scholarly journals Valuation of Guaranteed Maximum Price Contracts in Korea Using the Collar Option Model

2018 ◽  
Vol 2018 ◽  
pp. 1-9
Author(s):  
Sanghyo Lee ◽  
Hyeongjae Jang ◽  
Yonghan Ahn
Keyword(s):  
Profit Sharing ◽  
Construction Companies ◽  
Construction Market ◽  
Positive Effects ◽  
Valuation Model ◽  
Maximum Price ◽  
Proposed Model ◽  
Option Model ◽  
Payoff Structure ◽  
Future Work

This study assessed the levels of risk that contractors may be subject to while executing a GMP contract by applying a collar option model to the case study of an apartment project in Korea and identified implications for the application of GMP contracts in Korea. The payoff structure of the GMP contract was defined based on the collar option model and a profit sharing ratio calculated to evaluate the risks involved in GMP contracts. The results showed that an increase in the GMP and a decrease in the expected cost and cost range were accompanied by a decrease in the profit sharing ratio. The proposed valuation model for GMP contracts is expected to help clients and contractors in Korea negotiate reasonable contracts as it enables the contractor to utilize the proposed model as basic data, the client to evaluate the performance of the contractor, and both parties to agree a reasonable profit sharing ratio. Implementing GMP contracts with CMR is likely to have a number of positive effects on the Korean construction market. However, in order to maximize these effects, it is necessary to have the ability to evaluate cost uncertainty. Accordingly, it is very important to analyze the factors that influence cost volatility. In future work, the various factors that have an impact on the GMP must be studied to maximize the positive effects of the framework proposed in this paper. An analysis of the effect of each factor on the change in the GMP will help Korean construction companies who are attempting to introduce GMP contracts to perform their preconstruction services effectively.

Diagnosis of Current Employment in Architectural Student Responding to Korean Construction Market

2012 ◽  
Vol 450-451 ◽  
pp. 140-144
Author(s):  
Sang Chul Kim ◽  
Jae Hyun Lim ◽  
Jun Ho Park ◽  
Tae Hwa Jung
Keyword(s):  
Construction Industry ◽  
Supply And Demand ◽  
Current Status ◽  
Major Area ◽  
Construction Companies ◽  
Construction Market

Construction market in Korea has been decreased for 3 or 4 years, and it brought the problem in supply and demand of workforce. Therefore, new workforce in construction industry could not been enter, and some of them have been employed in non-major area. This research intends to analyze construction industry as well as demand and status of construction companies and to diagnose status of new workforce for architectural works, and a survey is conducted for enrolled students and graduates to diagnose problems of current status in order to suggest the alternatives in Korea.

scholarly journals Development of a New Bi-Arc Dynamic Numerical Model for Modeling AC Flashover Processes of EHV Ice-Covered Insulators

Energies ◽  
2018 ◽  
Vol 11 (10) ◽  
pp. 2792
Author(s):  
Marouane Jabbari ◽  
Christophe Volat ◽  
Issouf Fofana
Keyword(s):  
Numerical Model ◽  
High Accuracy ◽  
Arc Length ◽  
Calculation Algorithm ◽  
Water Conductivity ◽  
Arc Model ◽  
Proposed Model ◽  
Flashover Voltage ◽  
Extra High Voltage ◽  
Future Work

This paper presents the development of a new bi-arc dynamic numerical model for predicting AC critical flashover voltage (FOV) of ice-covered extra-high voltage (EHV) insulators. The proposed model is based on a generic calculation algorithm coupled with commercial finite element method software designed to solve the Obenaus/Rizk model. The proposed model allows one to implement the Nottingham and Mayr approaches and compare the results obtained as a function of the arcing distance, the freezing water conductivity, and the initial arc length. The validation of the model demonstrated high accuracy in predicting the FOV of ice-covered post-type insulators and its capability to simulate the interaction of the two partial arcs during the flashover process. In particular, the results showed that the Nottingham approach is sensibly more accurate than the Mayr one, especially in simulating the dynamic behavior of the partial arcs during the flashover process. Based on the encouraging results obtained, a multi-arc calculation algorithm was proposed using the bi-arc dynamic numerical model as a basis. The basic idea, which consists in dividing the multi-arc model in several bi-arc modules, was not implemented and validated but will serve as a promising concept for future work.

scholarly journals A Spatially Explicit Capture–Recapture Model for Partially Identified Individuals When Trap Detection Rate Is Less than One

2019 ◽  
Vol 71 (1) ◽  
pp. 1-20 ◽  
Author(s):  
Soumen Dey ◽  
Mohan Delampady ◽  
K. Ullas Karanth ◽  
Arjun M. Gopalaswamy
Keyword(s):  
Detection Probability ◽  
Credible Interval ◽  
Camera Traps ◽  
Spatially Explicit ◽  
Panthera Tigris ◽  
Partial Identity ◽  
Proposed Model ◽  
Estimation Problems ◽  
Capture Recapture ◽  
Future Work

