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Article
Publication date: 7 February 2022

Muralidhar Vaman Kamath, Shrilaxmi Prashanth, Mithesh Kumar and Adithya Tantri

The compressive strength of concrete depends on many interdependent parameters; its exact prediction is not that simple because of complex processes involved in strength…

Abstract

Purpose

The compressive strength of concrete depends on many interdependent parameters; its exact prediction is not that simple because of complex processes involved in strength development. This study aims to predict the compressive strength of normal concrete and high-performance concrete using four datasets.

Design/methodology/approach

In this paper, five established individual Machine Learning (ML) regression models have been compared: Decision Regression Tree, Random Forest Regression, Lasso Regression, Ridge Regression and Multiple-Linear regression. Four datasets were studied, two of which are previous research datasets, and two datasets are from the sophisticated lab using five established individual ML regression models.

Findings

The five statistical indicators like coefficient of determination (R2), mean absolute error, root mean squared error, Nash–Sutcliffe efficiency and mean absolute percentage error have been used to compare the performance of the models. The models are further compared using statistical indicators with previous studies. Lastly, to understand the variable effect of the predictor, the sensitivity and parametric analysis were carried out to find the performance of the variable.

Originality/value

The findings of this paper will allow readers to understand the factors involved in identifying the machine learning models and concrete datasets. In so doing, we hope that this research advances the toolset needed to predict compressive strength.

Details

Journal of Engineering, Design and Technology , vol. 22 no. 2
Type: Research Article
ISSN: 1726-0531

Keywords

Book part
Publication date: 4 April 2024

Thomas C. Chiang

Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of…

Abstract

Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of the stock market, gold can be viewed as a hedge and safe haven asset in the G7 countries. In the case of inflation, gold acts as a hedge and safe haven asset in the United States, United Kingdom, Canada, China, and Indonesia. For currency depreciation, oil price shock, economic policy uncertainty, and US volatility spillover, evidence finds that gold acts as a hedge and safe haven for all countries.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-83753-865-2

Keywords

Open Access
Article
Publication date: 21 March 2024

Warisa Thangjai and Sa-Aat Niwitpong

Confidence intervals play a crucial role in economics and finance, providing a credible range of values for an unknown parameter along with a corresponding level of certainty…

Abstract

Purpose

Confidence intervals play a crucial role in economics and finance, providing a credible range of values for an unknown parameter along with a corresponding level of certainty. Their applications encompass economic forecasting, market research, financial forecasting, econometric analysis, policy analysis, financial reporting, investment decision-making, credit risk assessment and consumer confidence surveys. Signal-to-noise ratio (SNR) finds applications in economics and finance across various domains such as economic forecasting, financial modeling, market analysis and risk assessment. A high SNR indicates a robust and dependable signal, simplifying the process of making well-informed decisions. On the other hand, a low SNR indicates a weak signal that could be obscured by noise, so decision-making procedures need to take this into serious consideration. This research focuses on the development of confidence intervals for functions derived from the SNR and explores their application in the fields of economics and finance.

Design/methodology/approach

The construction of the confidence intervals involved the application of various methodologies. For the SNR, confidence intervals were formed using the generalized confidence interval (GCI), large sample and Bayesian approaches. The difference between SNRs was estimated through the GCI, large sample, method of variance estimates recovery (MOVER), parametric bootstrap and Bayesian approaches. Additionally, confidence intervals for the common SNR were constructed using the GCI, adjusted MOVER, computational and Bayesian approaches. The performance of these confidence intervals was assessed using coverage probability and average length, evaluated through Monte Carlo simulation.

Findings

The GCI approach demonstrated superior performance over other approaches in terms of both coverage probability and average length for the SNR and the difference between SNRs. Hence, employing the GCI approach is advised for constructing confidence intervals for these parameters. As for the common SNR, the Bayesian approach exhibited the shortest average length. Consequently, the Bayesian approach is recommended for constructing confidence intervals for the common SNR.

Originality/value

This research presents confidence intervals for functions of the SNR to assess SNR estimation in the fields of economics and finance.

