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Article
Publication date: 17 May 2024

Chengli Zheng, Jiayu Jin and Liyan Han

This paper originally proposed the fuzzy option pricing method for green bonds. Based on the requirements of arbitrage equilibrium, this paper draws on Merton's corporate bond…

Abstract

Purpose

This paper originally proposed the fuzzy option pricing method for green bonds. Based on the requirements of arbitrage equilibrium, this paper draws on Merton's corporate bond option pricing model.

Design/methodology/approach

Describing the asset value behavior of green bond issuing enterprises through diffusion-jump processes to reflect the uncertainty brought by carbon emission reduction policies and technologies, using approximation methods to get the analytical pricing formula and then, using a fuzzification technique of Choquet expectation under  λ-additive fuzzy measures after considering fuzzy factors, the paper provides fuzzy intervals for the parity coupon rates of green bonds with different subjective levels for investors.

Findings

The paper proposes and argues the classical and fuzzy option pricing methods in turn for both corporate ordinary bonds and green bonds, considering carbon risk or climate risk. It implements the scenario analysis varying with industry emission standards and discusses the sensitiveness of the related key parameters of the option.

Practical implications

The fuzzy option pricing for the green bonds provides the scope of the variable equilibrium values, operational theoretical supports and some policy implications of carbon reduction and promoting green funding.

Originality/value

The logic of introducing the fuzziness of the option pricing for the green bonds lies with considering the existence of fuzzy information about the project supported by the green bond and the subjectivity of investors and it also responds to changes in technological uncertainty and policy uncertainty in the process of “carbon peaking and carbon neutrality.”

Details

China Finance Review International, vol. 14 no. 2
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 1 September 2022

Xuwen Chi, Cao Tan, Bo Li, Jiayu Lu, Chaofan Gu and Changzhong Fu

The purpose of this paper is to solve the common problems that traditional optimization methods cannot fully improve the performance of electromagnetic linear actuators (EMLAs).

Abstract

Purpose

The purpose of this paper is to solve the common problems that traditional optimization methods cannot fully improve the performance of electromagnetic linear actuators (EMLAs).

Design/methodology/approach

In this paper, a multidisciplinary optimization (MDO) method based on the non-dominated sorting genetic algorithm-II (NSGA-II) algorithm was proposed. An electromagnetic-mechanical coupled actuator analysis model of EMLAs was established, and the coupling relationship between static/dynamic performance of the actuator was analyzed. Suitable optimization variables were designed based on fuzzy grayscale theory to address the incompleteness of the actuator data and the uncertainty of the coupling relationship. A multiobjective genetic algorithm was used to obtain the optimal solution set of Pareto with the maximum electromagnetic force, electromagnetic force fluctuation rate, time constant and efficiency as the optimization objectives, the final optimization results were then obtained through a multicriteria decision-making method.

Findings

The experimental results show that the maximum electromagnetic force, electromagnetic force fluctuation rate, time constants and efficiency are improved by 18.1%, 38.5%, 8.5% and 12%, respectively. Compared with single-discipline optimization, the effectiveness of the multidiscipline optimization method was verified.

Originality/value

This paper proposes a MDO method for EMLAs that takes into account static/dynamic performance, the proposed method is also applicable to the design and analysis of various electromagnetic actuators.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering , vol. 42 no. 2
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 23 July 2018

Wenxiong Wang, Lihong Yu, Wei Zhou, David W. Marcouiller and Bin Luo

Effective farmer participation in the rural land consolidation process has become increasingly important because it improves results in rural land consolidation and land use…

Abstract

Purpose

Effective farmer participation in the rural land consolidation process has become increasingly important because it improves results in rural land consolidation and land use efficiency. The purpose of this paper is to examine the mechanism of farmers’ effective participation in Chinese rural land consolidation.

Design/methodology/approach

The authors empirically assess farmers’ effective participation in the rural land consolidation process in ten counties of China’s Hubei province. Focusing on an effective decision-making model, the authors comprehensively evaluated farmer participation using surveys that incorporated an index system and analyzed survey results using a structural equation model to examine factors that influenced farmer’s effective participation.

