Fuzzy rule-based system for evaluation of uncertainty transaction in cassava chain

A fuzzy ruled-based system was developed in this study and resulted in an index indicating the level of uncertainty related to commercial transactions between cassava growers and their dealers. The fuzzy system was developed based on Transaction Cost Economics approach. The fuzzy system was developed from input variables regarding information sharing between grower and dealer on “Demand/purchase Forecasting”, “Production Forecasting” and “Production Innovation”. The output variable is the level of uncertainty regarding the transaction between seller and buyer agent, which may serve as a system for detecting inefficiencies. Evidences from 27 cassava growers registered in the Regional Development Offices of Tupa and Assis, São Paulo, Brazil, and 48 of their dealers supported the development of the system. The mathematical model indicated that 55% of the growers present a Very High level of uncertainty, 33% present Medium or High. The others present Low or Very Low level of uncertainty. From the model, simulations of external interferences can be implemented in order to improve the degree of uncertainty and, thus, lower transaction costs.

Response to comment on "Using ecological thresholds to evaluate the costs and benefits of set-asides in a biodiversity hotspot"

Finney claims that we did not include transaction costs while assessing the economic costs of a set-aside program in Brazil and that accounting for them could potentially render large payments for environmental services (PES) projects unfeasible. We agree with the need for a better understanding of transaction costs but provide evidence that they do not alter the feasibility of the set-aside scheme we proposed.

Estudo do efeito Bauschinger em tubos de aço API 5l x70 aplicados no transporte de petróleo e gás

Despite the growing concern in seeking more sustainable energy sources, oil demand is likely to grow in coming years. To keep up with this growth, the oil industry has increasingly invested in innovation and efficiency. Knowing that, new technologies have been developed to explore deeper waters, without giving up the best practices in worldwide operational safety. The use of rigid pipelines in deepwater offshore facilities is increasing quickly and because of this, the ways of storing and launching pipe have been studied and perfected. In this paper the Bauschinger effect on API 5L X70 steel was analyzed proving that there was a reduction in yield strength when an effort was applied in a previous direction, then an effort was then applied in the opposite direction. To observe this phenomenon, the tensile test was conducted to determine the mechanical properties of the base metal, such as yield stress, tensile strength, elasticity and maximum tensile, so then compare it with the results obtained in the Bauschinger Effect Test. The analysis results showed that the steel had high resistance, with good plastic deformation capacity without failing, well-defined yield point, showing itself appropriate for the operation of oil and gas pipes

Estudo do efeito Bauschinger em tubos de aço API 5l x70 aplicados no transporte de petróleo e gás

Despite the growing concern in seeking more sustainable energy sources, oil demand is likely to grow in coming years. To keep up with this growth, the oil industry has increasingly invested in innovation and efficiency. Knowing that, new technologies have been developed to explore deeper waters, without giving up the best practices in worldwide operational safety. The use of rigid pipelines in deepwater offshore facilities is increasing quickly and because of this, the ways of storing and launching pipe have been studied and perfected. In this paper the Bauschinger effect on API 5L X70 steel was analyzed proving that there was a reduction in yield strength when an effort was applied in a previous direction, then an effort was then applied in the opposite direction. To observe this phenomenon, the tensile test was conducted to determine the mechanical properties of the base metal, such as yield stress, tensile strength, elasticity and maximum tensile, so then compare it with the results obtained in the Bauschinger Effect Test. The analysis results showed that the steel had high resistance, with good plastic deformation capacity without failing, well-defined yield point, showing itself appropriate for the operation of oil and gas pipes

Arbitrage-Free Conditions and Hedging Strategies for Markets with Penalty Costs on Short Positions

We consider a discrete-time financial model in a general sample space with penalty costs on short positions. We consider a friction market closely related to the standard one except that withdrawals from the portfolio value proportional to short positions are made. We provide necessary and sufficient conditions for the nonexistence of arbitrages in this situation and for a self-financing strategy to replicate a contingent claim. For the finite-sample space case, this result leads to an explicit and constructive procedure for obtaining perfect hedging strategies.

Experimental investigation of gravitational gas separation in an inclined annular channel

The oil industry uses gas separators in production wells as the free gas present in the suction of the pump reduces the pumping efficiency and pump lifetime. Therefore, free gas is one of the most important variables in the design of pumping systems. However, in the literature there is little information on these separators. It is the case of the inverted-shroud gravitational gas separator. It has an annular geometry due to the installation of a cylindrical container in between the well casing and pioduction pipe (tubing). The purpose of the present study is to understand the phenomenology and behavior of inverted-shroud separator. Experimental tests were performed in a 10.5-m-length inclinable glass tube with air and water as working fluids. The water flow rate was in the range of 8.265-26.117 l/min and the average inlet air mass flow rate was 1.1041 kg/h, with inclination angles of 15 degrees, 30 degrees, 45 degrees, 60 degrees, 75 degrees, 80 degrees and 85 degrees. One of the findings is that the length between the inner annular level and production pipe inlet is one of the most important design parameters and based on that a new criterion for total gas separation is proposed. We also found that the phenomenology of the studied separator is not directly dependent on the gas flow rate, but on the average velocity of the free surface flow generated inside the separator. Maps of efficiency of gas separation were plotted and showed that liquid flow rate, inclination angle and pressure difference between casing and production pipe outlet are the main variables related to the gas separation phenomenon. The new data can be used for the development of design tools aiming to the optimized project of the pumping system for oil production in directional wells. (C) 2012 Elsevier Inc. All rights reserved.

