In this paper, we solve the time inconsistent portfolio selection problem by using different utility functions with a moving target as our constraint. We solve this problem by finding an equilibrium control under the given definition as our optimal control. We firstly derive a sufficient...

This paper investigates the dynamic relations between external factors, domestic macroeconomic factors with sovereign spreads, debt to GDP ratio, etc. in Asian emerging countries. First, we develop a theoretical model that determines the equilibrium debt level, probability of default and...

Beverloo’s law describes the flow rate of grains discharging from hoppers, where the assumption of a free-fall arch (FFA) is very useful in understanding the physical picture of this process. The FFA has been observed in previous experiments but a clear systematic study of the FFA is still...

This study investigates the performance of hybrid renewable microgeneration systems in load sharing application between a detached residential house and a small office building. Two renewable energy systems are investigated: a ground source heat pump (GSHP) system and a hybrid GSHP/fuel cell...

This study investigates the application of Adaptive Neuro-Fuzzy Inference System (ANFIS) technique to predict the performance of a hybrid microgeneration system. The hybrid system consists of an internal combustion engine (1kWe and 3.2kWth) integrated with a high efficiency condensing furnace...