Spatially explicit capture–recapture (SECR) models have gained enormous popularity to solve abundance estimation problems in ecology. In this study, we develop a novel Bayesian SECR model that disentangles two processes: one is the process of animal arrival within a detection region, and the other is the process of recording this arrival by a given set of detectors. We integrate this complexity into an advanced version of a recent SECR model involving partially identified individuals (Royle JA. Spatial capture-recapture with partial identity. arXiv preprint arXiv:1503.06873, 2015). We assess the performance of our model over a range of realistic simulation scenarios and demonstrate that estimates of population size N improve when we utilize the proposed model relative to the model that does not explicitly estimate trap detection probability (Royle JA. Spatial capture-recapture with partial identity. arXiv preprint arXiv:1503.06873, 2015). We confront and investigate the proposed model with a spatial capture–recapture dataset from a camera trapping survey of tigers (Panthera tigris) in Nagarahole study area of southern India. Detection probability is estimated at 0.489 (with 95% credible interval (CI) [0.430, 0.543]) which implies that the camera traps are performing imperfectly and thus justifying the use of our model in real world applications. We discuss possible extensions, future work and relevance of our model to other statistical applications beyond ecology. AMS classification codes: 62F15, 92D40

scholarly journals Antecedents of absorptive capacity: a new model for developing learning processes

2016 ◽  
Vol 23 (1) ◽  
pp. 77-91 ◽  
Author(s):  
Mohammad Rezaei-Zadeh ◽  
Tamer K Darwish
Keyword(s):  
Absorptive Capacity ◽  
Relevant Literature ◽  
Learning Processes ◽  
Environmental Turbulence ◽  
Content Type ◽  
Proposed Model ◽  
Exploitative Learning ◽  
Modes Of Governance ◽  
Future Work ◽  
Practical Implications

Purpose – The purpose of this paper is to provide an integrated framework to indicate which antecedents of absorptive capacity (AC) influence its learning processes, and to propose testing of this model in future work. Design/methodology/approach – Relevant literature into the antecedents of AC was critically reviewed and analysed with the objective of categorising and explaining the influence of AC on learning processes, including exploratory, transformative and exploitative learning. Findings – By considering the level of learning, the proposed model demonstrates that the antecedents of AC vary, comprising exploratory, transformative and exploitative learning processes. Moreover, this study reveals the complex interplay between the antecedents of AC. Research limitations/implications – The proposed model was developed theoretically, thus pending further empirical validation according to environmental turbulence, knowledge characteristics and modes of governance. This study also urges researchers to explore whether or not the antecedents of AC differ based on organisational outcomes. Practical implications – The model can be put into a testable template for use by researchers. It further guides managers in developing effective processes for learning to use external knowledge. Originality/value – It is the first work to schematically bring together and discuss the antecedents of AC and its influence on learning processes, and further provides a framework capable of facilitating the empirical testing of this nexus.

Roles of hydrogen gas in plants: a review

2018 ◽  
Vol 45 (8) ◽  
pp. 783 ◽  
Author(s):  
Changxia Li ◽  
Tingyu Gong ◽  
Biting Bian ◽  
Weibiao Liao
Keyword(s):  
Anthocyanin Biosynthesis ◽  
Stomatal Closure ◽  
Adventitious Rooting ◽  
H2 Production ◽  
Hydrogen Gas ◽  
Anthocyanin Synthesis ◽  
Signalling Molecules ◽  
Positive Effects ◽  
Antioxidant Defence System ◽  
Future Work

Hydrogen gas (H2) was first identified as a unique molecular messenger in animals. Since H2 was reported as a novel antioxidant, it has been proven effective in treating many diseases. However, the studies concerning H2 in plants are just beginning to emerge. Here, two paths of H2 production in plants have been reported, namely, hydrogenase and nitrogenase. H2 has positive effects on seed germination, seedling growth, adventitious rooting, root elongation, harvest freshness, stomatal closure and anthocyanin synthesis. H2 also can enhance plant symbiotic stress resistance commonly through the enhancement of antioxidant defence system. Moreover, H2 shows cross talk with nitric oxide, carbon monoxide and other signalling molecules (for example, abscisic acid, ethylene and jasmonate acid). H2 can regulate the expression of responsive genes under abiotic stress and during adventitious roots formation and anthocyanin biosynthesis. Future work will need to focus on the molecular mechanism of H2 and its crosstalk with other signalling molecules in plants. With its promising application in agriculture, hydrogen agriculture will be welcomed in the near future.

