Open Access Method Articles

Closed-form American Options Pricing Models on Foreign Assets

Yongxin Yan

Current Journal of Applied Science and Technology, Page 1-8
DOI: 10.9734/BJAST/2015/18835

The closed-form solution for European options on foreign assets did not consider the impact of strike price volatility. Therefore, these models overestimate the value of European options [1,2]. Using the pricing relationships among European, American and Bermudan option proposed by Yan [3-5], the article establishes four kinds closed-form solution for American and Bermudan option pricing models on foreign assets. The article contribution has three aspects. First, the volatility of underlying assets and strike price together determine the value of American options struck in foreign assets or exchange rate. The greater the strike price volatility, the smaller the American options value. Second, if underlying assets volatility is less than the volatility of strike price, the value of these two kinds of American options equals zero. Third, the bigger the correlation coefficient between exchange rate and foreign assets logarithm yields, the greater the value of these two kinds of American options. We can obtain European and Bermudan options pricing models on foreign assets from American options pricing models.

Open Access Original Research Article

Image Zooming Algorithms Based on Granular Computing with l∞-norm

Chunhua Liu, Jianfeng Yao, Hongbing Liu

Current Journal of Applied Science and Technology, Page 1-8
DOI: 10.9734/BJAST/2015/19722

The granular computing with l-norm is used to zoom the image. Firstly, a granule is represented by l-norm and has the form of hypercube. Secondly, the bottle-up computing model is adopted to transform the microcosmic world into the macroscopic world by the designed join operation between two hypercube granules. The proposed granular computing is used to zoom the image and achieves the super-resolution image for the input low-resolution image. Experimental results show that the granular computing with l-norm reduces the error between the original image and the reconstructed super-resolution image compared with bicubic interpolation and sparse representation.

Open Access Original Research Article

Test to Check the Equality of Regression Models and a Medical Application

Sérgio Ricardo Silva Magalhães

Current Journal of Applied Science and Technology, Page 1-7
DOI: 10.9734/BJAST/2015/19598

In this study, we considered the Model Identity and the Dummy Variables methods used to compare regression models. The adjustment of h linear regression equations was considered to verify the equality of the regression models by data simulation. Using features from the Interactive Matrix Language (IML) from the SAS® system, appropriate routines were developed for the methodology of regression models comparison. A data simulation with 100,000 experiments was performed considering different sample sizes (10, 50 and 100 observations). The performances of the two methods were essentially equivalent when comparing the different sample sizes. The results from all cases simulated by the methods had low percentages of Type I and Type II error rates. For larger samples, Type I and Type II error rates were always lower when using the approximate F statistics, which must therefore be the method of choice. The Dummy Variables method was the most efficient for all three sample sizes because it exhibited the lowest Type I and Type II error rates.

Open Access Original Research Article

Daily Collector Systems and the Financing of Small Scale Rural Agribusiness in Delta State, Nigeria

Achoja Felix Odemero, Emaziye Peter Otunoruke, Okeke Daniel Chukwujioke

Current Journal of Applied Science and Technology, Page 1-6
DOI: 10.9734/BJAST/2015/16878

The effectiveness of indigenous daily collector system in terms of security and growth of savings of smallholder agribusiness entrepreneurs has attracted the brilliant minds of Economists. This study investigates the effectiveness of Indigenous Daily Deposit collector system in savings security and mobilization, Structured questionnaire was used to collect primary data from 76 randomly selected respondents (agribusiness entrepreneurs). Descriptive statistics were used to analyze data. The result shows that one daily collector could service a mean of 25 daily depositors. Daily depositor could save a mean of ₦9, 100 – ₦13,000 a month. Indigenous daily deposits system encourages capital accumulation in small bits but continously. Daily depositors expressed preference and confidence in the indigenous daily deposit system principally due to elimination of distance factor and stringent protocols involved in conventional banking. Traditional daily deposit collector system was rated effective (57.7%) in terms of security of savings, mobilization of savings and access to deposits. The main constraints are low disposable income and irregular deposits. It was concluded that indigenous daily deposit collector system is an effective complement of conventional banking system. It was recommended that indigenous daily deposit collector system should be encouraged to complement conventional banking system in financing agribusinesses in Nigeria.

