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Abstract: To date, sustainable development has been the most important discourse informing planning, a powerful rhetoric for solving environmental problems that shows confidence in human ingenuity and technological advancements. However, recent advances in information and communication technologies, are prompting the development of smart(er) approaches to (sustainable) development, which might be signifying a departure from the more traditional, or perhaps earlier, greener narratives underpinning sustainable development. Within this context and informed by analysis of the literature, this paper aims to reflect on the extent to which ideas of going green and going smart are converging or diverging from the path towards sustainable development. This is done using convergence theory and Bennet's typology (1991) of similarities as an analytical framework. The findings suggest that the convergence of greening and smart ideas for sustainable development might be better achieved if smart-centric approaches to policy- and planning are subsumed in the overarching vision of environmental quality and resilience, with green approaches to urban development setting the path and driving decisions towards a sustainable future. Highlights • Climate risk and innovations in practice are suggesting a move away from greening efforts in planning for sustainable development. • In the name of resource and efficiency use, cities are responding by adopting smart(er) approaches to development. • This paper explores whether green and smart approaches converge, diverge or diffuse in their sustainable development quest. • Greater convergence could be achieved if smart = centric approaches were subsumed in green approaches. [ABSTRACT FROM AUTHOR]

In this paper, the time discrete higher order projection method is proposed and analyzed for the time-dependent viscoelastic flow problem. Our numerical method is based on the time iterative discrete schemes. By the projection method, the considered problem is decoupled into two linear subproblems: One is for the velocity and the other is for the pressure. Unconditional stability of the numerical schemes is established. Convergence results for the velocity and pressure are also derived. Our main results of this paper are that the convergence analysis for the velocity is weakly second order and for the pressure is weakly first order. Finally, some numerical examples are provided to confirm the performances of the developed numerical algorithms. [ABSTRACT FROM AUTHOR]

Generation of goods and services are highly dependent on the use of natural resources. Until very recently, there was an implicit belief that the physical expansion of the economic system could be unlimited, as if the planet would have conditions and time enough to recover and continue to supply resources. This belief implies a confidence in an economic system that would provide whatever is necessary for a continuous growing production and consumption. Even believing that technology alone is not enough to solve the current environmental problems, it is certain that it can collaborate to mitigate climate change and to adaptation to changes in the environment. By bringing environmental aspects into discussions, eco-innovations can affect and transform the innovation system in order to create sustainable processes. However, the main challenge towards the transition to a more sustainable, cleaner and more equitable society is to set innovation in a new context, as until very recently it only considered the economic variables. This change means to value the social and environmental dimension of the innovation. In addition to eco-innovation, Life Cycle Assessment (LCA) is spreading in the industrial environment, offering promising perspectives. LCA is considered a valuable methodology in the environmental sustainability of industry. In this context, the present study addresses LCA and its relationship with the generation of eco-innovations. Drawing on contributions from literature on eco-innovation and LCA, the paper analyses available evidence on this relationship in a context of the transition towards sustainable development. To structure the debate, the paper offers a conceptual approach and an illustrative case on international researchers' and practitioners’ perceptions on the potentially positive relationship between eco-innovation and LCA. The study gathers data in the Web of Science (WoS) Core Collection and in Scopus, in order to provide a picture of the distribution of documents retrieved from these databases, dealing with both eco-innovation and LCA topics. The paper concludes that the convergence of the eco-innovation and LCA studies is quite plausible, but at least in its initial phase, the literature that unites both themes is scarcely found in publications in the area of innovation, being more frequent in the area of engineering and management that usually addresses LCA studies. [ABSTRACT FROM AUTHOR]

The needed transition from a fossil-to a bio-based economy fosters the utilization of biological resources derived from recycled low value by-products and waste streams. Chain actors face multiple challenges associated with the adoption of novel processing technologies. Bio-based technologies might be related to high switching costs, missing downstream processing technologies, lack of quality standards, missing industry standards, emerging regulatory frameworks. Moreover, as previously unrelated actors form new relationships, value chains are moving towards new structural changes. This paper thus seeks to explore the challenges associated with the emergence of novel value chains with an exploratory case study approach that reviews a new process of recovering phosphate - a typical scarce and fundamental resource - from rapeseed oil press cakes. The contribution of our paper is thus not only to provide conclusions for this specific case, but also, and more importantly, to present a blueprint for other cases of scarce resources that require the establishment of novel supply chains to foster cascading usage of by-products. Expert interviews with different value chain actors have been conducted to investigate arising challenges, and derive implications and a further research agenda. Despite the advantages of the bio-based process, interviews revealed several challenges associated with the emergence of novel value chains: hesitation of respondents in making new investments in terms of equipment and know-how, missing complementary competencies, and difficulties in integrating different industrial sectors to engage in cross-industry innovation, such as food processing (rapeseed oil cakes) and specialty chemicals/mineral (phosphate and its derivatives). These exploratory results open the way for some useful recommendations, enabling us to propose an agenda for further research and policy development in areas such as: development of synergies between academia and industry; formulation of management strategies to support the flexibility of firms to capture opportunities associated with by-product valorization; building a systemic approach at a local level to implement bio-based technology clusters. [ABSTRACT FROM AUTHOR]

