigated the effects of suspension stiffness, suspension damping, and anti-roll bar torsional stiffness on the dynamic characteristics and responses of the vehicle model. The developed dynamic vehicle model may help vehicle designers predict the dynamic responses of a vehicle through simulation without performing a driving test.

The outbreak of SARS-COV-2 disease 2019 (COVID-19) abruptly changed the patterns in electricity consumption, challenging the system operations of forecasting and balancing supply and demand. This is due to the mitigation measures that include lockdown and Work from Home (WFH), which decreased the aggregated demand and remarkably altered its profile. Here, we characterise these changes with various quantitative markers and compare it with pre-COVID-19 business-as-usual data using Great Britain (GB) as a case study. The ripple effects on the generation portfolio, system frequency, forecasting accuracy and imbalance pricing are also analysed. An energy data extraction and pre-processing pipeline that can be used in a variety of similar studies is also presented. Analysis of the GB demand data during the March 2020 lockdown indicates that a shift to WFH will result to a net benefit for flexible stakeholders, such as consumer on variable tariffs. Furthermore, the analysis illustrates a need for faster and more frequent balancing actions, as a result of the increased share of renewable energy in the generation mix. This new equilibrium of energy demand and supply will require a redesign of the existing balancing mechanisms as well as the longer-term power system planning strategies.

This research article provides criticism and arguments why the canonical framework for derivatives pricing is incomplete and why the delta-hedging approach is not appropriate. An argument is put forward, based on the efficient market hypothesis, why a proper risk-adjusted discount rate should enter into the Black-Scholes model instead of the risk-free rate. The resulting pricing equation for derivatives and in particular the formula for European call options is then shown to depend explicitly on the drift of the underlying asset, which is following a geometric Brownian motion. It is conjectured that with the generalized model, the predicted results by the model could be closer to real data. The adjusted pricing model could partly also explain the mystery of volatility smile. The present model also provides answers to many finance professionals and academics who have been intrigued by the risk-neutral features of the original Black-Scholes pricing framework. The model provides generally different fair values for financial derivatives compared to the Black-Scholes model. In particular, the present model predicts that the original Black-Scholes model tends to undervalue for example European call options.

Using a sample of 103 surviving and non-surviving global bond funds over a long sample period of 1998 to 2022, we perform a comprehensive analysis of the funds under our modified Sharpe’s (1992) style analysis model. We find that dynamic style analysis is useful in explaining time-series and cross-sectional and in predicting future returns of global bond funds. The dynamic style analysis also allows us to examine asset allocation over time. The results show that, during 2001 to 2014, funds shift their allocations from intermediate-term bonds to world corporate bonds and from world corporate bonds to emerging market bonds in search of higher returns at the price of credit quality.

A systematic investigation of the dynamic clustering behavior of active particles under confinement, including the effects of both particle density and active driving force is presented based on a hybrid coarse-grained molecular dynamics simulation. First, a series of scaling laws were derived with power relationships for the dynamic clustering time as a function of both particle density and active driving force. Notably, the average number of clusters N ̅ assembled from active particles in the simulation system exhibits a scaling relationship with clustering time t described by N ̅∝t^(-m). Simultaneously, the scaling behavior of the average cluster size S ̅ is characterized by S ̅∝t^m. Our findings reveals the presence of up to four distinct dynamic regions concerning clustering over time, with transitions contingent upon the particle density within the system. Furthermore, as the active driving force increases, the aggregation behavior also accelerates, while an increase in density of active particles induce alterations in the dynamic procession of the system.

In future automated vehicles we will often engage in non-driving tasks and will not watch the road. This will affect postural stabilization and may elicit discomfort or even motion sickness in dynamic driving. Future vehicles shall accommodate this by properly designed seats and interiors whereas comfortable vehicle motion shall be achieved with smooth driving styles and well de-signed (active) suspensions. To support research and development in dynamic comfort, this paper presents validation of a multi-segment full body human model including visuo-vestibular and muscle spindle feedback for postural stabilization. Dynamic driving is evaluated using a “sicken-ing drive” including a 0.2 Hz 4 m/s2 slalom. Vibration transmission is evaluated with compliant automotive seats, applying 3D platform motion and evaluating 3D translation and rotation of pelvis, trunk and head. The model matches human motion in dynamic driving and reproduces fore-aft, lateral and vertical oscillations. Visuo-vestibular and muscle spindle feedback are shown to be essential in particular for head-neck stabilization. Active leg muscle control at the hips and knees is shown to be essential to stabilize the trunk in the high amplitude slalom condition but not in low amplitude horizontal vibrations. However, active leg muscle control can strongly affect 4-6 Hz vertical vibration transmission. Compared to the vibration tests, the dynamic driving tests show enlarged postural control gains to minimize trunk and head roll and pitch, and to align head yaw with the driving direction. Human modelling can create the required insights to achieve breakthrough comfort enhance-ments while enabling efficient development for a wide range of driving conditions, body sizes and other factors. Hence, modelling human postural control can accelerate innovation of seats and vehicle motion control strategies for (automated) vehicles.