Open Access Original Research Article

Mathematical Model of Projective Transformations for Image Normalization Based on the Properties of Projective Geometry

Rami Matarneh

Current Journal of Applied Science and Technology,
DOI: 10.9734/BJAST/2015/18234

This paper focuses on the development of new mathematical model for image normalization base on the projective geometry. For this purpose several decompositions of full projective group and their subgroups were developed that allow technical realization such as: displacement, compressions, oblique displacements, turns, and perspective transformations. The developed decompositions had been proved through perspective transformation which binds the affine and projective geometry using properties of the perspective transformations.

Open Access Original Research Article

Comparison of Empirical Models for the Estimation of Monthly Global Solar Radiation at Nigde in Turkey

Abdulkadir Kocer, Murat Gokcek, Afsin Gungor

Current Journal of Applied Science and Technology, Page 1-8
DOI: 10.9734/BJAST/2015/19129

Aims: Comprehension of the local solar radiation is important for many applications of solar energy systems. The global solar radiation on horizontal surface at the location of interest is the most critical input parameter employed in the design and prediction of the performance of solar energy systems.

Study Design: In this study, 3 empirical sunshine based models are compared correlating the monthly mean daily global solar radiation on a horizontal surface with monthly mean sunshine records for Nigde, Turkey

Place and Duration of Study: Department of Mechanical Engineering, Akdeniz University and Nigde University, 2014-2015

Methodology: Models are compared using coefficient of determination (R2), the root mean square error (RMSE), the mean bias error (MBE) and the t-statistic.

Results: The results show that the models fitted the data satisfactorily.

Conclusion: The models can be utilized to estimate the specific global solar radiation on monthly basis.

Open Access Original Research Article

Lead and Cadmium Levels of African Catfish (Clarias gariepinus) and the Effect of Cooking Methods on their Concentrations

O. T. Okareh, Funmi Akande

Current Journal of Applied Science and Technology, Page 1-12
DOI: 10.9734/BJAST/2015/18781

Consumption of cadmium (Cd) and lead (Pb) contaminated fish poses carcinogenic and non-carcinogenic health risks to human. Levels of Cd and Pb residues in cooked flesh of Clarias gariepinus have not been fully explored inspite of their public health importance. This study therefore, determined the effect of cooking methods on Cd and Pb concentrations in Clarias gariepinus.

A laboratory-based experimental study design was adopted. Thirty-six fish were randomly distributed into 3 groups (A, B, C). Group A was exposed to 4.9 mg/L cadmium (30% LC50), B to 24.2 mg/L lead (30% LC50) for 4 weeks, while group C served as control (0% LC50). Flesh samples were cut into 4 pieces; boiled, fried, and roasted on a charcoal grill while the fourth was not cooked. Samples were analyzed for Cd and Pb using atomic absorption spectrophotometer. Data were analyzed using ANOVA at 5% level of significance.

The LC50 of Cd and Pb were 16.3±0.5 mg/L and 80.6±0.6 mg/L respectively. In group A, Cadmium concentration in boiled, fried and charcoal-grilled flesh samples were 2.2±2.0 mg/kg, 2.8±2.0 mg/kg and 5.7±1.6 mg/kg respectively. Lead concentrations in boiled, fried and charcoal-grilled samples were 25.8±22.0 mg/kg, 30.8±22.3 mg/kg and 38.6±25.5 mg/kg respectively. Mean concentrations of Cd and Pb in the uncooked flesh were 8.8±5.1 mg/kg and 44.6±22.5 mg/kg respectively.

Cadmium and lead were not detected in the control group C. Cadmium and lead concentrations were reduced in all cooked samples (boiled < fried < charcoal-grilled < uncooked samples). Reduction of cadmium and lead concentrations was highest in boiled samples.

