Determinants of Individual Investor Behaviour: An Orthogonal Linear Transformation Approach

Expected utility theory views the individual investment decision as a tradeoff between immediate consumption and deferred consumption. But individuals do not always prefer according to the classical theory of economics. Recent studies on individual investor behavior have shown that they do not act in a rational manner, rather several factors influences their investment decisions in stock market. The present study considers this theory of irrationality of individual investors and investigates into their behaviour relating to investment decisions. We examine whether some psychological and contextual factors affect individual investor behaviour and if yes which factors influences most. Extrapolating from previous literature on economics, finance and psychology, we surveyed individual investors to find what and to what extent affects their investment behaviour. Our conceptual analysis, empirical findings and the perspective framework that we have developed in the present study, provide five major factors that can influence individual investor behaviour in Indian stock market. The findings can be useful in profiling individual investors and designing appropriate investment strategies according to their personal characteristics, thereby enabling them optimum return on their investments.Individual investor, Psychological biases, Investment behaviour, Indian stock market, Behavioural economics.

Availability analysis of thermal power plant boiler air circulation system using Markov approach

The long term operation and planning of power plant depend upon an effective availability analysis and assessment of various systems in the plant concerned. The plant is expected to remain operational in a continual manner to achieve the desired production targets. Hence, the availability analysis of the boiler air circulation system plays an important role in this direction. For this purpose, the concerned system mathematical model based on Markov Birth-Death process has been developed. The system consists of four subsystems. The transition diagram represents reduced capacity, full working and failed state of the system. The differential equations associated with the transition diagram based on probabilistic approach have been solved recursively in order to develop the system steady state availability. Availability matrices represented measures the performance of the system concerned. In addition, different combinations of failures and repair rates provide various availability levels of the system. Maintenance decisions are taken based upon these values for improving availability of the power plant as well as the power supply. The result shows that the failure of the primary air fan affects the system availability at most, while failure of air heater affect it at least for different failures and repair rate combination of subsystems under study

Developing a Policy Framework for Promoting Better Management Practices in Four Cotton States in India

Cotton is an important cash crop for India, with widespread economic and environmental implications. The country is the second largest producer and consumer of cotton, with a vast majority of poor small farm holders being responsible for cotton production. WWF’s overall strategy for cotton is to move the mainstream commodity market towards sustainable production, by both increasing the demand for “sustainable cotton” from globally significant retailers and brands and by supporting farmers to move towards more sustainable and economical cotton production methods. The ultimate aim of this strategy is to reduce the ecological footprint (particularly, the water footprint) of the entire chain from cotton production to retail sale, ultimately showing positive impacts on key ecosystems and river basins. Towards this, WWF has developed Better Management Practices (BMPs) through field projects that promote the uptake of Better Cotton Initiative (BCI) compliance. WWF-India has been involved in the development of BMPs that have helped cotton farmers, as well as the environment, in two states. A WWF document says that the pilot project in the Godavari Basin in India has had far-reaching economic, ecological, and social benefits. In order to scale up the implementation of BMPs, there is a need to facilitate policies that promote sustainable agriculture. This working paper examine the respective state-level policy frameworks influencing agriculture and policy hindrances that restrict the uptake of these BMPs, and provide recommendations on policy scenarios that would facilitate the wider adoption of BMPs

Effect of Transistor Selection on Feedback VCO Performance : ʻAnalytical - Numerical Studyʾ