In Differentiated Services (DiffServ) architecture, Priority Service System (PSS) plays a vital responsibility to provide Quality-of-Service (QoS) for the applications based on networks. Priority queuing systems has always been a subject of interest for analytical modelling and evaluating the performance. However, previous works have mainly focused on performing priority queuing under range dependent traffics, namely Short Range Dependent (SRD) or Long Range Dependent (LRD). Recent studies revealed that realistic traffic demonstrates a heterogeneous nature for the modern networks that provide multiple services. In this paper, the results of analytical and simulation models of dynamic priority service systems is reviewed to study the heterogeneous traffic impact on designing and performance of the systems based on networks. In this paper, the results of analytical and simulation models of dynamic priority service systems is reviewed to investigate the impact of heterogeneous traffic on the design and performance of network-based systems. Here, the time of presence of requests in limited and unlimited buffer system is restricted. If the restriction is violated, the requests will be lost. The results of experiments conducted on both models are compared and it is identified that they differ in the allowable limit (2-9) %.

The urban transportation network design problem involving exclusive bus lanes (XBLs) has been widely discussed and analyzed in recent years. An improved and more flexible transit lane management strategy—intermittent bus lanes (IBLs)—prove to be potentially more efficient and car-friendly than XBLs. The common benefit of XBLs and IBLs arises from the fact that they separate the bus and car traffic and hence can eliminate the impacts of slowly moving buses on the car traffic. This paper proposes a cell transmission model for separate car and bus traffic (CTM-SCB) in a network with some dedicated roadway segments reserved for buses. By encapsulating the CTM-SCB model, an XBL-based network design problem and an IBL-based network design problem are then formulated and solved, respectively, where the former model statically sets bus lanes while the later one allows a dynamic allocation of bus lanes. A synthetic freeway-arterial network and a real-world urban street network (where the latter was extracted from the Harbin South New Industrial City) are used as test networks for evaluating the proposed models and methods. The numerical results show that both XBLs and IBLs enjoy significant operational efficiency benefits compared to the situation of no protected bus lanes. However, we believe that the expected improvement from XBLs to IBLs need further tests and validations.

This paper contributes to the debate on the impact of economic diversity and the resource curse on economic growth. We use dynamic panel data models on data on Canadian and US sub-national jurisdictions. We find evidence for a positive relationship between diversity and growth. Based on the Krugman Specialization Index, our analysis shows that the required threshold for not having the resource curse is 0.209. Above this threshold, the marginal contribution of natural resources to economic growth is lower for a more diversified regional economy than a less diversified one. We highlight the policy implications of these findings.

Time evolution of the quantum correlation of the hybrid qubit-qutrit system in multilocal and global dephasing under the effect of a classical noises environment is presented. We considered the qutrit in z direction and the qubit x direction. In addition, our system presents two configurations: the different and the common environment and our discussion involves three types of noises: A Static Noise (SN), Random Telegraph Noise (RTN) and Ornstein- Uhlenbeck noise (OU). By using the density matrix approach to determine the evolution of the state of the system, the found that the static noise is fatal for the quantum entanglement, the quantum correlation and for RTN and OU noises the quantum entanglement, the quantum correlation decreases monotonically with a sufficiently long time. Therefore, we can say that, entanglement and the quantum correlation are more robust to the noise precisely those Random telegraph noise and Ornstein-Uhlenbeck noise.

How, if at all, consciousness can be part of the physical universe remains a baffling problem. This article outlines a new, developing philosophical theory of how it could do so, and offers a preliminary mathematical formulation of a physical grounding for key aspects of the theory. Because the philosophical side has radical elements, so does the physical-theory side. The philosophical side is radical, first, in proposing that the productivity or dynamism in the universe that many believe to be responsible for its systematic regularities is actually itself a physical constituent of the universe, along with more familiar entities. Indeed, it proposes that instances of dynamism can themselves take part in physical interactions with other entities, this interaction then being “meta-dynamism” (a type of meta-causation). Secondly, the theory is radical, and unique, in arguing that consciousness is necessarily partly constituted of meta-dynamic auto-sensitivity, in other words it must react via meta-dynamism to its own dynamism, and also in conjecturing that some specific form of this sensitivity is sufficient for and indeed constitutive of consciousness. The article proposes a way for physical laws to be modified to accommodate meta-dynamism, via the radical step of including elements that explicitly refer to dynamism itself. Additionally, laws become, explicitly, temporally non-local in referring directly to quantity values holding at times prior to a given instant of application of the law. The approach therefore implicitly brings in considerations about what information determines states. Because of the temporal non-locality, and also because of the deep connections between dynamism and time-flow, the approach also implicitly connects to the topic of entropy insofar as this is related to time.