With the advent of the era of big data, large-dimensional spatial panel data is gradually used to do empirical research in the macroeconomic field. This paper adopts a Data Envelopment Analysis(DEA) approach to calculate regional energy efficiency based on the perspective of total-factor energy efficiency using statistical data of 30 administrative regions in China. On basis of spatial effects, the paper assesses the convergence of regional energy efficiency in China using large-dimensional spatial panel data model. Our results indicate that (1) There is significant spatial autocorrelation and clear spatial effects in China's regional energy efficiency. Thus, spatial effects should not be ignored when assessing the convergence of regional energy efficiency in China; (2) During the period from 2000 to 2014 China's regional energy efficiency not only exhibits absolute β -convergence but also exhibits conditional β -convergence, the convergence rate is higher than the rate of absolute convergence after controlling for the initial conditions of the level of economic development, foreign direct investment and government influence; (3) The convergence rate of China's regional energy efficiency from 2004 to 2014 is higher than the convergence rate for the period of 2000–2004, which indicates that industry transfer has contributed to improvement in the convergence of regional energy efficiency in China since 2004. [ABSTRACT FROM AUTHOR]

Nowadays, data-based analysis plays a crucial role in both academia and industry, and thus data has been recognized a valuable resource to be traded. Because data generated from various end devices is dispersive, heterogeneous and stored in a distributed way, an impartial and trustworthy platform is indeed essential to make a market for trading entities (data buyers and sellers). In a practical market, all the entities tend to maximize their profits rather than the overall social welfare, while the platform, instead, should focus on social welfare maximization by applying a sophisticated mechanism that is imperative to guide the entities to distribute data efficiently. In this paper, we propose the Many-to-Many Data Trading Algorithm (MMDTA), and then formulate a data trading model with multiple entities based on MMDTA. Finally, the simulations validate convergence behavior and economic properties of MMDTA which is effective in different market scales and with different market power. [ABSTRACT FROM AUTHOR]

Abstract: Energy Market Integration (EMI) has been a goal for many regions, including the European Union and East Asia, for quite a long time. How it could play a role in facilitating equitable economic growth among a group of countries remains an empirical question that this paper will attempt to answer. The paper uses economic convergence analysis (including both the σ-convergence and β-convergence approaches) to examine the impact of EMI – measured by two newly constructed indexes (namely, the energy trade index and the energy market competition index) – at the country level on dynamic economic growth paths across countries. Its special interest lies in informing policy making related to promoting EMI. The results show that countries involved in a more integrated energy market are more likely to reduce their income disparity, suggesting that EMI may help the region to achieve equitable growth through the accelerated economic development of lagged economies. [Copyright &y& Elsevier]

Abstract: By analysing the evolution of FDI in Romania during 2007-2011, the present paper try to highlight some of the challenging aspects related to the fiscal policy and FDI relation from the viewpoint of the sustainable development requirements for Romania''s economy and of increasing its performance with respect to convergence and competitiveness after its EU integration. In this purpose the paper focuses on two different fiscal tools for influencing a foreign investor''s location decision, i.e. corporate tax rate and/or provision of public inputs. The paper provides a new perspective on the issue of why FDI are attracted or not by the emergent countries. The study is based on the hypothesis that the competition among countries for attracting FDI does not represent the final goal, but a means for sustainable development and economic-social welfare. In this perspective, the final objective of the paper is the answer to the following question: “Under what conditions Romania will win in the competition for FDI with other (asymmetric) country?”. [Copyright &y& Elsevier]

Abstract: In this paper it was studied the cyclical and structural convergence between Romanian and Euro Zone''s economies in a Minnesota Priors framework. For this purpose we called the Bayesian econometrics to estimate a Structural Vector Autoregression model SVAR with Gibbs Sampling. The methodological framework called in this paper is proposed by experts from the Federal Reserve Bank of Minnesota and from here the name of Minnesota Prior where a priori were introduced the hypothesis that endogenous variables follow different forms of a Markov first order autoregressive model, namely a Random Walk or an AR model. Focusing here especially on consumption cycles and using the relations provided by the theory, I was intended in study the asymmetries between supply and demand shocks in the case of Romanian and Euro Area economies. A higher correlation of shocks between the two studied economies indicates a structural similarity. In addition, for this purpose I involved several methods to ensure robustness checks in regard with the correlation of the two types of structural shocks. [Copyright &y& Elsevier]

