Replacement Analysis of Mutually Exclusive Projects of Unequal Lives Using Kelly Specific Real Option Criterion

This paper presents a model to address the uncertainty inherent in replacement problems, whereby a firm must select between mutually exclusive projects of unequal lifespans by applying the Kelly criterion (which is not well known to the engineering economics community) within a binomial lattice option-pricing environment. Assuming that only the interest rate, among many factors, is uncertain, Brown and Davis performed an economic analysis of this problem by employing a real option-pricing method and argued that their model yields results opposite to those yielded by the traditional approach. However, the results yielded by the model proposed herein are consistent with those by the traditional approach, unlike Brown and Davis’s model. The conclusion is that since the investment time horizon is infinite, a firm rationale pertaining to the selection of the best method for the investment problem of such types does not exist.

Fuzzy Logical Algebra and Study of the Effectiveness of Medications for COVID-19

A fuzzy logical algebra has diverse applications in various domains such as engineering, economics, environment, medicine, and so on. However, the existing techniques in algebra do not apply to delta-algebra. Therefore, the purpose of this paper was to investigate new types of cubic soft algebras and study their applications, the representation of cubic soft sets with δ-algebras, and new types of cubic soft algebras, such as cubic soft δ-subalgebra based on the parameter λ (λ-CSδ-SA) and cubic soft δ-subalgebra (CSδ-SA) over η. This study explains why the P-union is not really a soft cubic δ-subalgebra of two soft cubic δ-subalgebras. We also reveal that any R/P-cubic soft subsets of (CSδ-SA) is not necessarily (CSδ-SA). Furthermore, we present the required conditions to prove that the R-union of two members is (CSδ-SA) if each one of them is (CSδ-SA). To illustrate our assumptions, the proposed (CSδ-SA) is applied to study the effectiveness of medications for COVID-19 using the python program.

Facing the complexity of the economy: an opportunity for the new alliance between economics and engineering

In Forging a new alliance between economics and engineering, Sergio Mariotti explores the relationship between economics and engineering. The interactions between economics and engineering is a question rather than trivial and Mariotti faces the problem, firstly, from an historical perspective and, secondly, by identifying the paradigms for the economics–engineering nexus. Three paradigms are proposed, i.e., economics for engineering, economics and engineering, economics as engineering. They offer the opportunity to open new vistas on the future of the relationships between economics and engineering, in particular for facing the complexity of the economy.

Robust approach for optimized path selection in Monarch Butterfly Optimization

Nature Inspired Computing or (NIC) strives to develop new computing technologies by observing how nature can inspired to solve complex problems under various environmental conditions. This has produced unconventional research in new fields such as neural networks, swarm intelligence, evolutionary computing, and artificial immune systems. NIC technology is used in almost every branch of physics, biology, engineering, economics and even management. In this paper, one of the nature-inspired approach namely Monarch Butterfly Optimization (MBO)is used for modifying the chromosome parameter in it. The new conditional path selection criteria are developed for the movement of individual subpopulation along with the amplitude parameter. Ackley function is implemented by using conditional path selection mathematical model and the effect of amplitude parameter with adjusting ratio has been identified. The results show better performance among the conditional path selection criteria in terms of route optimization selection.

In the Path of Vydūnas: Moral Values and Social Engineering as the Tool for the Welfare State Creation

The article analyses the relationship between democracy and technocracy invoking Lithuanian philosopher Vydūnas’ view on the role of moral values playing in the state. Investigating projects directed to the welfare state creation the author asks how much these projects are technocratic in the narrow sense – performing with the help of knowledge of nature sciences, engineering, economics and other, and what role in these projects moral values play. The author distinguishes two types of projects – technocracy in the narrow and in the wide sense. The latter is defined as social engineering based on the interdisciplinary discussion of experts on the questions linked with moral values. The main theses defended are the following: democracy ant technocracy as the methods of governance should not be contrasted; technocracy could not replace democracy which is the system defending freedom of the individual person; moral ideals (freedom, equality, justice, seeking of common good) are the basic guide in the sphere of values for the social engineering directed to the creation of welfare state.