Queueing Dynamics and State Space Collapse in Fragmented Limit Order Book Markets

In modern equity markets, participants have a choice of many exchanges at which to trade, each of which typically operates as an electronic limit order book. This paper analyzes this setting as a multiclass queueing system. Taking into account the effect of investors’ order-routing decisions across exchanges, they find that the equilibrium of this decentralized market exhibits a state space collapse property, whereby the queues at different exchanges are coupled, and the overall behavior of the market is captured through a one-dimensional process that can be viewed as a weighted aggregate queue length across all exchanges. The key driver of this coupling phenomenon is anticipated delay as opposed to the queue lengths themselves.

THE RESIDENCE PLOT SELECTION MODEL FOR FAMILY HOUSE IN VILNIUS BY NEUTROSOPHIC WASPAS METHOD

Good quality dwelling and the environment are related to the values of citizens’ existence. It can be highlighted as important questions in creating a sustainable living environment. The research and analysis carried out so far include global planning of the plot of a particular country or city according to economic aspects. Meanwhile, our model, which covers the key social aspects of choosing a residential house, will fill this gap. We propose an original problem formulated which includes the planning of the plot of a particular city according to economic, environmental and social aspects. Our work aims to investigate the criteria for the selection of single-family houses and to develop a theoretical evaluation model based on decision-making methods. The presented study deals with the problem of selecting a one-family house plot using the Weighted Aggregate Sum Product Assessment Methods (WASPAS) and the Step-Wise Weight Assessment Ratio Analysis Method (SWARA). During the research, parameters related to plot selection were evaluated: infrastructure, distance, cost, privacy, security and aesthetic view.

Performance Evaluation Of The Hydropower Plants Using Various Multi-Criteria Decision-Making Techniques

Annual growth of 2.3 % since 1990 to 2017 in the hydropower sector in India indicates it holds a vital position in the growth of electricity generation in the country. For effective and efficient running of the hydropower projects, maintenance schedules and performance evaluation have to be done. Thus, this paper presents the performance evaluation of four different hydro-powerhouses belonging to a different class. Multi-criteria decision making (MCDM) method stepwise weight assessment ratio analysis (SWARA) is used to calculate the weights. The weights calculated by SWARA are employed to assess the performance scores or ranks of Indira Sagar Project (ISP), Canal Head Power House (CHPH) and River Bed Power House (RBPH) at Sardar Sarovar Narmada Nigam Ltd. (SSNNL) by integrating SWARA with the MCDM techniques like weighted aggregate sum product assessment (WASPAS), technique for order of preference by similarity to ideal solution (TOPSIS) and preference ranking organization method for enrichment evaluation (PROMETHEE). A comparative analysis of these integrated methods is presented for improved future studies in the area of decision making. The results in this paper show performance rankings of the available alternatives, calculated using integrated SWARA-WASPAS, SWARA-TOPSIS and SWARA-PROMETHEE methods. Performance ranks obtained by SWARA-WASPAS and SWARA-TOPSIS methods are in the order ISP, RBPH, CHPH and LSPH, which shows similarity with the on-field performances and are well suited for the performance evaluation of hydropower projects

Congruence/Genuineness

Congruence or genuineness is a relationship element with an extensive and important history within psychotherapy. Congruence is an aspect of the therapy relationship with two facets, one intrapersonal and one interpersonal. This chapter defines and provides clinical examples of congruence. It presents an original meta-analysis of its relation with psychotherapy improvement. Analysis of 21 studies, representing 1,192 patients, resulted in a weighted aggregate effect size (r) of .23 or an estimated d of .46. In closing, the chapter addresses patient contributions, limitations of the extant research, diversity considerations, and therapeutic practices that might promote congruence and improve psychotherapy outcomes.

Cohesion in Group Therapy

Cohesion is the most popular relationship construct in the group therapy literature. This chapter reviews common definitions of cohesion and the most frequently studied measures. The authors also discuss a measure that may clarify group relations using two latent factors (quality and structure) to explain common variance among frequently used group relationship instruments. The results of a meta-analysis examining the relation between group cohesion and treatment outcome in 55 studies are presented. Results indicate that the weighted aggregate correlation between cohesion and treatment outcome was statistically significant r = .26, reflecting a moderate effect size (d = .56). Six moderator variables were found to significantly predict the magnitude of the cohesion–outcome association (type of outcome measure, leader interventions to increase cohesion, theoretical orientation, type of group, emphasis on group interaction, dose or number of group sessions). Patient contributions, diversity considerations, and evidence-based therapeutic practices are highlighted.

