A "MINLP" Formulation for Optimal Design of a Catalytic Distillation Column Based on a Generic Non Equilibrium Model

This contribution proposes a Mixed Integer Non Linear Programming (MINLP) formulation for optimal design of a catalytic distillation column based on a generic nonequilibrium model (NEQ). The solution strategy for the global optimization combines Simulated Annealing (SA) and Sequential Quadratic Programming (SQP) in order to minimize the objective function. The solution of this MINLP problem yields the optimal values for the temperature, composition and flow rate profiles, tray geometry, column diameter, reflux ratio, reboiler duty, feed tray location, number of trays and catalytic stage location. Hydraulic constraints (entrainment flooding, down-flow flooding, weeping-dumpling) are also considered. For the example, the production of ETBE (Ethyl tert-butyl ether) is presented here

Morphological façade image analysis for building modeling

International audienceIn this paper, we describe a novel method for morphological fa ̧cade analysis. The analysis consists of two parts: fa ̧cade division and localization of windows. The fa ̧cade division is based on the fa ̧cade alignment hypothesis. We accumulate directional color gradients and we analyze the generated pro- file. Our approach introduces several morphological filters to augment the robustness to problems such as: low perspective distortion, textured images and small obstacles in images. The localization of windows uses the profiles and the fa ̧cade divi- sion information

BANCOSOL: THE CHALLENGE OF GROWTH FOR MICROFINANCE ORGANIZATIONS

This paper focuses on the difficulties inherent in the prudent management of growth of microfinance organizations and on potential limits to the increased efficiency, profitability, and sustainability expected from growth and large size. The paper addresses both positive and negative implications of rapid growth for microfinance organizations. The experience of BancoSol in Bolivia is used to illustrate these questions. Building upon the successful experience of PRODEM, BancoSol was chartered as a private commercial bank in 1992. The paper discusses the intangible assets inherited from PRODEM that gave BancoSol a head start and the additional advantages that resulted from formalization as a bank, in particular from the authorization to mobilize deposits. BancoSol shows outstanding success in terms of breadth, depth, and quality of outreach and in terms of sustainability. It is the microfinance organization with the largest number of clients in Latin America and it reaches poor clients who could never expect to gain access to conventional financial institutions. The paper discusses the incentive structure associated with a lending technology that has resulted in low loan arrears and the cost- effective supply of small loans. Success is explained by a strong concern with financial viability, development of a lending technology appropriate for the market niche, a long learning period, and upgrading into a formal intermediary. As it grew, BancoSol had to face a reduction of revenues as a proportion of productive assets and an increase in the average cost of funds, which combined reduced its operating margin by 13 percentage points. This challenge was fully met by reducing operating expenses as a proportion of productive assets. While growth of PRODEM had been mostly constrained by too rigid access to donor funds, growth of BancoSol has been constrained by threats on asset quality and by diminishing marginal economies of size. Portfolio efficiency has grown steadily. This growth has been the net outcome, however, of reductions in transactions efficiency and of increases in average loan size after transformation into BancoSol. The paper explores the sources of increases in average loan size and it concludes that mission drift has not occurred at BancoSol, which continues to focus on small loans to microentrepreneurs. The evolution in transactions efficiency is related, in turn, to sources of extensive (installed capacity) and intensive (productivity) growth. Extensive growth has been rapid at BancoSol and it tends to dampen productivity increases. Finally, the paper reviews the pressures from growth on the original informal culture of the organization and the gradual establishment of more formal structures.Agricultural Finance,

MICROCREDIT AND THE POOREST OF THE POOR: THEORY AND EVIDENCE FROM BOLIVIA

We construct a theoretical framework that puts the social worth of a microfinance organization (MFO) in terms of the depth, worth to users, cost to users, breadth, length, and scope of its output. We then analyze evidence of depth of outreach for five MFOs in Bolivia. Most of the poor households reached by the MFOs were near the poverty line�they were the richest of the poor. Group lenders had more depth of outreach than individual lenders. The urban poorest were more likely to be borrowers, but rural borrowers were more likely to be among the poorest.Financial Economics, Food Security and Poverty,

Classification, characterisation and strategies for improvement of cattle and sheep pasture systems in marginal areas of Southern Chile

Pasture-based livestock systems in farms with medium or low size are especially important in less favored areas and are valuable for society. For these systems to survive, it is necessary to obtain an acceptable level of productivity and ensure commercialization of the products. This study was carried out in the district of Rio Ibáñez, General Carrera Province, in the XI (Aysén) Region of Chile. The sample consisted of 28 small-scale livestock farmers with dual-purpose cattle production; 16 of them also produced sheep for meat. The empirical data produced 55 variables which were subjected to multivariate analysis; three main components were obtained which explain 72.1 % of the variance. By cluster analysis it was obtained four groups with characteristics which varied by farm size, age and personal situation of farmers, farm management and farm profitability. The principal problems found are low productivity in the herds and the poor marketing channels of animals produced. In two groups, due to the low size and poor management, the profitability of the farms is very low and this may compromise their future. To improve production systems, the training and advice of farmers should be strengthened, investment should be supported, especially for young people, and the farmer partnership should be promoted. There is also a need to diversify the families' sources of income (sale of other farm products or handicrafts and touristic activities).Ministerio de Economía de Chile Innova-CORFO Project 11 NTEC 1279

