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In this research, arbitrage opportunity is tested between the yield rates computed by the NSS model, and the computed forward rates between conventional and Islamic finance to see any arbitrage opportunity. The research questions are the conventional and Islamic finance yields at the same level and equal to each other to avoid arbitrage? Whether conventional and Islamic forward rates differ significantly and thus create any arbitrage opportunity. This study aims to find the presence or absence of arbitrage between conventional and Islamic finance yield rates.

The NSS model is the latest model in calculating yield and forward rates. In the method the error level is minimized so expected yield rate and given yield rate both converged (Vahidin and Anastasios, 2020). When they converged it gives the researchers all six months’ yield rates. For the Nelson Siegal method, all the six months’ yield rates are available and these yield rates can be used to compute the forward rates.

The authors concluded there is a significant difference between the conventional yield rate and the Islamic yield rate. It suggests that because there are significant differences, its suggest arbitrage is possible. So anyone interested in making a guaranteed profit. The conventional yield rates are lower; hence, anyone can borrow from the conventional finance system and invest the money in the Islamic financial system because investments are getting higher rates of income in the form of yield rate in Islamic Finance. So, one can make money because of this difference. Statistically, it is possible to make money, but practically, the authors observed the difference, however it is very meager. The arbitrage opportunity between Islamic finance and conventional finance will not affect the economy because the significant difference is too small. The disturbance in the arbitrage opportunity due to the values is very meager and insignificant.

This research does not address the derivative contracts’ role in risk management; future researchers could take up this as another research.

This research will be beneficial for financial institutions, especially institutional investors. Besides, this research will help the regulators and investment bankers in assisting where and future losses especially bond portfolios in conventional finance and Islamic finance. This study will also contribute and help the asset manager of mutual funds in the mutual fund industries.

In effect, this research will strengthen the financial system, capital market and bond market, derivative contracts such as options contracts, futures contracts, swap contracts and forward contracts will use computed forward rates for assessing future losses (value at risk [VaR]) and to hedge them (Balakrishnan, 2020).

As this topic is rarely studied it will increase the literature present in this domain.

The study aims to integrate the insights gained from the gambling industry into a value creation conceptual framework for analyzing the influence of digital technology application. Both primary and secondary data from industry practitioners are examined and discussed.

In-depth interviews covering top management from six major casinos in Macau were conducted with industry experts, who provided the pioneering feedback on digitalization technology implemented with examples from major casino cities, including Macau, Las Vegas, Monte Carlo, Singapore, Seoul and some others.

The study provides an overview of the current status of the application of digital technology in the gambling industry and the level of the feasibility, practicability and profitability of this development on the casino floor. Digital technologies are found to augment the gambling industry in aspects of the product, service and operational structure. Research also discovers that benefits and values gained by the casino can be categorized in three dimensions: (1) value perceived by the customer, (2) value obtained from the customer and (3) value gained by the firm.

The research serves as a reference for Macau policymakers regarding regulations on emerging digital technologies in the gambling industry, as well as for casino management seeking to understand new potential business opportunities and future developments in digitalization.

The purpose of this paper is to investigate how fairness evaluations are constructed in a B2B context.

This paper conducts a field study of Air Greenland and its internal and external customers based on strong structuration theory (Stones, 2005). The authors employ context and conduct analysis to analyze how fairness evaluations emerge across four levels of structuration.

The paper finds that fairness evaluations emerge as a result of the interaction between external institutional pressures, agents' internal structures, and situated reflection and outcomes. The construction of fairness evaluations was embedded in contradictory institutional structures, where groups of actors constructed different evaluations of fair profits, procedures and prices. Actors furthermore worked on changing position-practice relations which shifted relations, external structures and affected outcomes and fairness evaluations.

This paper offers a conceptualization of embedded agency as emerging across the four levels of structuration. This contributes to debates in strong structuration theory through conceptualizing and analyzing how actors may be both be constrained and oriented by structures while reflexively adapting structures across the four levels of structuration. The paper extends extant pricing fairness research by illustrating how actors' construction of fairness flexibly develop fairness evaluations while responding to legitimacy and societal demands, including the needs of particular customer groups.

This paper aims to investigate the strategy for low-cost yield optimization of miniaturized microstrip couplers using variable-fidelity electromagnetic (EM) simulations.

Usefulness of data-driven models constructed from structure frequency responses formulated in the form of suitably defined characteristic points for statistical analysis is investigated. Reformulation of the characteristics leads to a less nonlinear functional landscape and reduces the number of training samples required for accurate modeling. Further reduction of the cost associated with construction of the data-driven model, is achieved using variable-fidelity methods. Numerical case study is provided demonstrating feasibility of the feature-based modeling for low cost statistical analysis and yield optimization.