Characteristics of Char From Co-Pyrolysis of Biomass and Plastic Waste

Development of alternative, clean and renewable energy production from different hydrocarbon materials helps to partially replace the limited resources of fossil fuels and also help reduce carbon emissions from fossil fuels that drives global warming. Biomass and bio-wastes are renewable and sustainable hydrocarbon resources, which can be used for energy and fuels production along with permanent disposal of plastic wastes. Landfills of wastes is unsustainable with additional problems of non-degradability and growing burden to the environment and society. Co-pyrolysis and co-gasification of biomass with different types of plastic wastes has shown to provide enhanced product yields and quality for syngas and liquid fuel production. To date, limited information is available on the understanding of chars produced from co-pyrolysis. The effect of co-pyrolysis on the type, quality and yield of chars produced is essential for efficient utilization of a wide variety of biomass, bio-waste and plastic waste resources. This paper provides information on the effect of plastic addition to the pyrolysis of biomass as well as the quality and quantity of char produced with different amounts of plastic waste added at different pyrolysis temperatures. TGA reactor was used for all these investigations and the quality of char produced was examined from the perspective of char combustion for energy production. Char is commonly produced as a by-product from pyrolysis and gasification reactors. Carbonization temperatures investigated were in the range of 573–773 K for 30 min using pinewood biomass, while recycled polyethylene terephthalate was used as plastic waste. The investigations revealed that chars produced from co-pyrolysis especially for carbonization temperature (Tc) of 673 K and above behaved completely differently than the chars produced from separate pyrolysis of biomass and plastic waste under the same pyrolysis conditions. These chars produced from co-pyrolysis were more uniform in their behavior in oxidation environment, with higher heat flow for almost similar quantities of chars during oxidation. This was conjectured to be from enhanced quality of chars produced having increased C content (from increased heavy aromatics and efficient loss of volatiles) during co-pyrolysis without any loss of char yield. The char yield was found to be equal or higher during co-pyrolysis compared to the weighted aggregate of individual pyrolysis. These investigations provided novel results on the behavior and capabilities of chars produced from co-pyrolysis of biomass and plastic wastes to provide a new avenue for the quality enhancement of bio-chars and efficient utilization of carbonaceous solid waste resources.

An Iterative Transient Rank Aggregation Technique for Mitigation of Rank Reversal

With the advent of decision science, significant elucidation has been sought in the literature of multi criteria decision making. Often, it is observed that for the same MCDM problem, different methods fetch way-apart ranks and the phenomenon leads to rank reversal. To alleviate this problem, different methodologies like the Borda rule, the Copeland method, the Condorcet method, the statistical Thurstone scaling, and linear programming methods are readily available in the literature. In connection with the same, the authors proposed a novel technique to aggregate the ranks laid by different methods. The algorithm initially assigns equal weights to the methods involved to avoid biasness to a particular method and a simple average rank was obtained. Then, after the separation measures of individual methods with respect to average rank were calculated. Considering the separation measure the higher the weightage, the dynamic weights are ascertained to declare the weighted aggregate rank subjected to the terminal condition which include whether the previous rank equals to the current rank or not. To substantiate the proposed algorithm, a materials selection problem was taken into consideration and solved with the proposed technique. Moreover, the same problem was solved by existing voting techniques like the Borda and the Copeland-Condoract methods. The authors found a correlation of more than 85% between the proposed and existing methodologies.

Measuring urban competitiveness: ranking European large urban zones

Purpose This paper aims to identify the main dimensions that determine the ability of cities to compete as locations for business and hubs for investment which can help policymakers to manage and prioritize urban development strategies. Design/methodology/approach A composite indicator is proposed as a weighted aggregate of sub-indicators for the identified component dimensions (basic, efficiency-related and innovation-related competitiveness). The indicator is used to draw up a ranking of 159 European Large Urban Zones (LUZs) located in 26 EU countries based on 31 indicators, broken down into the three core dimensions of urban competitiveness identified. Findings The dimensions underlying urban competitiveness in relation to the location of firms and attracting investment determine the level of economic development of the LUZs. The most competitive cities in the sample have a high level of economic development, and the innovation dimension is the most significant one for the three groups of cities considered, followed by the efficiency dimension and, to a lesser extent, the basic dimension. Practical implications The findings provide guidance to policymakers on the most relevant dimensions for urban competitiveness. Originality/value This paper contributes to the literature shedding light on the complex relationships between efficiency-related and innovation-related factors with regard to urban competitiveness.