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Journal Articles | 2017

Quantifying invariant features of within-group inequality in consumption across groups.

Anindya S. Chakrabarti, Arnab Chatterjee, Tushar Nandi, Asim Ghosh, and Anirban Chakraborti

Journal of Economics interaction and Coordination

We study unit-level expenditure on consumption across multiple countries and multiple years, in order to extract invariant features of consumption distribution. We show that the bulk of it is lognormally distributed, followed by a power law tail at the limit. The distributions coincide with each other under normalization by mean expenditure and log scaling even though the data is sampled across multiple dimension including, e.g. time, social structure and locations. This phenomenon indicates that the dispersions in consumption expenditure across various social and economic groups are significantly similar subject to suitable scaling and normalization. Further, the results provide a measurement of the core distributional features. Other descriptive factors including those of sociological, demographic and political nature, add further layers of variation on the this core distribution. We present a stochastic multiplicative model to quantitatively characterize the invariance and the distributional features.

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Journal Articles | 2017

Financial fluctuations anchored to economic fundamentals: A mesoscopic network approach

Kiran Sharma, Balagopal Gopalakrishnan, Anindya S. Chakrabarti, and Anirban Chakraborti

Scientific Reports

We demonstrate the existence of an empirical linkage between nominal financial networks and the underlying economic fundamentals, across countries. We construct the nominal return correlation networks from daily data to encapsulate sector-level dynamics and infer the relative importance of the sectors in the nominal network through measures of centrality and clustering algorithms. Eigenvector centrality robustly identifies the backbone of the minimum spanning tree defined on the return networks as well as the primary cluster in the multidimensional scaling map. We show that the sectors that are relatively large in size, defined with three metrics, viz., market capitalization, revenue and number of employees, constitute the core of the return networks, whereas the periphery is mostly populated by relatively smaller sectors. Therefore, sector-level nominal return dynamics are anchored to the real size effect, which ultimately shapes the optimal portfolios for risk management. Our results are reasonably robust across 27 countries of varying degrees of prosperity and across periods of market turbulence (2008–09) as well as periods of relative calmness (2012–13 and 2015–16).

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Journal Articles | 2017

Emergence of anti-coordination through reinforcement learning in generalized minority games

Anindya S. Chakrabarti and Diptesh Ghosh

Journal of Economic Interaction and Coordination

In this paper we propose adaptive strategies to solve coordination failures in a prototype generalized minority game model with a multi-agent, multi-choice environment. We illustrate the model with an application to large scale distributed processing systems with a large number of agents and servers. In our set up, agents are assigned responsibility to complete tasks that require unit time. They request servers to process these tasks. Servers can process only one task at a time. Agents have to choose servers independently and simultaneously, and have access to the outcomes of their own past requests only. Coordination failure occurs if more than one agent simultaneously requests the same server to process tasks at the same time, while other servers remain idle. Since agents are independent, this leads to multiple coordination failures. In this paper, we propose strategies based on reinforcement learning that minimize such coordination failures. We also prove a null result that a large category of probabilistic strategies which attempts to combine information about other agents’ strategies, asymptotically converge to uniformly random choices over the servers.

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Journal Articles | 2017

Investigating a An evolutionary analysis of growth and fluctuations with negative externalities

Anindya S. Chakrabarti and Ratul Lakhar

Dynamic Games and Applications

We present an evolutionary game theoretic model of growth and fluctuations with negative externalities. Agents in a population choose the level of input. Total output is a function of aggregate input and a productivity parameter. The model, which is equivalent to a tragedy of the commons, constitutes an aggregative potential game with negative externalities. Aggregate input at the Nash equilibrium is inefficiently high causing aggregate payoff to be suboptimally low. Simulations with the logit dynamic reveal that while the aggregate input increases monotonically from an initial low level, aggregate payoff may decline from the corresponding high level. Hence, a positive technology shock causes a rapid initial increase in aggregate payoff, which is unsustainable as agents increase aggregate input to the inefficient equilibrium level. Aggregate payoff, therefore, declines subsequently. A sequence of exogenous shocks, therefore, generates a sustained pattern of growth and fluctuations in aggregate payoff.

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Journal Articles | 2017

Investigating a comparative evaluation approach in explaining loyalty

Anand Kumar Jaiswal and Jos G.A.M. Lemmink

Marketing Intelligence and Planning

Purpose

The purpose of this paper is to examine the superiority of comparative evaluation or relative attitudinal measurement approach in which the respondent evaluates one object with direct comparison with other objects. The study uses comparative and non-comparative approaches to examine the effects of service quality, value, and customer satisfaction on attitudinal loyalty in a service setting.

Design/methodology/approach

The study uses the data collected from the survey of 300 customers of two large Indian banks.

Findings

The results provide partial support to the superiority of the comparative evaluation over non-comparative evaluation. Additionally, results indicate that service quality positively affects customer value, and both service quality and customer value have a direct positive effect on customer satisfaction. Customer satisfaction drives attitudinal loyalty which in turn leads to customers’ willingness to pay more.

Research limitations/implications

In the study, two banks were used for comparative evaluation. Since consumers’ consideration set can consist of more than two alternatives, future studies can include more than two objects.

Practical implications

Non-comparative measurements do not always adequately explain customer loyalty and superior performance of firms. This could potentially lead to misinterpretations of effects of service quality improvement programs and thus sub-optimal management decisions. Managers should use comparative evaluation approach for measuring marketing variables wherever possible.

