In this paper a re-examination of the original time-series data sets used by Professor Douglas and associated researchers to establish the existence of an aggregate production function is undertaken. Particular attention is paid to the issue of whether the data provide deductive support for the ‘Laws of Production’ as claimed by Douglas (1948). Various statistical methods are used to analyse th...

Butter is separated from cream using ultrasonication method. The efficiency of butter preparation is evaluated with respect to various parameters such as time, dilution, fermentation time using ultrasonication at room temperature and compares the yield with conventional stirring method. All the parameters were critically studied and it is observed maximum yield was obtained for sonication time ...

This paper proposes a novel method for assessing the predictability of energy market time series, by predicting the entropy of the series. According to conventional entropy-based analysis (where the entropy is always ex-post estimated), high entropy values characterize unpredictable series, while more stable series exhibits lesser entropy values. Here, we predict ex-ante the entropy regarding t...

Using spatial econometric models, this paper focuses attention on the spatial structure of provincial unemployment disparities of Italian provinces for the year 2003. On the basis of findings from the economic literature and of the available socio-economic data, various model specifications including supplyand demandside variables are tested. Further we use ESDA analysis as equivalent to integr...

Consider a single server retrial queueing system with pre-emptive priority service and single working vacation in which two types of customers arrive in a Poisson process with arrival rates ?1 for low and ?2 for high priority customers. We assume that regular service times follow an exponential distribution with parameters μ1 and μ2 correspondingly. The retrial is introduced for low priority cu...

An adaptation of two well-established measures of changes in financial markets return and volatility is presented for the analysis of changes: (a) in consumer confidence about national economies, and (b) in sentiments articulated in financial news stories text and extracted automatically by counting the frequency of polarity words. This analysis is then compared and contrasted with the changes ...

In this article we compare the Profit and Loss arising from the delta-neutral dynamic hedging of options, using two possible values for the delta of the option. The first one is the Black– Scholes implied delta, while the second one is the local delta, namely the delta of the option in a generalized Black–Scholes model with a local volatility, recalibrated to the market smile every day. We expl...