Search results

How do informal lending institutions affect entrepreneurship? This paper aims to investigates the role of formal and informal credit market institutions in the decision to become an entrepreneur over the life cycle.

The author developed a dynamic Roy model in which a decision to become an entrepreneur depends on the access to formal and informal credit markets, nonpecuniary benefits of entrepreneurship, career-specific entry costs, prior work experience, education, unobserved abilities and other labor market opportunities (salaried employment and nonemployment). Using detailed Russian panel microdata (the Russia longitudinal monitoring survey) and estimating a structural model of labor market decisions and borrowing options, the author assesses the impact of the development of informal and formal credit institutions.

The expansion of traditional (formal) credit market institutions positively impacts all workers’ categories, reduces the share of entrepreneurs who borrow from informal sources and incentivizes low-type entrepreneurs to switch to salaried employment. The development of the informal credit market reduces the percentage of high-type entrepreneurs who borrow from formal sources. In the case of default, a higher value of the social network or higher costs of losing social ties demotivate low-type entrepreneurs to borrow from informal sources. The author highlights the practical implications of estimates by evaluating policies designed to promote entrepreneurship, such as subsidies and accessibility regulations in credit market institutions.

This study contributes to the literature in several ways. Unlike other studies that focus on individual characteristics in the selection for self-employment [Humphries (2017), Hincapíe (2020), Gendron-Carrier (2021), Dillon and Stanton (2017)], the paper models labor and borrowing decisions jointly. Previous studies discuss transitions between salaried employment and self-employment, taking into account entrepreneurial earnings, wealth, education and age, but do not consider the availability of financial institutions as a driving factor for the selection into self-employment. To the best of the author’s knowledge, this paper shows for the first time that the transition from salaried employment to self-employment is standard and consistent with changes in access to financial institutions. Another feature of this study is incorporating both types of credit markets – formal and informal. The survey by the European Central Bank on the Access to Finance of Enterprises (2018) shows 18% of small and medium enterprise in EU pointed funds from family or friends. Therefore, the exclusion from consideration of informal credit markets may distort the understanding of the role of the accessibility of credit markets.

This study aims to introduce a novel machine learning feature vector (MLFV) method to bring machine learning to overcome the time-consuming computational fluid dynamics (CFD) simulations for rapidly predicting turbulent flow characteristics with acceptable accuracy.

In this method, CFD snapshots are encoded in a tensor as the input training data. Then, the MLFV learns the relationship between data with a rod filter, which is named feature vector, to learn features by defining functions on it. To demonstrate the accuracy of the MLFV, this method is used to predict the velocity, temperature and turbulent kinetic energy fields of turbulent flow passing over an innovative nature-inspired Dolphin turbulator based on only ten CFD data.

The results indicate that MLFV and CFD contours alongside scatter plots have a good agreement between predicted and solved data with R² ≃ 1. Also, the error percentage contours and histograms reveal the high precisions of predictions with MAPE = 7.90E-02, 1.45E-02, 7.32E-02 and NRMSE = 1.30E-04, 1.61E-03, 4.54E-05 for prediction velocity, temperature, turbulent kinetic energy fields at Re = 20,000, respectively.

The method can have state-of-the-art applications in a wide range of CFD simulations with the ability to train based on small data, which is practical and logical regarding the number of required tests.

The paper introduces a novel, innovative and super-fast method named MLFV to address the time-consuming challenges associated with the traditional CFD approach to predict the physics of turbulent heat and fluid flow in real time with the superiority of training based on small data with acceptable accuracy.

Current reinforcement learning (RL) algorithms are facing issues such as low learning efficiency and poor generalization performance, which significantly limit their practical application in real robots. This paper aims to adopt a hybrid model-based and model-free policy search method with multi-timescale value function tuning, aiming to allow robots to learn complex motion planning skills in multi-goal and multi-constraint environments with a few interactions.