It is possible, through reformulation of the structure frequency responses in the form of suitably defined feature points, to reduce the number of training samples required for its data-driven modeling. The approximation model can be used as an accurate evaluation engine for a low-cost Monte Carlo analysis. Yield optimization can be realized through minimization of yield within the data-driven model bounds and subsequent model re-set around the optimized design.

The investigated technique exceeds capabilities of conventional Monte Carlo-based approaches for statistical analysis in terms of computational cost without compromising its accuracy with respect to the conventional EM-based Monte Carlo.

The proposed tolerance-aware design approach proved useful for rapid yield optimization of compact microstrip couplers represented using EM-simulation models, which is extremely challenging when using conventional approaches due to tremendous number of EM evaluations required for statistical analysis.

The purpose of this paper is to optimize the environmental growth factors for maximum yield of biomass and protein content of Spirulina platensis var lonor.

Central composite design with four independent variables (namely, Temperature (°C), Light intensity (μmol m⁻² s⁻¹), incubation period (days) and inoculum concentration (per cent)) and two dependent variables (namely, Biomass yield (g/L) and Protein content (per cent)) were used for designing the experiment. The quadratic model was selected for analysis of data using analysis of variance and optimization was performed using response surface methodology (RSM). Central Food Technological Research Institute (CFTRI) medium was used for growing the organisms.

The predicted values of optimization showed that the maximum yield of dried biomass (1.13 g/L) and protein (57.45 per cent) were obtained at temperature of 33.6°C, light intensity of 67.50 μmol m⁻² s⁻¹, incubation period of 16 days and inoculum concentration of 20 per cent. The actual values of biomass (1.23 g/L) and protein (58.46 per cent) yield were almost similar to the predicted responses.

The data obtained with this optimization method help Spirulina researchers/producers to cultivate the S. platensis var lonor strain with maximum biomass and protein content using the CFTRI medium.

Earlier works on optimization of growth conditions for Spirulina biomass, revealed that maximum of two factors were employed at a time using factorial design. But unlike other studies here in this study, optimization of multi factors using at a time using RSM on better biomass and protein yield was employed.

Casting is one of the well-known manufacturing processes to make durable parts of goods and machinery. However, the quality of the casting parts depends on the proper choice of process variables related to properties of the materials used in making a mold and the product itself; hence, variables related to product/process designs are taken into consideration. Understanding casting techniques considering significant process variables is critical to achieving better quality castings and helps to improve the productivity of the casting processes. This study aims to understand the computational models developed for achieving better quality castings using various casting techniques.

A systematic literature review is conducted in the field of casting considering the period 2000–2020. The keyword co-occurrence network and word cloud from the bibliometric analysis and text mining of the articles reveal that optimization and simulation models are extensively developed for various casting techniques, including sand casting, investment casting, die casting and squeeze casting, to improve quality aspects of the casting's product. This study further investigates the optimization and simulation models and has identified various process variables involved in each casting technique that are significantly affecting the outcomes of the processes in terms of defects, mechanical properties, yield, dimensional accuracy and emissions.

This study has drawn out the need for developing smart casting environments with data-driven modeling that will enable dynamic fine-tuning of the casting processes and help in achieving desired outcomes in today's competitive markets. This study highlights the possible technology interventions across the metal casting processes, which can further enhance the quality of the metal casting products and productivity of the casting processes, which show the future scope of this field.

This paper investigates the body of literature on the contributions of various researchers in producing high-quality casting parts and performs bibliometric analysis on the articles. However, research articles from high-quality journals are considered for the literature analysis in identifying the critical parameters influencing quality of metal castings.

The systematic literature review reveals the analytical models developed using simulation and optimization techniques and the important quality characteristics of the casting products. Further, the study also explores critical influencing parameters involved in every casting process that significantly affects the quality characteristics of the metal castings.

The mucilage of the Linum usitatissimum L. seed (Linseed) is one of the natural mucilages that presents a great potential to provide a food hydrocolloid with potential applications in both food and pharmaceutical industries. To increase the yield and quality of linseed oil during its production process, it is necessary to previously extract its polysaccharides. Because of this, flax mucilage production can be made viable as a byproduct of oil extraction process, which is already a product of high commercial value consolidated in the market. Thus, the purpose of this work is to optimize the mucilage extraction process of L. usitatissimum L. using the normal-boundary intersection (NBI) multiobjective optimization method.

Currently, the variables of the process of polysaccharide extraction from different sources are optimized using the response surface methodology. However, when the optimal points of the responses are conflicting it is necessary to study the best conditions to achieve a balance between these conflicting objectives (trade-offs) and to explore the available options it is necessary to formulate an optimization problem with multiple objectives. The multiobjective optimization method used in this work was the NBI developed to find uniformly distributed and continuous Pareto optimal solutions for a nonlinear multiobjective problem.