Highlights • Free vibration of the FG generally doubly-curved shells of revolution is studied. • A numerical approach based on the Haar wavelet discretization method is presented. • Boundary conditions are imitated by adding artificial springs to constraints. • Proposed method show high accuracy, high reliability and rapid convergence rate. Abstract This paper aims to investigate the free vibrational analysis of the generally doubly-curved shells of revolution made of functionally graded (FG) materials and constrained with different boundary conditions by means of an efficient, convenient and explicit method based on the Haar wavelet discretization approach. The FG materials of the shell consist of a combination of ceramic and metal, which four parameter power-law distribution functions have chosen for modeling of the smoothly and gradually variation of the material properties in the thickness direction. The theoretical model of the shell is formulated by employing of the first-order shear deformation theory. The rotation and displacement components of each point of the shell are expanded in the form of product of the Haar wavelet series in meridional direction as well as trigonometric series in the circumferential direction. By adding the boundary condition equations to the main system of equations, the constants appeared from the integrating of the Haar wavelet series are satisfied. In addition, with solving the characteristic equation, the vibrational results including the natural frequencies and the corresponding mode shapes are achieved. Then, the present results have been compared with those available in the literature. The results indicate that this method has high accuracy, high reliability and also a higher convergence rate in attaining the frequencies of the FG doubly-curved shells of revolution. Also, the effects of the main parameters such as power-law exponent, geometrical parameters, material distribution profiles and different types of boundary conditions, on the vibrational behavior of the FG doubly-curved shells of revolution, are investigated. Finally, taking into account the effects of geometrical parameters and material distribution profiles, for FG doubly-curved shells of revolution with different boundary conditions such as classic, elastic restraints and their combination, a variety of new frequency studies are provided which can be considered as proof results for further researches in this field. [ABSTRACT FROM AUTHOR]

Abstract The imbalance and insufficiency of China's regional economic development has led to huge differences in regional energy efficiency. Reducing the differences in regional energy efficiency has become an urgent energy issue in China. The constant absorption of foreign direct investment (FDI) has brought advanced technologies to China, which has an important impact on China's energy efficiency. To explore whether FDI can reduce regional energy efficiency differences, this paper investigates the existence of energy intensity convergence while incorporating foreign direct investment (FDI). Since existing research on regional energy intensity convergence lacks of consideration of the data spatial dependence, we focus on spatial econometric model to test energy intensity convergence. We use panel data of 30 provinces in China over the period of 2005–2014 to test energy intensity convergence by β convergence model. The empirical results show that considering the spatial dependence of the data, FDI can promote the formation of conditional energy intensity convergence. Further analysis found that the spillover effect of FDI plays an important role in this formation. In addition, the convergence speed accelerates after considering the spatial dependence. Finally, the spillover effect of FDI, which is global, inhibits the declining speed of energy intensity during the research period. The scale effect of FDI and energy rebound effect plays an important role in the effect of FDI on energy intensity. These results show that guiding foreign investment more reasonably in each province in China can make contributions to the reduction of energy efficiency differences. Highlights • Use spatial econometric approach to test the convergence of energy intensity. • FDI can promote the convergence of energy intensity. • The spillover effect of FDI plays an important role in the formation of energy intensity convergence. • The effect of FDI on energy intensity has brought a rebound effect. [ABSTRACT FROM AUTHOR]

The emerging discussion about the sustainability potential of distributed production is the starting point for this paper. The focus is on the “design global, manufacture local” model. This model builds on the conjunction of the digital commons of knowledge and design with desktop and benchtop manufacturing technologies (from three-dimensional printers and laser cutters to low-tech tools and crafts). Two case studies are presented to illustrate three interlocked practices of this model for degrowth. It is argued that a “design global, manufacture local” model, as exemplified by these case studies, seems to arise in a significantly different political economy from that of the conventional industrial model of mass production. “Design global, manufacture local” may be seen as a platform to bridge digital and knowledge commons with existing physical infrastructures and degrowth communities, in order to achieve distributed modes of collaborative production. [ABSTRACT FROM AUTHOR]

Abstract Our paper examines the productivity levels of Chinese airline market over the period 2006–2016 using Malmquist productivity indexes. Applying a decomposition technique on the estimated productivity index we decompose airlines' productivity levels into technological, pure technical efficiency and scale efficiency change components. The results signify that the reforms made on the Chinese airline industry have forced the airlines to enhance both their catching-up ability and their innovation capacity. This in turn is reflected on their estimated productivity levels. Then in a second stage analysis we utilize the methodological framework by Phillips and Sul (2007, 2009) and we test for the existence of convergence clubs among the estimated productivity components. The results verify the hypothesis of convergence among airlines' technological change and pure technical efficiency levels identifying distinct convergence clubs. The estimated relative transition paths reveal the insights of the enhanced competition among the Chinese airlines. Highlights • We examine the productivity of Chinese airlines over the period 2006–2016. • We decompose airlines' estimated Malmquist productivity indexes. • We identify convergence on airlines' pure technical efficiency change levels. • We identify convergence on airlines' technological change levels. • The results suggest the existence of a highly competitive market. [ABSTRACT FROM AUTHOR]