Findings

The results of the study suggest that the correlations between farmers’ effective participation and the impacting factors the authors proposed were particularly strong. In addition, participation ability, participation opportunity and participation incentive are strongly associated with effective farmer participation. Thus, the authors highlight that incentives should be provided to encourage farmers’ effective participation in rural land consolidation.

Research limitations/implications

Because of the chosen approach and the set of the research object, the geographic context of the empirical survey work was limited; furthermore, the authors only studied the influencing factors at the individual level, leaving the interaction effects between governmental factors and farmer individual factors inadequately explained.

Originality/value

Despite those limitations, these results serve as an important reference for government agencies and stakeholder groups in rural land consolidation decision making.

Details

China Agricultural Economic Review, vol. 11 no. 1
Type: Research Article
ISSN: 1756-137X

Keywords

Article
Publication date: 3 November 2021

Ching-Hsiang Chen, Chien-Yi Huang and Yan-Ci Huang

The purpose of this study is to use the Taguchi Method for parametric design in the early stages of product development. electromagnetic compatibility (EMC) issues can be…

Abstract

Purpose

The purpose of this study is to use the Taguchi Method for parametric design in the early stages of product development. electromagnetic compatibility (EMC) issues can be considered in the early stages of product design to reduce counter-measure components, product cost and labor consumption increases due to a number of design changes in the R&D cycle and to accelerate the R&D process.

Design/methodology/approach

The three EMC characteristics, including radiated emission, conducted emission and fast transient impulse immunity of power, are considered response values; control factors are determined with respect to the relevant parameters for printed circuit board and mechanical design of the product and peripheral devices used in conjunction with the product are considered as noise factors. The optimal parameter set is determined by using the principal component gray relational analysis in conjunction with both response surface methodology and artificial neural network.

Findings

Market specifications and cost of components are considered to propose an optimal parameter design set with the number of grounded screw holes being 14, the size of the shell heat dissipation holes being 3 mm and the arrangement angle of shell heat dissipation holes being 45 degrees, to dispose of 390 O filters on the noise source.

Originality/value

The optimal parameter set can improve EMC effectively to accommodate the design specifications required by customers and pass test regulations.

Article
Publication date: 16 May 2023

Nandun Madhusanka Hewa Welege, Wei Pan and Mohan Kumaraswamy

Despite carbon reduction commitments, many constraints hinder the delivery of low-carbon buildings (LCBs) in high-rise high-density cities. The collaborative commitment of…

Abstract

Purpose

Despite carbon reduction commitments, many constraints hinder the delivery of low-carbon buildings (LCBs) in high-rise high-density cities. The collaborative commitment of relevant stakeholders is vital to effectively address and mitigate these constraints. Hence, this study aims to comprehensively explore the required stakeholder collaboration attributes to address and mitigate the “common” constraints of delivering LCBs by focussing on several high-rise high-density cities.

Design/methodology/approach

A list of 21 “significant and common” constraints was identified through a systematic literature review followed by a questionnaire survey covering five economies (Hong Kong, Singapore, Australia, Qatar and the UAE). Nineteen influential stakeholders/stakeholder categories were identified through the literature, and their ability to influence the 21 constraints was mapped and identified through a two-round Delphi survey of 15 experienced professionals. The Delphi survey findings were analysed through social network analysis (SNA) methods to assess the stakeholder engagement and collaboration attributes.

Findings

The SNA results revealed the ability of stakeholders to influence the constraints, required collaborative stakeholder networks to address the constraints, significance of stakeholders according to the SNA centrality measures, core and periphery stakeholders and individual co-affiliation networks of core stakeholders.

Originality/value

While achieving the planned primary target of exploring stakeholder collaboration and their significance through SNA, this study also presents a useful sequential methodological approach for future researchers to conduct similar studies in different contexts. The findings also provide a foundation for accelerating the delivery of LCBs by strengthening stakeholder collaboration.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

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