A novel software engineering platform called the Dynamic Nuchwezi Architecture Platform (DNAP) is introduced, specified and its novelties explained. The unique features of this platform are explained and several new concepts and abstractions upon which its implementation, usage, and analysis are hinged also elaborately discussed. The motivations for this new approach to building especially tools used in data engineering are spelled out and the platform is contrasted against other existing technologies of a similar kind. Finally, it is shown what known limitations DNAP suffers, as well as what room for further research and improvement there is in this field.

After developed the formulation of a "general relativity" in C⁴ [2], we proceed with the formulation of a Hamilton-Jacobi equation in C⁴. We argue that in this consideration, the usual problems of the ADM formalism, do not exist, due to the complex time as it exists in our consideration. Speci cally, we can derive a suitable dispersion relation in order to work with and nd a generalised super Hamiltonian

This paper introduces a new routing and touring service both for outdoor and indoor places of touristic and cultural interest designed to be used in the wider area of ​​Attica, Greece. This service is the result of the work done in OPTORER project and it aspires to offer a range of innovative and thematic routes to several specified points of interest in the selected area of Attica, encouraging the combination of indoors and outdoors routes in a single tour. The aim is to optimize the user experience while promoting specific, user-centric features with safety and social welfare being a priority for every designed tour resulting in enhancing the touristic experience in the area. Using a common smartphone device, as well as common wearable devices (i.e., smartwatches), the OPTORER service will provide an end-to-end solution by developing the algorithms and end-user applications, together with an orchestration platform responsible for managing, operating and executing the service that produces and presents to the end user results derived from solving dynamically complex optimization problems.

Compliant amplifying mechanisms are used widely in high-precision instruments driven by piezoelectric actuators, and the dynamic and static characteristics of these mechanisms are closely related to instrument performance. Although the majority of existing research has focused on analysis of their static characteristics, the dynamic characteristics of the mechanisms affect their response speeds directly. Therefore, this paper proposes a comprehensive theoretical model of compliant amplifying mechanisms based on the multi-body system transfer matrix method to analyze the dynamic and static characteristics of these mechanisms. The effects of the main amplifying mechanism parameters on the displacement amplification ratio and the resonance frequency are analyzed comprehensively using the control variable method. An iterative optimization algorithm is also used to obtain specific parameters that meet the design requirements. Finally, simulation analyses and experimental verification tests are performed. The results indicate the feasibility of using the proposed theoretical compliant amplifying mechanism model to describe the mechanism’s dynamic and static characteristics, which represents a significant contribution to the design and optimization of compliant amplifying mechanisms.

Managers play an important role in driving the progress and progression of businesses, specifi-cally in the perspective of risky and long-term innovation. While organizational theories have acknowledged the influence of managers on strategic change, there is still a need to expand our interpretation of the global managerial abilities that drive innovation in the emerging fintech based economy. This study aims to address this research gap by leveraging the GDMC theory. It posits that GDMC (i.e., Global dynamic Managerial capabilities), encompassing managerial social capital, human capital, and cognition, directly contributes to the innovativeness of fintech firms. To investigate this relationship, the study utilized survey data obtained from Jordon manufac-turing firms operating in the context of Industry 4.0. Through regression analysis, the data were analyzed to gain insights and draw meaningful conclusions. The findings of the study affirm the significant role played by GDMC in facilitating innovation. Notably, the results deviate from previous research conducted in non-digital industries, suggesting that it is the combined set of global innovation mic capabilities that drives innovativeness in fintech firms. This study provides compelling indication for the crucial role of GDMC in the fintech based economy, challenging previous findings in non-fintech industries regarding the individual impact of managers' human capital, social capital, and cognition on innovation. In addition, this study contributes significantly to the existing literature by conducting a comprehensive examination of the effects of GDMC on innovation in fintech firms. It stands out as the first study to holistically explore this relationship, providing a nuanced understanding of the impact of GDMC. Consequently, the applicability of the GDMC theory is extended to the fintech economy.