Highlights • The balance of convergence and diversity are analyzed and divided into horizontal imbalance and vertical imbalance. • The one-to-one correspondence between the region and the subproblem is established by region division. • Adaptive Region Adjustment (ARA) strategy is proposed to improve the balance between convergence and diversity. • A comprehensive experiment is designed on UF and MOP to prove the effectiveness of our proposed algorithm. Abstract The multiobjective evolutionary algorithm based on decomposition (MOEA/D), which decomposes a multiobjective optimization problem (MOP) into a number of optimization subproblems and optimizes them in a collaborative manner, becomes more and more popular in the field of evolutionary multiobjective optimization. The mechanism of balance convergence and diversity is very important in MOEA/D. In the process of optimization, the chosen solutions must be distinctive and as close as possible to the Pareto front. In this paper, we first explore the relation between subproblems and solutions. Then we propose the adaptive region adjustment strategy to balance the convergence and diversity based on the objective region partition concept. Finally, this strategy is embedded in the MOEA/D framework and then a simple but efficient algorithm is proposed. To demonstrate the effectiveness of the proposed algorithm, comprehensive experiments have been designed. The simulation results show the effectiveness of our proposed algorithms. [ABSTRACT FROM AUTHOR]

Abstract: In this paper, we derive a new application of fuzzy systems designed for a generalized autoregression conditional heteroscedasticity (GARCH) model. In general, stock market performance is time-varying and nonlinear, and exhibits properties of clustering. The latter means simply that certain large changes tend to follow other large changes, and in general small changes tend to follow other small changes. This paper shows results from using the method of functional fuzzy systems to analyze the clustering in the case of a GARCH model. The optimal parameters of the fuzzy membership functions and GARCH model are extracted using a genetic algorithm (GA). The GA method aims to achieve a global optimal solution with a fast convergence rate for this fuzzy GARCH model estimation problem. From the simulation results, we have determined that the performance is significantly improved if the leverage effect of clustering is considered in the GARCH model. The simulations use stock market data from the Taiwan weighted index (Taiwan) and the NASDAQ composite index (NASDAQ) to illustrate the performance of the proposed method. [Copyright &y& Elsevier]

A linear one-dimensional convection–diffusion problem with a small singular perturbation parameter ε is considered. The problem is discretized using finite-difference schemes on the Shishkin mesh. Generally speaking, such discretizations are not consistent uniformly in ε , so ε -uniform convergence cannot be proved by the classical approach based on ε -uniform stability and ε -uniform consistency. This is why previous proofs of convergence have introduced non-classical techniques (e.g., specially chosen barrier functions). In the present paper, we show for the first time that one can prove optimal convergence inside the classical framework: a suitable preconditioning of the discrete system is shown to yield a method that, uniformly in ε , is both consistent and stable. Using this technique, optimal error bounds are obtained for the upwind and hybrid finite-difference schemes. [ABSTRACT FROM AUTHOR]

After China launched its “Belt and Road” (BR) initiative, the international community became concerned that it may worsen the environmental performance of the BR countries. Due to a lack of data for empirical testing, this paper addresses this concern through an indirect method and draws the implications of the potential impacts of China’s BR initiative. This method empirically examines the effects of trade integration and regional cooperation, two major functions of the BR initiative, on energy efficiency (EE) convergence, a concept that describes the catching up process of EE across countries. A sample of 89 countries was selected to analyse the process of EE convergence from 2000 to 2014. The results indicate that although the gaps in EE among countries around the world become larger after 2010, regional cooperation may lead to a convergence process. It also finds that trade integration has a positive influence on convergence across the countries, especially among middle- and low-income countries. The results suggest that the BR initiative, through its roles in trade integration and regional cooperation, may promote EE convergence among countries. This is a desirable environmental outcome. This research also provides policy implications for both China and the other BR countries. [ABSTRACT FROM AUTHOR]

In this paper, we propose an invariant method of fundamental solutions for solving boundary value problems in two-dimensional isotropic linear elasticity. The invariant method of fundamental solutions keeps a very basic natural property the so-called invariance property under trivial coordinate changes in the problem description, e.g. dilations and/or contractions. The problems are solved by the Tikhonov regularization method in conjunction with Morozov’s discrepancy principle. Finally, five examples of boundary value problems are investigated to show the efficiency of this method. The numerical convergence, accuracy, and stability of the proposed method with respect to the number of source points, the distance between the sources and the boundary, and the amount of noise added into the input data, respectively, are also analyzed. [ABSTRACT FROM AUTHOR]