Cooking methods reduced heavy metal concentration in African catfish. Effect of cooking methods on concentration of heavy metals in fish is dependent on the specific heavy metal and cooking medium. Boiling of fish before consumption is advocated for the reduction of Cadmium and Lead concentration in Clarias gariepinus.

Open Access Original Research Article

Larvicidal Potential of Persea americana Seed Extract against Aedes vittatus Mosquito

H. C. Nzelibe, S. U. Albaba

Current Journal of Applied Science and Technology, Page 1-9
DOI: 10.9734/BJAST/2015/16392

Aims: To investigate larvicidal activity of solvents (Ethanol, Ethyl Acetate, n-Hexane) extracts of Persea americana seed against Aedes vittatus and partially purify the most potent solvent extract and characterise most effective fraction isolated.

Place and Duration of Study: Entomology Research Laboratory and Department of Biochemistry, Ahmadu Bello University, Zaria, Kaduna State, Nigeria. Between August-October, 2013 and June-August, 2014.

Methodology: The mosquito larvae (15 per replicate) were exposed to test concentrations. The number of dead larvae was recorded after six hours interval for 24 hours and the percentage mortality was calculated. The most potent solvent (n-hexane) extract was fractionated using column chromatography and most effective fraction isolated, was identified using gc/ms and ftir techniques.

Results: N-hexane extract is the most potent solvent extract, with an lc50 value of 0.827 ppm showing 100% mortality at 50 ppm, six hours post exposure. While ethanol and ethyl acetate extracts with an lc50 values of 1.79 ppm and 2.732 ppm, show 100% mortality at 200 ppm and 600 ppm twelve hours post exposure, respectively. The n-hexane chromatographic fractions of P. americana (nhp) tested on the larvae, showed increased activity of some fractions, nhp6 and nhp7 with lc¬50 values of 0.486 ppm and 0.727 ppm, having 100% mortality at 50 ppm and 25 ppm, at 24 and 12 hours post exposure respectively. The gc/ms s identification of the most effective fraction, nhp6, revealed eighteen peaks, dominant four of which include fatty acid and fatty acid methyl esters, which correspond to oleic acid (22%), 3-hydroxy-2,2,4-trimethyl pentyl ester of isobutanoic acid (12.26%), methyl-2-(acetyloxy) hexadecanoate (10.28%) and 3,4-dimethyl-1-decene (10.02%). The ftir analysis identified functional groups present which include; alkane, alkene, alkyl halide, aldehyde, carboxylic acid and carbonyl ester.

Conclusion: Based on these findings of all the solvents used, the n-hexane, ethylacetate and ethanol extracts of Persea americana seed have shown good larvicidal activity. The oleic acid content of this plant should be explored and optimised to serve as source of larvicide that is effective and environmentally friendly.

Open Access Original Research Article

Biocorrosion Study of Mild Steel in Dumpsite Leachates

L. Salami, O. Fadayini, O. A. Oso, D. O. Samuel

Current Journal of Applied Science and Technology, Page 1-10
DOI: 10.9734//BJAST/2015/16703

Biocorrosion due to dumpsite leachates can lead to rupture and failure of engineering materials such as mild steel. This study was carried out to assess the effect of dumpsite leachates in corrosion process of mild steel. Mild steel coupons were prepared and immersed completely in leachates from Olusosun dumpsite (A), Ewu Elepe dumpsite (B) and Abule Egba dumpsite (C). The following parameters were measured at regular interval in each of the leachate: Total Dissolved Solids (TDS), Conductivity, pH, Temperature and Dissolved Oxygen (DO) using a multi – parameter water quality monitor and Total Bacterial Count (TBC) using standard method for biological analysis of water flood injection water. The corrosion rate was determined using weight loss method. The results revealed that the weight loss varied between 0.27 and 0.58 g in leachate A, between 0.05 and 0.29 g in leachate B and between 0.02 and 0.50 g in leachate C. Corrosion rate varied between 2.35 and 7.61 mm/yr in leachate A, between 1.15 and 1.48 mm/yr in leachate B and between 1.48 and 7.03 mm/yr in leachate C. Leachate A has the highest range of TDS ranging between 18, 686 and 125, 856 mg/L as well as highest range of Conductivity ranging between 8.62 and 57.75 µS/cm. Moreover, leachate A has the highest range of pH ranging between 5.11 and 5.34 while it has the least range of DO varying between 2.94 and 3.59 mg/L. Leachate B has the highest range of temperature varying between 27.60 and 32.30°C. Leachate C has the least range of TBC ranging between 100 x 103 and 126 x 103 Cfu/ml. The leachates from dumpsites have the potential to cause corrosion of mild steel due to the presence of bacterial in the leachates. It was recommended that dumpsites should not be cited where there are pipelines.