Classification, characterisation and strategies for improvement of cattle and sheep pasture systems in marginal areas of Southern Chile

Pasture-based livestock systems in farms with medium or low size are especially important in less favored areas and are valuable for society. For these systems to survive, it is necessary to obtain an acceptable level of productivity and ensure commercialization of the products. This study was carried out in the district of Rio Ibáñez, General Carrera Province, in the XI (Aysén) Region of Chile. The sample consisted of 28 small-scale livestock farmers with dual-purpose cattle production; 16 of them also produced sheep for meat. The empirical data produced 55 variables which were subjected to multivariate analysis; three main components were obtained which explain 72.1 % of the variance. By cluster analysis it was obtained four groups with characteristics which varied by farm size, age and personal situation of farmers, farm management and farm profitability. The principal problems found are low productivity in the herds and the poor marketing channels of animals produced. In two groups, due to the low size and poor management, the profitability of the farms is very low and this may compromise their future. To improve production systems, the training and advice of farmers should be strengthened, investment should be supported, especially for young people, and the farmer partnership should be promoted. There is also a need to diversify the families' sources of income (sale of other farm products or handicrafts and touristic activities).Ministerio de Economía de Chile Innova-CORFO Project 11 NTEC 1279

Microfinance Market Niches and Client Profiles in Bolivia

This paper presents and interprets descriptive statistics generated from data obtained in a survey of clients of five microfinance organizations believed to be among the best in Bolivia. These lenders represent different combinations of organizational design, lending technology, and market area of operations. Two are regulated financial intermediaries and three are NGOs. Two operate in rural areas (PRODEM and Sartawi) and three operate in urban areas (BancoSol, FIE, and Caja Los Andes). Two offer individual loans and three grant loans through joint liability groups. The paper discusses household-enterprise profiles of a sample of 622 clients and identifies terms and conditions of loan contracts with these organizations to evaluate the depth and quality of their outreach.Marketing,segmentation,Bolivia,competition,microfinance

MICROFINANCE MARKET NICHES AND CLIENT PROFILES IN BOLIVIA

This paper presents and interprets descriptive statistics generated from data obtained in a survey of clients of five microfinance organizations believed to be among the best in Bolivia. These lenders represent different combinations of organizational design, lending technology, and market area of operations. Two are regulated financial intermediaries and three are NGOs. Two operate in rural areas (PRODEM and Sartawi) and three operate in urban areas (BancoSol, FIE, and Caja Los Andes). Two offer individual loans and three grant loans through joint liability groups. The paper discusses household-enterprise profiles of a sample of 622 clients and identifies terms and conditions of loan contracts with these organizations to evaluate the depth and quality of their outreach. The interpretation seeks to establish connections between key characteristics of the clients and features of the lending technologies that lead to the matching of classes of borrowers with particular organizations and that influence the choice of market niches. Data on loan sizes suggest the existence of different but broadly overlapping market niches associated with three tiers of clients. The sharpest distinction is between urban and rural clients. The matching between clients and organizations also reflects a weak but positive correlation between levels of poverty and loan sizes. According to an index of basic needs fulfillment of their clients, these organizations can be ranked as: FIE and Caja Los Andes (first tier), BancoSol (second tier), and PRODEM and Sartawi (third tier). The same ranking is obtained when clients are ordered according to loan size, the ratio of loan size to the value of sales, and the value of monthly sales. The three tiers of clients are associated with different socio-economic features of their household-enterprises: sex, education, household size, access to electricity, water supplies, and sewage facilities, employment-generating capacity of the enterprise, informality and separation of household and enterprise, occupations and the like. The development of lending technologies that do not rely on standard financial statements and collateralizable assets is a formidable innovation that explains the outreach and sustainability of these organizations. Differences in the guarantees required for loans dominate distinctions in lending technology. Trade-offs between loan size, interest rates, and guarantee requirements attract different subsets of the clientele. Joint liability seems to be appropriate for very poor people, but group borrowers eventually outgrow this relationship. Caja Los Andes and FIE have shown that it is possible to supply individual loans to poor people and be profitable. Most clients are satisfied with the services received. The lowest satisfaction concerns loan sizes and loan-size rationing may be widespread. At least in urban areas, increasing competition will force these organizations to improve their services and adjust loan sizes. All of these organizations are expanding the frontier of microfinance by developing lending technologies for a much poorer clientele than is reached by collateral-based lenders. This is a formidable achievement.Financial Economics,