Welding is one of the most important technologies in manufacturing industries due to its extensive applications. Welding scheduling can affect the efficiency of the welding process greatly. Thus, welding scheduling problem is important in welding production. This paper studies a challenging problem of dynamic scheduling in a real-world welding industry. To satisfy needs of dynamic production, three types of dynamic events, namely, machine breakdown, job with poor quality and job release delay, are considered. Furthermore, controllable processing times (CPT), sequence-dependent setup times (SDST) and job-dependent transportation times (JDTT) are also considered. Firstly, we formulate a model for the multi-objective dynamic welding scheduling problem (MODWSP). The objectives are to minimize the makespan, machine load and instability simultaneously. Secondly, we develop a hybrid multi-objective grey wolf optimizer (HMOGWO) to solve this MODWSP. In the HMOGWO, a modified social hierarchy is designed to improve its exploitation and exploration abilities. To further enhance the exploration, genetic operator is embedded into the HMOGWO. Since one characteristic of this problem is that multiple machines can handle one operation at a time, the solution is encoded as a two-part representation including a permutation vector and a machine assignment matrix. To evaluate the effectiveness of the proposed HMOGWO, we compare it with other well-known multi-objective metaheuristics including NSGA-II, SPEA2, and multi-objective grey wolf optimizer. Experimental studies demonstrate that the proposed HMOGWO outperforms other algorithms in terms of convergence, spread and coverage. In addition, the case study shows that this method can solve the real-world welding scheduling problem well. [ABSTRACT FROM AUTHOR]

The initial population of an evolutionary algorithm is an important factor which affects the convergence rate and ultimately its ability to find high quality solutions or satisfactory solutions for that matter. If composed of good individuals it may bias the search towards promising regions of the search space right from the beginning. Although, if no knowledge about the problem at hand is available, the initial population is most often generated completely random, thus no such behavior can be expected. This paper proposes a method for initializing the population that attempts to identify i.e., to get close to promising parts of the search space and to generate (relatively) good solutions in their proximity. The method is based on clustering and a simple Cauchy mutation. The results obtained on a broad set of standard benchmark functions suggest that the proposed method succeeds in the aforementioned which is most noticeable as an increase in convergence rate compared to the usual initialization approach and a method from the literature. Also, insight into the usefulness of advanced initialization methods in higher-dimensional search spaces is provided, at least to some degree, by the results obtained on higher-dimensional problem instances—the proposed method is beneficial in such spaces as well. Moreover, results on several very high-dimensional problem instances suggest that the proposed method is able to provide a good starting position for the search. [ABSTRACT FROM AUTHOR]

Optimal search is a major challenge for wrapper-based attribute reduction. Rough sets have been used with much success, but current hill-climbing rough set approaches to attribute reduction are insufficient for finding optimal solutions. In this paper, we propose an innovative use of an intelligent optimisation method, namely the flower search algorithm (FSA), with rough sets for attribute reduction. FSA is a relatively recent computational intelligence algorithm, which is inspired by the pollination process of flowers. For many applications, the attribute space, besides being very large, is also rough with many different local minima which makes it difficult to converge towards an optimal solution. FSA can adaptively search the attribute space for optimal attribute combinations that maximise a given fitness function, with the fitness function used in our work being rough set-based classification. Experimental results on various benchmark datasets from the UCI repository confirm our technique to perform well in comparison with competing methods. [ABSTRACT FROM AUTHOR]

The paper investigates the dynamic behavior of a spacecraft when a single magnetic torque-rod is used for achieving a pure spin condition by means of the so-called Y-dot control law. Global asymptotic convergence to a pure spin condition is proven on analytical grounds when the dipole moment is proportional to the rate of variation of the component of the magnetic field along the desired spin axis. Convergence of the spin axis towards the orbit normal is then explained by estimating the average magnetic control torque over one orbit. The validity of the analytical results, based on some simplifying assumptions and approximations, is finally investigated by means of numerical simulation for a fully non-linear attitude dynamic model, featuring a tilted dipole model for Earth׳s magnetic field. The analysis aims to support, in the framework of a sound mathematical basis, the development of effective control laws in realistic mission scenarios. Results are presented and discussed for relevant test cases. [ABSTRACT FROM AUTHOR]

The side weirs are basic and effective hydraulic structures utilized commonly in irrigation, flood management, drainage and wastewater systems. The labyrinth side weirs have developed in recent years as more effective and efficient mechanism than conventional side weirs. The multi-cycle trapezoidal labyrinth side weirs could increase the side weir performance. The hydrodynamics of these weirs are considerably sophisticated due to the turbulent flow and vortices in the cycles. This paper presents the hydrodynamic behavior of the side weir with two cycles using Computational Fluid Dynamics (CFD) method. The grid convergence index (GCI) was used to demonstrate the mesh sensitivity in the results, and a fine mesh (9 mm) selected relatively among the used meshes was applied to computational volume for more accuracy. As the turbulent model, Reynolds Stress Model (RSM) model, which requires more computation effort, was implemented to consider turbulence effects in more detail. Additionally, certain experimental results were used for verification of the numerical results, and the CFD results were considerably consistent with experimental observations. The detailed hydrodynamic results, which were too hard to determine experimentally, were presented to describe the flow properties of this weir. The results indicated that the discharge coefficient decreased with an increase in Froude number. The best performances were obtained with side weir angle, α =30° and weir height, p =20 cm among tested values. The results encouraged the use of computational fluid dynamics methods for the further analyses. [ABSTRACT FROM AUTHOR]