Originality/value

Although the use of comparative evaluation is suggested in the literature (Dick and Basu, 1994), extant research has not systematically examined its superiority over non-comparative evaluation. This study empirically tests the comparative evaluation approach against the non-comparative approach by examining a comprehensive model involving the interrelationships among service quality, value, customer satisfaction, and their impact on attitudinal loyalty and willingness to pay more.

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Journal Articles | 2017

11-W: The impact of perceived temperature on responses to Psa Ads

Akshaya Vijayalakshmi, Meng-Hsien (Jenny) Lin, and Melika Kordrostami

Advances in Consumer Research

This working paper finds that the affiliative sensations triggered through priming of warm/cold touch can increase the effectiveness of public service announcement (PSA) by increasing empathy, threat perceptions and donations to the cause. However, this is likely to be true only for high need for touch participants.

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Journal Articles | 2017

Cost-effective architecture of carbon capture and storage (CCS) grid in India

Amit Garg, P.R.Shukla, Shrutika Parihar, Udayan Singh, and Bhushan Kankal

International Journal of Greenhouse Gas Control

Various modeling studies analyzing global 2 °C climate stabilization scenarios have projected penetration of CO2 capture and storage (CCS) technologies in India alongside a sizable penetration of renewable energy technologies. The assessments of geological storage potential over India have shown wide variation across regions. This paper examines the locations of large point sources of CO2 emissions in India and matches it with carbon storage locations to minimize the cost of CCS evolving grid. The concept of weighted Euclidean distance and Integrated Environmental Control Model are used to propose suitable pipeline networks for emissions-intensive clusters to optimize the cost of CO2 avoidance. The computational method estimates proximate storage location for each CO2 emitting source taking into account the total storage potential at each location. CCS requirement in India would vary depending on the global climate stabilization target. We examine two targets for India that correspond to 2 °C and well below 2 °C global mitigation regimes. According to our estimates, India could mitigate around 780 Mt CO2 per year below 60 $/t-CO2 (2005 prices) over 30 years, and another 250 Mt CO2 per year for up to 75 $/t-CO2 prices through CCS under these scenarios respectively.

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Journal Articles | 2017

Energy appliance transformation in commercial buildings in India under alternate policy scenarios

Amit Garg, Jyoti Maheshwari, P.R.Shukla, and Rajan RawalKordrostami

Energy, 140(1), 952-965

The total electricity consumption from commercial sector was about 9% during 2013–14 in India. Load research survey was carried out to study the usage patterns for all types of electric appliances used in commercial establishments at income, appliance and end-use levels in Gujarat state of India – one of the most progressive states. Penetration level of efficient appliances, electricity load curves and Energy Performance Index (EPI) were estimated. The mean EPI was 98 kWh/m2/year (SD = 105.5) for surveyed small commercial establishments (low income) while mean EPI was 181 kWh/m2/year (SD = 68) for surveyed large commercial establishments (Malls). Electricity saving potentials was estimated if electric appliances at these commercial establishments were replaced with efficient appliances. Four alternate scenarios were analyzed using cost of conserved energy (CCE) curves with various efficiency enhancement options – following at least commercial sub-category level median EPIs, following average EU equivalent EPI levels, following average EPI levels of equivalent US commercial establishments, and following the best available technologies (BAT). The average energy savings ranged between 14% and 25% across buildings and scenarios. Energy efficient air-conditioner and LED lights offer the highest energy savings potential among appliances.

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Journal Articles | 2017

Relevance of clean coal technology for India’s energy security: A policy perspective

Amit Garg, Vineet Tiwari, and Saritha Vishwanathan

IOP Conference Series: Earth and Environmental Science

Climate change mitigation regimes are expected to impose constraints on the future use of fossil fuels in order to reduce greenhouse gas (GHG) emissions. In 2015, 41% of total final energy consumption and 64% of power generation in India came from coal. Although almost a sixth of the total coal based thermal power generation is now super critical pulverized coal technology, the average CO2 emissions from the Indian power sector are 0.82 kg-CO2/kWh, mainly driven by coal. India has large domestic coal reserves which give it adequate energy security. There is a need to find options that allow the continued use of coal while considering the need for GHG mitigation. This paper explores options of linking GHG emission mitigation and energy security from 2000 to 2050 using the AIM/Enduse model under Business-as-Usual scenario. Our simulation analysis suggests that advanced clean coal technologies options could provide promising solutions for reducing CO2 emissions by improving energy efficiencies. This paper concludes that integrating climate change security and energy security for India is possible with a large scale deployment of advanced coal combustion technologies in Indian energy systems along with other measures.

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Journal Articles | 2017

A system dynamics simulation model of a blast furnace for project evaluation

Goutam Dutta and Medha Ashtekar

International Journal of Business and Systems Research

The manufacturing of hot metal in a blast furnace is one of the important parts of an integrated steel plant. In a blast furnace, the quality and productivity of the output (hot metal) depends on a large number of input and operating variables. In this paper, we simulate complex interactions of technological and financial variables. We chose system dynamics principles to simulate the blast furnace for project evaluation as a useful aid to managerial decisions. The model would be used to answer a number of questions related to investment decisions. We simulate the actual production of hot metal, accumulated hot metal production, net works cost and cost of hot metal per ton for a period of 36 months with real data.

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