The primary objective of this research was to find the effect of two important parameters, fT and Cc, of the transistor on the feedback line length, stub line length, tuning capacitor and external Q of the circuit, in designing a VCO. VCOs in this frequency range are normally designed using either an FET or a BJT, as an active device. In the following chapters, the model based preliminary designing process of a VCO is explained in detail, using a BJT. The first step in the process was to develop a better high frequency model of a BJT, since the existing models were inadequate in explaining the high frequency behavior of the BJT, especially the transit time and the nature of RC distribution, which cause a delay from emitter to collector. An extensive literature search resulted in a model which accounts for the nature of the RC distribution. The second step was to verify the validity of the model. One way of verifying was to calculate scattering or admittance parameters of the transistor numerically from the model and compare them with the measured scattering or admittance parameters of the transistor, which are normally listed in the manufacturers data sheets. The third step was to find the parameters of the basic oscillator circuit. The basic oscillator circuit has a BJT, a feedback transmission line to give a and a stub line to give zero output susceptance. Both lines are microstrip elements. The free-space equivalent lengths of the lines are found and used. The fourth step was to incorporate a varactor for the tuning of the oscillator circuit. The varactor was tried at both input and output of the circuit and placed for the best tuning range. The fifth step was to calculate the tuning range and external Q of the circuit. To fulfill the primary objective, all the above steps were repeated for several transistors different fT and CC values

Effect of Nanoparticles on Performance Characteristics of Refrigeration Cycle

Since few years, researchers are introduced nanorefrigerant in the recent development of refrigeration systems. This chapter briefly summarizes the behavior of different nanoparticles in vapor compression refrigeration cycle. The nanoparticles’ infusion in refrigeration cycle affects the viscous behavior of the refrigerant. It is found that very limited studies have been done on viscosity characteristics of nanolubricants, but few reports states that viscosity increases with nanoparticles additive which improves the tribology of compressor. But inversely, the increment of viscosity promotes to the possible pressure drop in the system which eventually drops the cycle performance. The optimum contribution of nanorefrigerant with high thermal conductivity and low viscosity is the success key of system performance with nanoparticles. However, it is found that the contribution of nanoparticles on the basis of physical phenomena that are affecting the vapor compression cycle is limited in the literature. This chapter aims to make a review on the mechanism of improving vapor compression cycle by using nanorefrigerants

A critical review on energy, exergy, exergoeconomic and economic (4-E) analysis of thermal power plants

AbstractThe growing energy supply, demand has created an interest towards the plant equipment efficiency and the optimization of existing thermal power plants. Also, a thermal power plant dependency on fossil fuel makes it a little bit difficult, because of environmental impacts has been always taken into consideration. At present, most of the power plants are going to be designed by the energetic performance criterion which is based on the first law of thermodynamics. Sometimes, the system energy balance is not sufficient for the possible finding of the system imperfections. Energy losses taking place in a system can be easily determined by using exergy analysis. Hence, it is a powerful tool for the measurement of energy quality, thereby helps to make complex thermodynamic systems more efficient. Nowadays, economic optimization of plant is also a big problem for researchers because of the complex nature. At a viewpoint of this, a comprehensive literature review over the years of energy, exergy, exergoeconomic and economic (4-E) analysis and their applications in thermal power plants stimulated by coal, gas, combined cycle and cogeneration system have been done thoroughly. This paper is addressed to those researchers who are doing their research work on 4-E analysis in various thermal power plants. If anyone extracts an idea for the development of the concept of 4-E analysis using this article, we will achieve our goal. This review also indicates the scope of future research in thermal power plants

Coal-fired Power Plant Boiler Unit Decision Support System

The present paper discusses decision support system for boiler unit of a coal-fired thermal power plant. The boiler unit consists of five subsystems arranged in series and parallel based configurations. The decision support system for boiler unit has been developed with the help of mathematical formulation based on Markov Birth-Death process using probabilistic approach. For this purpose, first differential equations have been generated. These equations are then solved using normalizing condition so as to determine the steady state availability of boiler unit. After that decision matrices are developed which provide the various availability levels for different combinations of failure and repair rates for all subsystems. The model developed helps in the operations and quantitative management of various maintenance decisions and actions. The results of this paper are therefore beneficial in deciding the relative repair priorities of various subsystems of boiler unit. Keywords: Decision Support System, Transition diagram, Probabilistic approach, Availability matrices, Quantitative Managemen