In this paper, we present adaptive iterative learning control (ILC) schemes for discrete linear time-invariant (LTI) stochastic system with batch-varying reference trajectories (BVRT). If reference trajectories change every batch, ILC shows a different convergence property from that of the identical reference trajectory. First, we derive the convergence property and propose deterministic adaptive ILC combined with iterative learning identification for LTI system with BVRT. If the state noise and measurement noise exist, convergence rate and tracking performance are degraded because the controller considers the difference arising from the noise as tracking error. To deal with such a problem, we propose two approaches. The first is based on a batch-domain Kalman filter, which uses the difference between the current output trajectory and the next reference trajectory as a state vector, while the second is based on a time-domain Kalman filter. In the second approach, the system is identified at the end of each batch in an iterative fashion using the observer/Kalman filter identification (OKID). Then, the stochastic problem is handled using Kalman filter with a steady-state Kalman gain obtained from the identification. Therefore, the second approach can track the reference trajectories of discrete LTI stochastic system using only the input–output information. Simulation examples are provided to show the effectiveness of the proposed schemes. [ABSTRACT FROM AUTHOR]

Based on a sample of 26 European passenger airlines, this study analyzes the development of airline business models over time. We used various distance measures to calculate concrete differentiation levels among these airlines between 2004 and 2012. The results indicate increasing similarity among these airlines, which lends support to the generally assumed convergence trend. The present paper complements the mostly qualitative and anecdotal literature on convergence in the airline industry, empirically shows actual adaptations in airlines' business models, and provides a platform for further research in the fields of empirical convergence analysis and corresponding strategic airline management. [ABSTRACT FROM AUTHOR]

Scholars stress that firms need to integrate sustainability into their strategies, calling for more research into how sustainable strategies are formed in practice. This has led to convergence of the fields of sustainability and strategic management, though sustainability scholars have so far neglected the influential strategy-as-practice (s-as-p) movement that has shaped the strategic management field over the last decade. Based on a detailed longitudinal case study of a Swedish industrial company, we are starting to rectify this neglect. In doing so, we are contributing to the s-as-p literature by challenging its top-management bias and identifying previously overlooked strategic activities and practitioners. We are also contributing to the sustainability literature by outlining a novel theoretical framework for studying sustainable strategy formation and demonstrating that certain activities, and their associated practitioners, are particularly likely to shape sustainable (versus “regular”) strategies. Finally, the paper outlines the managerial implications of these findings. [ABSTRACT FROM AUTHOR]

Problem Statement . There are concerns that convergence in the EU is mostly economic, which may lead to increased inequality and social disparities. Also, research shows that mild divergence can be observed at regional level, which questions the effectiveness of the EU cohesion policy. Purpose of Study . This paper explores whether socio-economic convergence occurs at both national and regional level, and whether the EU cohesion policy is effective. Methods. Using Eurostat data since 2000, we use coefficients of variation to analyze convergence for disposable income, unemployment rates, proportion of people living in households with low work intensity, and migration. Findings and Results. Convergence and divergence are faster at country level, and trends at national level are mostly different than those at regional level in terms of direction and magnitude. For unemployment rates and work intensity, regional data shows more volatility, indicating higher within-country volatility, while between-country volatility is higher for incomes and net migration. Except for unemployment, the Great Recession has not induced an erosion on the convergence observed in the pre-crisis period; in particular, low work intensity holds steady. Greater volatility in internal migration is unexpected given the convergence in income and unemployment rate. Conclusions and Recommendations . Most findings point out that the EU cohesion policy is effective in reducing socio-economic disparities before 2008, and containing them doing the Great Depression. However, this is mostly due to increased between-country convergence. Divergence in internal migration is unexpected and requires further research. [ABSTRACT FROM AUTHOR]

Recently trinomial tree methods have been developed to option pricing under regime-switching models. Although these novel trinomial tree methods are shown to be accurate via numerical examples, it needs to give a rigorous proof of the accuracy which can theoretically guarantee the reliability of the computations. The aim of this paper is to prove the convergence rates (measure of the accuracy) of the trinomial tree methods for the option pricing under regime-switching models. [ABSTRACT FROM AUTHOR]

In this paper we consider periodic optimal operation of constrained periodic linear systems. We propose an economic model predictive controller based on a single layer that unites dynamic real time optimization and control. The proposed controller guarantees closed-loop convergence to the optimal periodic trajectory that minimizes the average operation cost for a given economic criterion. A priori calculation of the optimal trajectory is not required and if the economic cost function is changed, recursive feasibility and convergence to the new periodic optimal trajectory is guaranteed. The results are demonstrated with two simulation examples, a four tank system, and a simplified model of a section of Barcelona's water distribution network. [ABSTRACT FROM AUTHOR]