Open Access Original Research Article

A General Review on Photovoltaic, Modeling, Simulation and Economic Study to Build 100 MW Power Plant in Lebanon

Claude Ziad Bayeh, Nazih Moubayed

Current Journal of Applied Science and Technology, Page 1-21
DOI: 10.9734/BJAST/2015/13609

The goal of this paper is to study the possibility to build a 100 MW Photovoltaic Plant in small countries like Lebanon, it gives a general review about the basis of photovoltaics. Different electronic models of photovoltaic cells are presented. This paper presents also the functioning of a photovoltaic cell, its model using MATLAB/Simulink, and discusses some algorithms used to extract the maximum power from a PV panel. Simulated results are presented. Economic study to build a 100 MW photovoltaic farm in Lebanon is discussed, with a comparative table between its tariff and existing tariffs such as from Power Authority, Private Generators, and Regional Distributors. Some other solutions are proposed to build PV panels and plant above unused surfaces such as above lakes, rivers and rooftops are also proposed for the Lebanese case.

Aims: The aim of this study is to help the reader to acquire sufficient information about Photovoltaic System and its function, MATLAB/Simulink Model, used Algorithms, and the most important thing is to compare its economic study for the Lebanese case to see if it is possible to build 100 MW in Lebanon or not. The same study can be used for other countries, but of course the values might change.

Study Design: This study used the software MATLAB/Simulink to model the Photovoltaic module, The economic study is based on other studies, but it is developed for the Lebanese case.

Place and Duration of Study: This study was made by the authors during the year 2014 in Lebanon.

Methodology: The economic study is studied based on other studies in the world, but for this time, it is made for the Lebanese case, and the Farm used produces 100 MW which is not done before in Lebanon. The tariffs of the existing sources are compared with the tariff of the proposed study, and based on it, one can choose if it is profitable to build such project in Lebanon or not.

Results: The main interesting results in this paper are that the construction of PV Farm in Lebanon is possible if it is encouraged by the Government, its tariff is less than other sources of energy such as the Private Generator and Regional Distributor, but it can’t be competitive with the power authority for several reasons, the authors also propose to use the surfaces of rivers, lakes and top roofs in order to build PV Farms, for instance if one uses the lake Qaraoun in Bekaa, it is possible to produce between 600 MW and 1200 MW which is approximately equal to 26.5% to 53% of the total produced power in Lebanon. Thus the production of such power can resolve big problems in Lebanon such as the cut off of the electricity every day for about 12 hours.

Conclusion: The photovoltaic system is preferred with respect to other sources of energy. The future of photovoltaics is promising, the efficiency increases each year and it is expected to over pass 50% in the next decades, the price of photovoltaic system is decreasing which will give it advantages with respect to other renewable energy systems.

In conclusion, this paper presents a general review on photovoltaic system. The models and mathematical expressions of photovoltaic cells are presented. The MATLAB model of the standard expression of photovoltaic module is designed. The results are discussed, many characteristics such as I-V curves and P-V curves are simulated using different parameters. An economic study of building 100 MW photovoltaic farm is presented and discussed. Some advantages and disadvantages of different algorithms are discussed. Finally, the usage of unused surfaces such as above lakes and rivers may be very efficient for small countries like Lebanon, and the produced power using these surfaces is approximately the half produced power in Lebanon, therefore, this paper may be very helpful to resolve the problem of electricity in Lebanon and any other country which has the same characteristics and problems as for Lebanon.