An analytical approximation of option prices via TGARCH model

An option is a financial contract that can be used to reduce risks in an investment. It is widely known that a fair price of this contract depends significantly on the volatility of an underlying asset price, which may be affected differently by positive and negative information. Therefore, the fair price of option has been studied through various methods. In this research, an analytical formula for European option pricing via the TGARCH model is derived based on an Edgeworth expansion of the density of cumulative asset return. Furthermore, the accuracy of the proposed method is investigated by comparing numerical results with the GARCH model, TGARCH model, analytical approximation via the GARCH model and Monte Carlo technique. The results reveal that in the case of in the money (ITM) with K=St 0:95, the proposed method performed better than the others. The behaviour of the proposed method is also discussed

Experimental Investigation of Natural Lighting Systems Using Cylindrical Glass for Energy Saving in Buildings

This research focuses on the use of natural lighting integrated into buildings. Cylindrical glass was fitted into the top of our test model, which was 1 m × 1 m × 1 m, which enhanced the light inside it. The glass fitted comprised a single layer (G), two layers (2G), or two layers of glass filled with distilled water (2GW). Each combination of glass increased the number of glass cylinders from two to six. The nine formats were tested indoors using a light intensity of 1000 W/m2 and the temperature was controlled at 25 °C. The lowest temperature averaged 34.4 °C, which was recorded using only two glass cylinders that had two layers of glass filled with distilled water. The average internal illumination was 549 lux, which agreed with the CIE standard. Then, the two layers of glass filled with water were examined under natural conditions. It was found that the highest average inside temperature was 40.4 °C at 1:30 p.m. The average illuminant values for three days were in the range of 300–500–750 lux, which concurred with the CIE standard. Additionally, the use of the 2S-2GW resulted in the conservation of electrical energy consumed by the cooling load and the illumination of the building between 9:00 a.m. and 3:00 p.m

Experimental Investigation of Illumination Performance of Hollow Light Pipe for Energy Consumption Reduction in Buildings

This work investigates the light illumination intensity, light transmission performance, light distribution on the floor, and daylight factor of vertical light hollow tubes at various incident elevation angles of a light source. The light tubes were made from commercial aluminum alloy sheets and commercial zinc alloy sheets to investigate internal illuminance for buildings and reducing the demand of electrical energy from artificial lighting. The vertical light tubes with a constant length of 0.5 m and diameters of 0.20, 0.25, and 0.30 m were designed in a testing room model, with dimensions of 1 m × 1 m × 1 m. A 20-W light-emitting diode (LED) lamp was used as the light source for the lighting simulations, which was placed away from the top of the light tube. The incident elevation angle of the light source was changed between 0° and 80° with 5° increments. It was found that the elevation angle of the incidence light had an influence on the light intensity distribution on both ends of light tube. The average illuminance performance of both material types increased with an increase of the incidence angle from 0° to 80° and an increase of the tube diameter from 0.20 m to 0.30 m. The commercial aluminum alloy tube promotes greater light transmission and daylight factor when compared with the commercial zinc alloy tube in each condition. This illuminance measurement demonstrates that the light tube could be included in the lighting systems of some deeper or windowless areas of buildings to decrease the demand of energy consumption in the lighting of buildings

Numerical Simulations of Water Quality Measurement Model in an Opened-Closed Reservoir with Contaminant Removal Mechanism

The mathematical simulation of water contaminant measurement is often used to assess the water quality. The monitoring point placement for water quality measurement in an opened-closed reservoir can give accurate or inaccurate assessment. In this research, the mathematical model of the approximated water quality in an opened-closed reservoir with removal mechanism system is proposed. The water quality model consists of the hydrodynamic model and the dispersion model. The hydrodynamic model is used to describe the water current in the opened-closed reservoir. The transient advection-diffusion equation with removal mechanism provides the water pollutant concentration. The water velocity from the hydrodynamic model is plugged into the dispersion model. The finite difference techniques are used to approximate the solution of the water quality model. The proposed numerical simulations give a suitable area of zonal removal mechanism placement. The proposed simulations also give the overall and specified approximated water quality for each point and time when the exit gate is opened on the different periods of time. In addition, the proposed techniques can give a suitable period of time to open the exit gate to achieve a good agreement water quality by using contaminant removal mechanism

Analytical solution to a hydrodynamic model in an open uniform reservoir

Abstract The hydrodynamic model is used to determine the water wave flow. In this research, a nondimensional form of a two-dimensional hydrodynamic model with generalized boundary condition g ( x , t ) $g(x,t)$ and initial conditions for describing the elevation of water wave in an open uniform reservoir is proposed. The separation of variables method with mathematical induction is employed to find an analytical solution to the model. An example of flow calculations in an open uniform reservoir is also demonstrated

Phase Change Material Coating on Autoclaved Aerated Lightweight Concrete for Cooling Load Reduction

This work is focused on enhancing the thermal effectiveness of autoclaved aerated concrete (AAC) by the application of phase change material (PCM) as a coating. The dynamics of heat transfer and the cooling load of air conditioning system in the two tested houses with different wall materials (AAC and AAC with PCM coating) were investigated. The work demonstrated that by coating phase change material onto the exterior surface of the building materials a significant increase in the thermal effectiveness of the building materials was achieved and determined by comparing the lower interior surface temperature, heat flux evolution and room temperature. The increase in thermal effectiveness was applied to the AAC. It was demonstrated that the cooling load and power consumption of air conditioning system in buildings using the wall-PCM coating combination can be reduced variously by about 25 %

Investigation of the Efficacy of Horizontal Hollow Light Tubes for Energy Conservation in Illuminating Buildings

This study investigates the properties of light transmission and distribution, examining how incident light angles impact illuminance distribution and daylight factor. Light tubes are acknowledged as promising tools to enhance lighting conditions and reduce energy consumption in building design. The study involved installing horizontal hollow light tubes, each measuring 0.5 m in length and 0.30 m in diameter, on a wooden test model. A 20-watt LED lamp was employed as the light source, and an illuminance meter recorded the values at various horizontal and elevation angles. The study’s assessment included calculating the average illuminance and daylight factor to obtain light transmission efficiency and energy-saving potential. The findings revealed that both aluminum alloy and zinc alloy tubes experienced a decrease in illuminance as incident elevation angles increased, with the most effective light transmission occurring at a horizontal angle of 90°. Notably, the aluminum alloy tube outperformed the zinc alloy tube, demonstrating more than a 15% increase in light transmission efficiency. Furthermore, the daylight factor values from both types of tubes aligned with established standards for residential and office activities, underscoring their potential as energy-efficient lighting solutions for spaces lacking natural light or with limited illumination