Abstract: Financial risk management has focused on banking, accounting, and finance, and applied all kinds types of models to avoid those specific forms of risk. Risk management may be dealt with using the model of multi-agent systems. In this paper, we consider single-integrator kinematics and double-order-integrator dynamics consensus protocols. These consensus protocols with memory are presented by introducing the last state information (such as position, velocity) of the multi-agent. The numerical results show that these protocols have higher convergence speed. [Copyright &y& Elsevier]

Abstract: We consider the incidental parameters problem in this paper, i.e. the estimation for a small number of parameters of interest in the presence of a large number of nuisance parameters. By assuming that the observations are taken from a multiple strictly stationary process, the two estimation methods, namely the maximum composite quasi-likelihood estimation (MCQLE) and the maximum plug-in quasi-likelihood estimation (MPQLE) are considered. For the MCQLE, we profile out nuisance parameters based on lower-dimensional marginal likelihoods, while the MPQLE is based on some initial estimators for nuisance parameters. The asymptotic normality for both the MCQLE and the MPQLE is established under the assumption that the number of nuisance parameters and the number of observations go to infinity together, and both the estimators for the parameters of interest enjoy the standard root- convergence rate. Simulation with a spatial–temporal model illustrates the finite sample properties of the two estimation methods. [Copyright &y& Elsevier]

Abstract: Congestion management is one of critical tasks in electric power markets. Although congestion management using a centralized optimal power flow may give an efficient solution, it lacks enough transparency in a competitive power market for its participants about congestion related costs. On the other hand, clearing the market and mitigating congestion separately may not result in an efficient solution from cost viewpoint. In this paper, a two-stage method using a modified Benders decomposition technique is proposed for congestion management in hybrid electricity markets including pool and bilateral transactions. An innovative convergence criterion and a new type of the sub-problem are proposed in using Benders decomposition in congestion management. The proposed method not only gives the efficient solution, but also provides enough transparency about congestion cost. Results of testing the method on the New-England test system are presented and discussed in detail. The results confirm the efficiency of the proposed congestion management method. [Copyright &y& Elsevier]

Abstract: Consistency and consensus measures are two important procedures employed in group decision making with multiplicative preference relations (MPRs). In this paper, we first establish the concept of individual consistency deviation degree between the original MPR and its optimal estimation. Then we develop a group consensus deviation degree optimization model (GCO Model) by minimizing the weighted arithmetic average of individual consistency deviation degrees. Our established theorems enlist the conditions for the existence of the optimal solution, the satisfactory solution, and non-inferior solution to the GCO Model. These results also provide an existence condition of redundant MPR in group decision making. Additionally, we show that the optimal value function of the GCO Model converges to 0, which implies that the consensus degree of DMs converges as the number of the decision makers increases indefinitely. [Copyright &y& Elsevier]

Abstract: This article aims to use the appropriate models based on dispersion method, variance, to identify the dynamics and amplitude differences in the level of regional development in European Union and Romania, expressed by the GDP, per capita and total. In the present paper, we limit the approach area to two important aspects: identifying the main convergence trends at regional level within EU-27 with the help of GDP/capita, and the analysis of the trends registered at the level of regional disparities in Romania. [Copyright &y& Elsevier]

Abstract: The main idea of fulfilling all convergence criteria when a country wants to adopt euro is to ensure that only the Member States that have the adequate economic conditions to maintain the price stability and the coherence of the euro area can be a part of Euro Zone. As a result, today, the individual criteria are interpreted and applied in a strict manner. Unfortunately for the Euro Zone, at the beginning of EMU, the Maastricht criteria were not applied so strictly. On the other side, many countries that are using now the euro as their currency are not fulfilling all the criteria. Starting from these controversies, the main objectives of our paper are to study the degree of fulfillment of convergence criteria in the moment of euro adoption for the 17 countries that are using today the European currency and to assess the evolution of nominal convergence during the time span 1995 – 2011. [Copyright &y& Elsevier]

Abstract: The Black-Scholes model is a renowned pricing method for European options. Weather derivatives are a financial product at the convergence of the insurance and stock markets that are at the present of a high level of interest. This product can hedge and be a profitable investment at the same time, and can be used on its own or as part of a portfolio. In this paper we wish to analyze if and how the Black-Scholes model applies to Weather derivatives. [Copyright &y& Elsevier]

Abstract: In this paper, I examine convergence in income inequality and economic growth under two governmental regimes on human capital where the first one has only education subsidy and the second one has education subsidy and research & development investment. This study using endogenous growth framework with human capital and technological progress hypothesized that, under education and research & development investment, human capital and technological progress can produce a higher global effect to the country in the long run. This will result in the convergence in income where poor dynasty/regions grow faster than rich dynasty/regions in the long run. From model simulation, I found that, in the poor economy, when adding a research & development investment in addition to education subsidy, convergence in income and long-run economic growth perform better than another scenario which has only education subsidy. Empirically, this pattern has been validated on Thailand''s provincial level where conditional convergence of growth rate per capita among these provinces tends to converge faster between the periods of 2000 – 2009. [Copyright &y& Elsevier]