Competitiveness of the knitwear industry in Bangladesh : a study of industrial development amid global competition

This paper assesses the technical efficiency and profitability of the knitwear industry in Bangladesh taking into account the sector’s role in poverty reduction. While stochastic frontier analysis was invoked to assess technical efficiency, three alternative measures, namely the rate of return, total factor productivity and the Solow residual, were used to gauge the extent and determinants of the profitability of the industry based on firm-level data collected in 2001. The estimation results indicate the high profitability of the knitwear firms. In Bangladesh, the dynamic development of the industry has entailed great diversity in efficiency in comparison with the garment industries of other developing countries. While there is a significant scale effect in profitability and productivity, no supporting evidence was found for the positive impact on competitiveness of industrial upgrading in terms of usage of expensive machinery and vertical integration and industrial agglomeration.

Analysis of alternative tendering mechanisms for transportation Public-Private Partnerships

This paper describes a theoretical model based primarily on transaction costs, for comparing the various tendering mechanisms used for transportation Public-Private Partnership (PPP) projects. In particular, the model contrasts negotiated procedures with the open procedure, as defined by the current European Union legislation on public tendering. The model includes both ex ante transaction costs (borne during the tendering stage) and ex post transaction costs (such as enforcement costs, re-negotiation costs, and costs arising from litigation between partners), explaining the trade-off between them. Generally speaking, it is assumed that the open procedure implies lower transaction costs ex ante, while the negotiated procedure reduces the probability of the appearance of new contingencies not foreseen in the contract, hence diminishing the expected value of transaction costs ex post. Therefore, the balance between ex ante and ex post transaction costs is the main criterion for deciding whether the open or negotiated procedure would be optimal. Notwithstanding, empirical evidence currently exists only on ex ante transaction costs in transportation infrastructure projects. This evidence has shown a relevant difference between the two procedures as far as ex ante costs are concerned, favouring the open procedure. The model developed in this paper also demonstrates that a larger degree of complexity in a contract does not unequivocally favour the use of a negotiated procedure. Only in those cases dealing with very innovative projects, where important dimensions of the quality of the asset or service are not verifiable, may we observe an advantage in favour of the negotiated procedure. The bottom line is that we find it difficult to justify the employment of negotiated procedures in most transportation PPP contracts, especially in the field of roads. Nevertheless, the field remains open for future empirical work and research on the levels of transaction costs borne ex post in PPP contracts, as well as on the probabilities of such costs appearing under any of the procurement procedures.

Modelling and testing volatility spillovers in oil and financial markets for USA, UK and China

The primary purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major regions, namely North Sea, USA, Middle East, and South-East Asia. Associated with these regions are two major financial centers, namely UK and USA. For these reasons, the data to be used are the returns on alternative crude oil markets, returns on crude oil derivatives, specifically futures, and stock index returns in UK and USA. The paper will also analyze the Chinese financial markets, where the data are more recent. The empirical analysis will be based on the diagonal BEKK model, from which the conditional covariances will be used for testing co-volatility spillovers, and policy recommendations. Based on these results, dynamic hedging strategies will be suggested to analyze market fluctuations in crude oil prices and associated financial markets.

Paintings of the petroleum industry in Lea County, New Mexico

"The pr1.mary purpose of this thea1a waa to learn about and t .o produce a aeries of pa1nt1n~.a that aymbolized. tbe oil induatry 1n Lea. Count,-, New ltexic.o. The secondary purpose waa to learn more about tho oil industry, which is the big business in Le.a Countj, :New Mexico"

Rental Market Regulations for Agricultural Land in EU Member States and Candidate Countries. Factor Markets Working Paper No. 15, February 2012

In this paper, we describe the regulations governing the rental markets for agricultural land in selected EU member states and candidate countries. The analysis focuses on various kinds of regulations and institutions connected with the land rental market, including price, tenancy duration, quantity and other regulations, as well as transaction costs. The diverse government regulations on price restrictions and tenancy duration are analysed, along with the social norms observed for rental payments and contracts. The paper also examines the type and registration of contracts, the contract enforcement rules, the regulations on the inheritability of contracts and the pre-emptive right of tenants to buy the land.

Assessment of environmental fate and effects of discharges from offshore oil and gas operations /

"WH-553"--Cover.

Proposed 1985 Outer Continental Shelf oil and gas lease sale offshore the south Atlantic states : OCS sale no. 90 : draft environmental impact statement /

"MMS 84-0007"--Cover.

Outer Continental Shelf oil & gas leasing program : 2007-2012 : draft environmental impact statement.

"OCS EIS/EA MMS 2006-004."

Petroleum industry record, 1918-1948.

Mode of access: Internet.