The optimum extraction point to obtain the maximum fiber concentration in the extracted material was pH 3.81, temperature of 46°C, time of 13.46 h. The maximum extraction yield of flaxseed was pH 6.45, temperature of 65°C, time of 14.41 h. This result confirms the trade-off relationship between the objectives. NBI approach was able to find uniformly distributed Pareto optimal solutions, which allows to analyze the behavior of the trade-off relationship. Thus, the decision-maker can set extraction conditions to achieve desired characteristics in mucilage.

The novelty of this paper is to confirm the existence of a trade-off relationship between the productivity parameter (yield) and the quality parameter (fiber concentration in the extracted material) during the flaxseed mucilage extraction process. The NBI approach was able to find uniformly distributed Pareto optimal solutions, which allows us to analyze the behavior of the trade-off relationship. This allows the decision-making to the extraction conditions according to the desired characteristics of the final product, thus being able to direct the extraction for the best applicability of the mucilage.

Application of the engineering design optimization methods and tools to the design of automotive body‐in‐white (BIW) structural components made of polymer metal hybrid (PMH) materials is considered. Specifically, the use of topology optimization in identifying the optimal initial designs and the use of size and shape optimization techniques in defining the final designs is discussed. The optimization analyses employed were required to account for the fact that the BIW structural PMH component in question may be subjected to different in‐service loads be designed for stiffness, strength or buckling resistance and that it must be manufacturable using conventional injection over‐molding. The paper demonstrates the use of various engineering tools, i.e. a CAD program to create the solid model of the PMH component, a meshing program to ensure mesh matching across the polymer/metal interfaces, a linear‐static analysis based topology optimization tool to generate an initial design, a nonlinear statics‐based size and shape optimization program to obtained the final design and a mold‐filling simulation tool to validate manufacturability of the PMH component.

Compliant mechanism has been receiving a great interest in precision engineering. However, analytical methods involving their behavior analysis is still a challenge because there are unclear kinematic behaviors. Especially, design optimization for compliant mechanisms becomes an important task when the problem is more and more complex. Therefore, the purpose of this study is to design a new hybrid computational method. The hybridized method is an integration of statistics, numerical method, computational intelligence and optimization.

A tensural bistable compliant mechanism is used to clarify the efficiency of the developed method. A pseudo model of the mechanism is designed and simulations are planned to retrieve the data sets. Main contributions of design variables are analyzed by analysis of variance to initialize several new populations. Next, objective functions are transformed into the desirability, which are inputs of the fuzzy inference system (FIS). The FIS modeling is aimed to initialize a single-combined objective function (SCOF). Subsequently, adaptive neuro-fuzzy inference system is developed to modeling a relation of the main geometrical parameters and the SCOF. Finally, the SCOF is maximized by lightning attachment procedure optimization algorithm to yield a global optimality.

The results prove that the present method is better than a combination of fuzzy logic and Taguchi. The present method is also superior to other algorithms by conducting non-parameter tests. The proposed computational method is a usefully systematic method that can be applied to compliant mechanisms with complex structures and multiple-constrained optimization problems.

The novelty of this work is to make a new approach by combining statistical techniques, numerical method, computational intelligence and metaheuristic algorithm. The feasibility of the method is capable of solving a multi-objective optimization problem for compliant mechanisms with nonlinear complexity.

The extraction of bioactive compounds such as pigments from natural sources, using different solvents, is a vital downstream process. The present study aims to investigate the effect of different variables, namely, extraction temperature, mass of fermented rice and time on the extraction process of orevactaene and flavanoid pigment from Epicoccum nigrum fermented broken rice.

Central composite rotatable design under response surface methodology was used for deducing optimized conditions. The pigments were extracted under conditions of extraction temperature (40-70°C), mass of fermented rice (0.5-1.5 g) and time (30-90 min), using water as the extraction media. The experimental data obtained were studied by analysis of variance. Data were fitted to a second-order polynomial equation using multiple regression analysis.

The optimum conditions generated by the software for aqueous extraction process, i.e. extraction temperature of 55.7°C, 0.79 g of fermented matter and extraction time of 56.6 min, resulted in a pigment yield of 52.7AU/g orevactaene and 77.2 AU/g flavanoid.

The developed polynomial empirical model for the optimal recovery of the orevactaene and flavanoid pigments could be used for further studies in prediction of yield under specified variable conditions.

The response surface methodology helped in optimizng the conditions for the eco-friendly low-cost aqueous extarction process for orevactaene and flavanoid pigments, produced by Epicoccum nigrum during solid state fermentation of broken rice. This optimization can provide the basis for scaling up for industrial extraction process.

This paper focuses on optimizing the extraction conditions to get the maximum yield of orevactaene and flavanoid pigments, using water as the extracting media. No literature is available on the optimization of the extraction process of Epicoccum nigrum pigments, to the best of the authors’ knowledge.