A goal-conditioned model-based and model-free search method with multi-timescale value function tuning is proposed in this paper. First, the authors construct a multi-goal, multi-constrained policy optimization approach that fuses model-based policy optimization with goal-conditioned, model-free learning. Soft constraints on states and controls are applied to ensure fast and stable policy iteration. Second, an uncertainty-aware multi-timescale value function learning method is proposed, which constructs a multi-timescale value function network and adaptively chooses the value function planning timescales according to the value prediction uncertainty. It implicitly reduces the value representation complexity and improves the generalization performance of the policy.

The algorithm enables physical robots to learn generalized skills in real-world environments through a handful of trials. The simulation and experimental results show that the algorithm outperforms other relevant model-based and model-free RL algorithms.

This paper combines goal-conditioned RL and the model predictive path integral method into a unified model-based policy search framework, which improves the learning efficiency and policy optimality of motor skill learning in multi-goal and multi-constrained environments. An uncertainty-aware multi-timescale value function learning and selection method is proposed to overcome long horizon problems, improve optimal policy resolution and therefore enhance the generalization ability of goal-conditioned RL.

The purpose of this study is to introduce a new numerical scheme with no stability condition and high-order accuracy for the solution of two-dimensional coupled groundwater flow and transport simulation problems with regular and irregular geometries and compare the results with widely acceptable programs such as Modular Three-Dimensional Finite-Difference Ground-Water Flow Model (MODFLOW) and Modular Three-Dimensional Multispecies Transport Model (MT3DMS).

The newly proposed numerical scheme is based on the method of lines (MOL) approach and uses high-order approximations both in space and time. Quintic B-spline (QBS) functions are used in space to transform partial differential equations, representing the relevant physical phenomena in the system of ordinary differential equations. Then this system is solved with the DOPRI5 algorithm that requires no stability condition. The obtained results are compared with the results of the MODFLOW and MT3DMS programs to verify the accuracy of the proposed scheme.

The results indicate that the proposed numerical scheme can successfully simulate the two-dimensional coupled groundwater flow and transport problems with complex geometry and parameter structures. All the results are in good agreement with the reference solutions.

To the best of the authors' knowledge, the QBS-DOPRI5 method is used for the first time for solving two-dimensional coupled groundwater flow and transport problems with complex geometries and can be extended to high-dimensional problems. In the future, considering the success of the proposed numerical scheme, it can be used successfully for the identification of groundwater contaminant source characteristics.

Fluid flows through rotatory disks are encountered in industrial and practical engineering processes, such as computer storage devices, gas turbine rotators, rotating machinery, air cleaning machines, etc. The primary purpose of this research is to examine the combined aspects of variable electrical conductivity, thermal radiation, Soret and Dufour effects on a magnetohydrodynamic Maxwell single-walled carbon nanotubes–graphene oxide–multi-walled carbon nanotubes–copper (SWCNT–GO–MWCNT–Cu)/sodium alginate tetra-hybrid nanofluid flow through a stretchable rotatory disk.

The modeled administrative equations of the present flow problem are converted to a non-dimensional system of ordinary differential equations by applying suitable similarity conversion and then solved numerically by implementing the bvp4c method. The impressions of noteworthy dimensionless parameters on velocity, temperature, concentration distributions, Nusselt number, skin friction and Sherwood number are reported via graphs and tables.

The authors figured out that the developed values of the rotation parameter diminish the temperature but enhance both the radial and angular velocities. Further, the mass and heat transmission rates are better for tetra-hybrid nanofluids than for ternary and hybrid nanofluids.

The present study emphasizes a special type of fluid called the tetra-hybrid nanofluid. The existing literature has not discussed the Maxwell tetra hybrid nanofluid flow through a stretchable rotatory disk with variable electrical conductivity. Besides, the novel aspects of magnetohydrodynamics, thermal radiation, Soret and Dufour effects are also incorporated into the present flow problem.