This manuscript presents a new two-parameter unit stochastic distribution, obtained by transforming the Laplace distribution, using generalized logistic map, into a unit interval. The distribution thus obtained is named the Laplace-logistic unit (abbreviated LLU) distribution, and its basic stochastic properties are examined in detail. Also, the procedure for estimating parameters based on quantiles is provided, along with the asymptotic properties of the obtained estimates and the appropriate numerical simulation study. Finally, the application of the LLU distribution in dynamic and regression analysis of real-world data with accentuated "peaks" and "fat" tails is also discussed.

China's economic development has shifted from high speed to high quality. This study constructs an evaluation index for China’s high-quality development utilizing a new development concept. The entropy method and cluster analysis were used to assess the level of high-quality development in China between 2015 and 2021. Kernel density estimation method was employed to explore spatiotemporal dynamics. The results reveal significant differences in the level of economic development among provinces in China; the eastern region is significantly better than the central, northeastern, and western regions. From the perspective of the sub-item evaluation, challenges with uneven, uncoordinated, and insufficient economic development exist in various Chinese provinces.

Abstract: Community forests are being promoted in Togo as an alternative to the degradation of protected areas and as a means of restoring forest landscapes. The present study is carried out within Kouampante Community Forest (KCF) in Ogaro (Togo, West Africa). It intends to contribute to the sustainable management of KCF. Specially, it aims at: (i) mapping forest ecosystems and analysing their dynamic and (ii) characterising the floristic diversity of the KCF. Forest ecosytems are mapped and their dynamic evaluated based on Google Earth images of 2010 and 2020. The floristic and silvicultural analyses are based on inventories carried out in 13 plots of 1,000 m² each. The KCF is made up mainly by tree/shrub savannahs (58.73%) and croplands/fallow (41.27%) in 2010. These two land use types have undergone changes over the period. In 2020, the KCF had two land use types: tree/shrub savannahs (84.30%) and croplands/fallows (15.70%). The flora census consisted of 59 species grouped in 6 families. The most important plant species are Detarium microcarpum and Vitellaria paradoxa. The Fabaceae were the most abundant and diversified families, followed by the Combretaceae. The demographic structure showed a high abundance of individuals with small diameter and height. This indicates the possibility of a rapid restoration of the native vegetation. Protecting the forest from anthropogenic threats could be crucial for achieving the desired objective.

This paper is dedicated to examining dynamic dark energy models in the context of observational constraints and their implications for the universe's future. By integrating theoretical models with various observational data, we aim to provide a comprehensive view of how dynamic dark energy influences cosmic evolution and the universe's fate. This study tests these models against the latest observational evidence, including the Cosmic Microwave Background, supernovae, and large-scale structure surveys, to refine our understanding of the universe's accelerating expansion and the mysterious nature of dark energy.

The soil-structure interaction represents an important parameter when analyzing the dynamic behavior of bridges, taking into account the integration between soil, foundation, and structure to ensure an adequate structural representation. In this paper, a computational modeling strategy using soil-structure interaction (SSI) methodology was applied to represent the dynamic behavior of a pedestrian bridge (LOP). The computational models were validated using monitoring results from an extensive structural health monitoring campaign. The bridge monitoring program was characterized using embedded sensors and cutting-edge technology for remote monitoring: ground-based radar interferometry and video motion amplification. The instrumentation results were compared to establish the capabilities and advantages of this novel remote monitoring technique. The experimental results obtained from free and forced vibrations in the asset served as a basis for validating the developed computational model and allowed evaluating the asset be-havior in service for different loading conditions. This paper emphasizes the SSI approach to represent the pedestrian bridge dynamic behavior more accurately, allowing computational models to represent the LOP structural responses over the course of its life-cycle.

The proliferation of ransomware poses a significant threat to global cybersecurity. This study presents a comprehensive review of the methodologies employed in the detection and analysis of ransomware, emphasizing the dichotomy between static and dynamic analysis approaches. It introduces the historical context and the necessity for robust cybersecurity measures, followed by an outline of the methodological framework used to evaluate existing ransomware analysis techniques. The results detail the effectiveness and limitations of various analysis strategies, identifying key features and patterns that aid in the detection and classification of ransomware threats. The study concludes by summarizing the primary achievements, including the identification of gaps in current research and proposing future research directions aimed at enhancing ransomware detection and mitigation strategies. The synthesis provided in this survey offers a consolidated view of the state-of-the-art in ransomware threat analysis and serves as a resource for cybersecurity professionals and researchers.