Details

Asian Journal of Economics and Banking, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2615-9821

Keywords

Book part
Publication date: 5 April 2024

Ziwen Gao, Steven F. Lehrer, Tian Xie and Xinyu Zhang

Motivated by empirical features that characterize cryptocurrency volatility data, the authors develop a forecasting strategy that can account for both model uncertainty and…

Abstract

Motivated by empirical features that characterize cryptocurrency volatility data, the authors develop a forecasting strategy that can account for both model uncertainty and heteroskedasticity of unknown form. The theoretical investigation establishes the asymptotic optimality of the proposed heteroskedastic model averaging heterogeneous autoregressive (H-MAHAR) estimator under mild conditions. The authors additionally examine the convergence rate of the estimated weights of the proposed H-MAHAR estimator. This analysis sheds new light on the asymptotic properties of the least squares model averaging estimator under alternative complicated data generating processes (DGPs). To examine the performance of the H-MAHAR estimator, the authors conduct an out-of-sample forecasting application involving 22 different cryptocurrency assets. The results emphasize the importance of accounting for both model uncertainty and heteroskedasticity in practice.

Book part
Publication date: 5 April 2024

Christine Amsler, Robert James, Artem Prokhorov and Peter Schmidt

The traditional predictor of technical inefficiency proposed by Jondrow, Lovell, Materov, and Schmidt (1982) is a conditional expectation. This chapter explores whether, and by…

Abstract

The traditional predictor of technical inefficiency proposed by Jondrow, Lovell, Materov, and Schmidt (1982) is a conditional expectation. This chapter explores whether, and by how much, the predictor can be improved by using auxiliary information in the conditioning set. It considers two types of stochastic frontier models. The first type is a panel data model where composed errors from past and future time periods contain information about contemporaneous technical inefficiency. The second type is when the stochastic frontier model is augmented by input ratio equations in which allocative inefficiency is correlated with technical inefficiency. Compared to the standard kernel-smoothing estimator, a newer estimator based on a local linear random forest helps mitigate the curse of dimensionality when the conditioning set is large. Besides numerous simulations, there is an illustrative empirical example.

Book part
Publication date: 5 April 2024

Emir Malikov, Shunan Zhao and Jingfang Zhang

There is growing empirical evidence that firm heterogeneity is technologically non-neutral. This chapter extends the Gandhi, Navarro, and Rivers (2020) proxy variable framework…

Abstract

There is growing empirical evidence that firm heterogeneity is technologically non-neutral. This chapter extends the Gandhi, Navarro, and Rivers (2020) proxy variable framework for structurally identifying production functions to a more general case when latent firm productivity is multi-dimensional, with both factor-neutral and (biased) factor-augmenting components. Unlike alternative methodologies, the proposed model can be identified under weaker data requirements, notably, without relying on the typically unavailable cross-sectional variation in input prices for instrumentation. When markets are perfectly competitive, point identification is achieved by leveraging the information contained in static optimality conditions, effectively adopting a system-of-equations approach. It is also shown how one can partially identify the non-neutral production technology in the traditional proxy variable framework when firms have market power.

Article
Publication date: 21 January 2022

Mustafa S. Al-Khazraji, M. J. Jweeg and S. H. Bakhy

The purpose of this paper is to investigate the free vibration response of a laminated honeycomb sandwich panels (LHSP) for aerospace applications. Higher order shear deformation…

Abstract

Purpose

The purpose of this paper is to investigate the free vibration response of a laminated honeycomb sandwich panels (LHSP) for aerospace applications. Higher order shear deformation theory (HSDT) was simplified for the dynamic analysis of LHSP. Furthermore, the effects of honeycomb parameters on the value of natural frequency (NF) of vibration were explored.

Design/methodology/approach

This paper applies HSDT to the analysis of composite LHSP to derive four vibration differential equations of motion and solve it to find the NF of vibration. Two analytical models (Nayak and Meunier models) were selected from literature for comparison of the NF of vibration. In addition, a numerical model was built by using ABAQUS and the results were compared. Furthermore, parametric studies were conducted to explore the effect of honeycomb parameters on the value of the NF of vibration.