Risk-based entry decision into African construction markets: a proposed integrated model

2018 ◽  
Vol 8 (1) ◽  
pp. 91-111 ◽  
Author(s):  
Sunday Julius Odediran ◽  
Abimbola Oluwakemi Windapo
Keyword(s):  
Foreign Market ◽  
Multiple Sources ◽  
Entry Modes ◽  
Content Type ◽  
Construction Companies ◽  
Construction Market ◽  
Entry Decision ◽  
Perceived Impact ◽  
The Impact ◽  
Entry Decisions

Purpose The purpose of this paper is to propose a risk-based entry decision model to mitigate the impact of risk and ease the entry of multinational construction companies (MNCCs) into African construction market (ACM). Design/methodology/approach A review of extant literature helps identify risks in the international construction market (ICM) and entry modes used by MNCCs to enter into the ICM. A conceptual model is designed for a risk-based entry decision. Data for validating the proposed model are sourced from multiple sources – survey, interview and financial and annual report of companies surveyed. Findings Findings reveal significant risks in the ICM and different modes of MNCCs entry to foreign market. Experience of MNCCs shows that the perceived impact of risk influence decisions made to enter into foreign markets, and interactive relationships between resources and entry decisions made to mitigate the perceived impact of risks. Originality/value Significant risks are expected in the ACM. However, adequate perception of risks based on resources levels of MNCCs and strategic entry decisions would assist in mitigating the potential impacts of risk.

scholarly journals Firm Regulation and Profit Sharing: A Real Option Approach

2007 ◽  
Vol 7 (1) ◽  
Author(s):  
Michele Moretto ◽  
Paola Valbonesi
Keyword(s):  
Real Option ◽  
Infinite Horizon ◽  
Profit Sharing ◽  
Price Adjustment ◽  
Recent Experience ◽  
Key Factors ◽  
Real Option Approach ◽  
Option Model ◽  
Utilities Regulation

Abstract To avoid the extremely high profit levels found in the recent experience of public utilities' regulation, some regulators have introduced a profit-sharing (PS) rule that revises prices to the benefit of consumers. However, in order to be successful, a PS rule should satisfy appropriate incentive conditions.In this paper, we study the incentive properties of a second best PS mechanism designed by the regulator to induce a regulated monopolist to divert its "excessive" profits to the customers. In a real option model where a regulated monopolist manages a long-term franchise contract and the regulator has the option to revoke the contract if there is serious welfare loss, we first endogenously derive the welfare maximising PS rule under the verifiability of profits. We then explore the dynamic efficiency of this PS rule under the non-verifiability of profits and study the firm's incentive to comply with it in an infinite-horizon game. Finally, we derive the price adjustment path which follows the adoption of a PS rule in a price cap regulation.We show that the riskiness of the distribution of the firm's future profits and the regulator's cost in revoking the franchise contract are key factors in determining the equilibrium properties of a dynamic PS rule.

scholarly journals APPLICATION OF ECONOMIC AND MATHEMATICAL METHODS TO MANAGE PROJECTS

2018 ◽  
pp. 253-257
Author(s):  
Tetiana Yakovenko ◽  
Anastasiia Pustovit
Keyword(s):  
Selection Criteria ◽  
Critical Parameters ◽  
Optimal Selection ◽  
Mathematical Methods ◽  
Work Factors ◽  
Proposed Model ◽  
Production Capacities ◽  
The Cost ◽  
Future Work ◽  
Selection Of

Introduction. The deadline for the planned works in the project is one of the critical parameters that are not mostly approached. In addition, non-compliance with the deadline usually leads to an increase in the cost of the project. It can be the failure in fulfilling another critical parameter of the projects. One of the reasons of this problem is the non-optimal appointment of job executors. Purpose. The article aims to develop an economics and mathematical model for optimal selection of project executors under uncertainty. Results. In order to achieve the goal of the work, factors, which influence its scheduled completion, existing models of executors’ optimal selection are analysed. The unsolved parts of the problem are identified. Executors’ selection criteria and significant limitations of the model are analysed. It has been concluded that one of the most critical factors is the uncertainty of the executors’ production capacities at the time of their carrying out (the number of free technics or workers who will be free and may be involved in future work). The proposed model allows choosing the optimal executors not only under the term’s criteria, but also under taking into account the total cost of the planned works. It can also be used by enterprises and organizations that involve a subcontractor to perform certain work.

scholarly journals Implementing E-Learning Ontology to Scale For Provenance

2019 ◽  
Vol 8 (9) ◽  
pp. 670-675
Keyword(s):  
Semantic Web ◽  
Learning Model ◽  
Model Data ◽  
Web Based ◽  
Semantic Data ◽  
Web Based Learning ◽  
Proposed Model ◽  
E Learning ◽  
Academic Resource ◽  
Future Work

This paper explores the aspects of providing education through E-learning model evaluating its relevance to distance education and for ICT systems. A subset of E-learning is a Web based learning that makes the learning -easier, impressive, structured and properly managed. The paper defines an university ontology describing how e-learning provides resources which are available online and designated cloud that can be delivered anywhere any time among the users. In the proposed model data is stored in designated cloud and users are able to share efficiently the same as it provides services to learner. Provenance or trust with respect to the academic resource is a major concern in these types of models, users accessing data must be trustable which help learners, researchers, developers, and users in future work also. This paper proposes an e-learning model which is well organized and structured, such that the machine responds with the accurate, trustable, desired information and results. The paper defines an ontology for semantic structuring, semantic rendering and applies provenance on suggested ontology to achieve authentic results. It is also desired to establish trust of the source contents of the Semantic Web, with the result that a user receiving data will need to verify whether the received data from source is in fact trustable or not. The defined ontogoly is suitable for consumption of both man and machine in the context of the e-learning and Semantic data rendering Web Keywords

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