Modeling managerial behavior in real options valuation for project-based environments

Project valuation, as a decision-making tool for initiating investments in projects, should be able to value project flexibilities and incorporate reasonable risk preferences of relevant decision makers. Real options valuation methods are the available approaches for valuing project flexibilities, whereas they have shortcomings in considering managers’ reasonable risk preferences in project decisions. Therefore, researchers have suggested approximating the perspective on risk of real options methods and practitioners in project management. This study proposes a fair real options valuation for project-based environments by a behavioral economic approach, which adopts binomial lattice method, Monte-Carlo simulation, and cumulative prospect theory. The results show that behavioral factors such as ‘risk attitude’ and ‘loss aversion’ should be accepted in project investment decisions while limited to an acceptable amount depending on the project conditions (e.g. uniqueness of decision-making scenarios). This research contributes to the project management domain by enhancing project investment decisions that include project flexibilities.     

All two-input logic gates by a single-stage single electron box

In this paper, the design of all two-input logic gates is presented by only a single-stage single electron box (SEB) for the first time. All gates are constructed based on a same circuit. We have used unique periodic characteristics of SEB to design these gates and present all two-input logic gates (monotonic/non-monotonic, symmetric/non-symmetric) by a single-stage design. In conventional monotonic devices, such as MOSFETs, implementing non-monotonic logic gates such as XOR and XNOR is impossible by only a single-stage design, and a multistage design is required which leads to more complexity, higher power consumption and less speed of the gates. We present qualitative design at first and then detailed designs are investigated and optimised by using our previous works. All designs are verified by a single electron simulator which shows correct operation of the gates.     

Thermodynamic performance analysis of three solid oxide fuel cell and gas microturbine hybrid systems for application in auxiliary power units

In this study, three different configurations of a solid oxide fuel cell and gas microturbine hybrid system are evaluated for application in auxiliary power units. The first configuration is a common hybrid system in auxiliary power units, utilizing a fuel cell stack in the structure of the gas turbine cycle. The other configurations use two series and parallel fuel cell stacks in the structure of the gas turbine cycle. The main purpose of this research is thermodynamic analysis, evaluation of the performance of the proposed hybrid systems in similar conditions, and selection of an appropriate system in terms of efficiency, power generation, and entropy generation rate. In this study, the utilized fuel cells were subjected to electrochemical, thermodynamic, and thermal analyses and their working temperatures were calculated under various working conditions. Results indicate that the hybrid system with two series stacks had maximum power generation and efficiency compared with the other two cases. Moreover, the simple hybrid system and the system with two parallel stacks had relatively equal pure power generation and efficiency. According to the investigations, hybrid system with two series fuel cell stacks, which had 3424 and 1712 cells, respectively, can achieve the electrical efficiency of over 48%. A hybrid system with two parallel fuel cell stacks, in which each stack had 2568 cells, had the electrical efficiency of 46.3%. Findings suggested that maximum electrical efficiency occurred between the pressure ratios of 5–6 in the proposed hybrid systems.     

A local view on the Hudetz correction of the Yager entropy of dynamical systems

In this paper, we define a local version of Hudetz correction for the Yager entropy of dynamical systems. It is proved that the introduced function is indeed a local entropy map for the Hudetz correction of the Yager entropy, in the sense that, the Hudetz correction of the Yager entropy of a continuous map on a compact metric space is attained by integrating the introduced local entropy.     

Fault isolation in manufacturing systems based on learning algorithm and fuzzy rule selection

Neural Computing and Applications - This paper addresses the fault detection and isolation problem in manufacturing systems. Some of these systems can be affected by several faults, a first way of...     

XPloreRank: exploring XML data via you may also like queries

World Wide Web - In many cases, users are not familiar with their exact information needs while searching complicated data sources. This lack of understanding may cause the users to feel...     

The Effect of Pre-oxidation Treatment on Corrosion Behavior of Ni–Cu–Fe–Al Anode in Molten CaCl<Subscript>2</Subscript> Salt

This article presents Ni–Cu–Fe–Al alloy as a novel inert anode used in FFC process (the Fray Farthing Chen) in molten calcium chloride salts for producing titanium. The alloy was prepared by vacuum induction melting; then utilized as anode material in molten CaCl₂ for 16 h at 900 °C. Morphology and the corrosion behavior of the samples were analyzed using scanning electron microscopy (SEM), and energy dispersive spectroscopy (EDS). The product on the cathode was analyzed using X-ray diffraction (XRD). After 16 h electrolysis of anodes, EDS and SEM analysis of the samples showed that the corrosion depth of the non-oxidized sample was shorter. Corrosion attacks more severe for the pre-oxidized sample than the non-oxidized sample, which indicated that the corrosion resistance of outer layer is higher on the non-oxidized sample. The XRD results show that the TiO₂ pellets were successfully reduced to the lower oxides using the Ni–Cu–Fe–Al inert anode.     

Methacrylate-functionalized POSS as an efficient adhesion promoter in olefin-based adhesives

This study aims to investigate the effects of methacrylate-functionalized polyhedral oligomeric silsesquioxane (MA-POSS) on polyolefin-based adhesives. The so called adhesive was synthesized by the cooligomerization of 1-decene/9-decene-1-ol monomers using a Ti amine bis-phenolate catalyst, [Ti{2,2′-(OC₆H₂-4,6-^tBu₂)₂NHC₂H₄NH(OⁱPr)₂], which was subsequentlyacrylated via a simple reaction with methacryloyl chloride. Different weight fractions of MA-POSS nanoparticles were solution blended with synthesized adhesive and undergone curing reaction with blue light. Observation of a unique tan δ peak in dynamic mechanical thermal analysis (DMTA) curve was clear evidence that two employed moieties were miscible and only one hybrid polymeric phase was created. Most noticeably, significant increase in mechanical parameters was detected in the lower inclusion compositions, 0.2-1 wt% of MA-POSS, where flexural strength and flexural modulus were increased up to 99 and 110%, respectively. Furthermore, thermal stability of the synthesized nanocomposite enhanced dramatically by increasing MA-POSS weight fraction. Influence of employed nanoparticles on adhesion properties of synthesized nanocomposites was evaluated with tensile shear bond strength and pull off analysis. According to the adhesion results, the MA-POSS causes an adhesion promotion on the fabricated adhesive/POSS nanocomposites.     

Numerical thermal analysis of nanofluid flow through the cooling channels of a polymer electrolyte membrane fuel cell filled with metal foam

Improvement in the cooling system performance by making the temperature distribution uniform is an essential part in design of polymer electrolyte membrane fuel cells. In this paper, we proposed to use water-CuO nanofluid as the coolant fluid and to fill the flow field in the cooling plates of the fuel cell stack by metal foam. We numerically investigated the effect of using nanofluid at different porosities, pore sizes, and thicknesses of metal foam, on the thermal performance of polymer electrolyte membrane fuel cell. The accuracy of present computations is increased by applying a three-dimensional modeling based on finite-volume method, a variable thermal heat flux as the thermal boundary condition, and a two-phase approach to obtain the distribution of nanoparticles volume fraction. The obtained results indicated that at low Reynolds numbers, the role of nanoparticles in improvement of temperature uniformity is more dominant. Moreover, metal foam can reduce the maximum temperature for about 16.5 K and make the temperature distribution uniform in the cooling channel, whereas increase in the pressure drop is not considerable.     

Synthesis of Poly (Vinylidene Fluoride)/Modified SBA-15 Nanoparticles Composite Membrane for Water Purification

One of the methods of pollution separating from urban and industrial wastewater is the use of composite membranes based on polymer. The modified composite