Findings

The present model is successful in simplifying HSDT for the analysis of LHSP. The first five natural frequencies of vibration were calculated analytically and numerically. In the parametric study, increasing core height or young’s modulus or changing laminate layup will increase the value of NF of vibration. Furthermore, increasing plate constraint (using clamped edge boundary condition) will increase the value of NF of vibrations.

Research limitations/implications

The current analysis is suitable for all-composite symmetric LHSP. However, for isotropic or non-symmetric materials, minor modifications might be adopted.

Originality/value

The application of simplified HSDT to the analysis of LHSP is one of the important values of this research. The other is the successful and complete dynamic analysis of all-composite LHSP.

Details

Journal of Engineering, Design and Technology , vol. 22 no. 2
Type: Research Article
ISSN: 1726-0531

Keywords

Abstract

Details

Essays in Honor of Subal Kumbhakar
Type: Book
ISBN: 978-1-83797-874-8

Open Access
Article
Publication date: 7 November 2023

Cristian Barra and Pasquale Marcello Falcone

The paper aims at addressing the following research questions: does institutional quality improve countries' environmental efficiency? And which pillars of institutional quality…

Abstract

Purpose

The paper aims at addressing the following research questions: does institutional quality improve countries' environmental efficiency? And which pillars of institutional quality improve countries' environmental efficiency?

Design/methodology/approach

By specifying a directional distance function in the context of stochastic frontier method where GHG emissions are considered as the bad output and the GDP is referred as the desirable one, the work computes the environmental efficiency into the appraisal of a production function for the European countries over three decades.

Findings

According to the countries' performance, the findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries. In this environmental context, the role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries.

Originality/value

This article attempts to analyze the role of different dimensions of institutional quality in different European countries' performance – in terms of mitigating GHGs (undesirable output) – while trying to raise their economic performance through their GDP (desirable output).

Highlights

  1. The paper aims at addressing the following research question: does institutional quality improve countries' environmental efficiency?

  2. We adopt a directional distance function in the context of stochastic frontier method, considering 40 European economies over a 30-year time interval.

  3. The findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries.

  4. The role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries, while the performance decreases for the low middle-income countries.

The paper aims at addressing the following research question: does institutional quality improve countries' environmental efficiency?

We adopt a directional distance function in the context of stochastic frontier method, considering 40 European economies over a 30-year time interval.

The findings confirm that high and upper middle-income countries have higher environmental efficiency compared to low middle-income countries.

The role of institutional quality turns out to be really important in improving the environmental efficiency for high income countries, while the performance decreases for the low middle-income countries.

Details

Journal of Economic Studies, vol. 51 no. 9
Type: Research Article
ISSN: 0144-3585

Keywords

Book part
Publication date: 5 April 2024

Bruce E. Hansen and Jeffrey S. Racine

Classical unit root tests are known to suffer from potentially crippling size distortions, and a range of procedures have been proposed to attenuate this problem, including the…

Abstract

Classical unit root tests are known to suffer from potentially crippling size distortions, and a range of procedures have been proposed to attenuate this problem, including the use of bootstrap procedures. It is also known that the estimating equation’s functional form can affect the outcome of the test, and various model selection procedures have been proposed to overcome this limitation. In this chapter, the authors adopt a model averaging procedure to deal with model uncertainty at the testing stage. In addition, the authors leverage an automatic model-free dependent bootstrap procedure where the null is imposed by simple differencing (the block length is automatically determined using recent developments for bootstrapping dependent processes). Monte Carlo simulations indicate that this approach exhibits the lowest size distortions among its peers in settings that confound existing approaches, while it has superior power relative to those peers whose size distortions do not preclude their general use. The proposed approach is fully automatic, and there are no nuisance parameters that have to be set by the user, which ought to appeal to practitioners.

Details

Essays in Honor of Subal Kumbhakar
Type: Book
ISBN: 978-1-83797-874-8

Keywords

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