Abstract: This paper examines what recovery means in a context where vulnerability cannot be reduced to a single hazard but is an ongoing aspect of life. It analyses convergences in trajectories of livelihood and shelter for two sites in coastal Orissa, despite important differences in hazard exposure and the nature of external assistance available in the aftermath of a major disaster: the super-cyclone of 1999. It critically examines processes and prospects for recovery, in situations where entrenched ongoing vulnerability compounded by severe limitations on grassroots adaptive capacity and weak institutional support deeply undermine even recovery to a pre-disaster state let alone a condition of greater resilience. While recognising the structural constraints on institutional performance, it signals the need for a fundamental change in state approach if resilience building is to be fostered in communities that are chronically at risk from hazards. [Copyright &y& Elsevier]

Abstract: In this paper, per capita CO2 convergence among the EU-25 countries between 1920 and 2007 is analysed using the distribution dynamics approach. Furthermore, the analysis is complemented by investigating the asymptotic half-life of convergence, mobility indices and the continuous version of the ergodic distributions. The novel aspect of this work consists in the fact that it examines whether patterns could differ if weighted by either the population of each country or their economic sizes. The unweighted analysis indicates that the convergence patterns differ strongly before and after World War II, with more convergence being displayed after the seventies. Results of weighting both by population and by economic size show that convergence is much faster when these features are introduced into the model. Conclusions from this analysis are important for the environment policy adopted across the EU-25 countries. [Copyright &y& Elsevier]

Abstract: Evolutionary metaphors have been prominent in both economics and finance. They are often used as basic foundations for rational behavior and efficient markets. Theoretically, a mechanism which selects for rational investors requires many caveats, and is far from generic. This paper tests wealth based evolution in a simple, stylized agent-based financial market. The setup borrows extensively from current research in finance that considers optimal behavior with some amount of return predictability. In the case of utility functions which differ from log, wealth selection alone converges to parameters which are economically far from the optimal forecast parameters. This serves as a strong reminder that wealth selection and utility maximization are not the same thing. Therefore, suboptimal financial forecasting strategies may be difficult to drive out of a market, and may even do quite well for some time. [Copyright &y& Elsevier]

This paper evaluates the convergence of energy intensities for a group of 97 countries in the period 1971–2003. Convergence is tested using a recent method proposed by Pesaran (2007) [Pesaran, M.H., 2007. A pair-wise approach to testing for output and growth convergence. Journal of Econometrics 138, 312–355] based on the stochastic convergence criterion. An advantage of this method is that results do not depend on a benchmark against which convergence is assessed. It gives more robust results. Applications of several unit-root tests as well as a stationarity test uniformly reject the global convergence hypothesis. Locally, for Middle East, OECD and Europe sub-groups, non-convergence is less strongly rejected. The introduction of possible structural breaks in the analysis only marginally provides more support to the convergence hypothesis. [Copyright &y& Elsevier]

Abstract: The aim of this paper is to analyze whether the persistence properties of the European real exchange rates changed when their currencies joined the euro or during the monetary integration process. More specifically, we investigate whether, as a result of the single currency or the previous macroeconomic stability, nominal price rigidities have decreased and the persistence of real exchange has fallen. We test for stationarity against a change in the integration order on different competitiveness measures during the period that runs from the middle of the seventies to nowadays. The results show that the real exchange rates of the European periphery (Spain, Italy, Portugal, Greece and Finland) underwent a change in their order of integration from I(1) to I(0) at some time around the middle of the 1990s. On the other hand, the real exchange rates of the Central European countries, with a greater stability in the 1980s and 1990s, changed their integration order earlier, if at all, mostly during the 1980s. So, the euro seems to have had, on the whole, little influence on the persistence of real exchange rates. Only for a few countries do our findings detect a significant decrease in persistence related with the nominal convergence process. [Copyright &y& Elsevier]

Abstract: The paper makes uses of cognitive mappings developed from personal interviews with a number of European airline executives to examine the differences in managerial attitudes of low-cost and transitional carriers. In particular it explores the extent to which there is a convergence of views regarding the ways various airline models will develop in the future. [Copyright &y& Elsevier]

Abstract: The issue of convergence or divergence in the European Union (EU) is usually viewed from a macroeconomic perspective, using indicators such as the income per head, the unemployment rate and the inflation rate. Little attention has been paid to the possibility of an associated convergence in ‘well-being’ across countries. Since recent literature has shown that subjective well-being (life satisfaction, ‘happiness’) is significantly affected by macroeconomic variables, it is natural to ask not only whether or not subjective well-being converges, but also, whether, how and to what extent this process is linked to macroeconomic convergence. In this paper we use self-rated life satisfaction elicited in large scale surveys to address these questions. We find evidence of convergence of life satisfaction across the member states of the EU, which can be attributed to a considerable extent to the convergence in macroeconomic conditions. Among the various macroeconomic indicators, the convergence in inflation rates has played a major role for the convergence in life satisfaction. [Copyright &y& Elsevier]