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Search Results (154)

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Keywords = local flexibility markets

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19 pages, 6799 KiB  
Article
Analysis of Energy Recovery Out of the Water Supply and Distribution Network of the Brussels Capital Region
by François Nuc and Patrick Hendrick
Energies 2025, 18(14), 3777; https://doi.org/10.3390/en18143777 - 16 Jul 2025
Viewed by 252
Abstract
Water Supply and Distribution Networks (WSDNs) offer underexplored potential for energy recovery. While many studies confirm their technical feasibility, few assess the long-term operational compatibility and economic viability of such solutions. This study evaluates the energy recovery potential of the Brussels Capital Region’s [...] Read more.
Water Supply and Distribution Networks (WSDNs) offer underexplored potential for energy recovery. While many studies confirm their technical feasibility, few assess the long-term operational compatibility and economic viability of such solutions. This study evaluates the energy recovery potential of the Brussels Capital Region’s WSDN using four years (2019–2022) of operational data. Rather than focusing on available technologies, the analysis examines whether the real behavior of the network supports sustainable energy extraction. The approach includes network topology identification, theoretical power modeling, and detailed flow and pressure analysis. The Brussels system, composed of a Water Supply Network (WSN) and a Water Distribution Network (WDN), reveals strong disparities: the WSN offers localized opportunities for energy recovery, while the WDN presents significant operational constraints that limit economic viability. Our findings suggest that day-ahead electricity markets provide more suitable valorization pathways than flexibility markets. Most importantly, the study highlights the necessity of long-term behavioral analysis to avoid misleading conclusions based on short-term data and to support informed investment decisions in the urban water–energy nexus. Full article
(This article belongs to the Section B: Energy and Environment)
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19 pages, 2359 KiB  
Article
Technical and Economic Feasibility Analysis to Implement a Solid-State Transformer in Local Distribution Systems in Colombia
by Juan Camilo Ramírez, Eduardo Gómez-Luna and Juan C. Vasquez
Energies 2025, 18(14), 3723; https://doi.org/10.3390/en18143723 - 14 Jul 2025
Cited by 1 | Viewed by 414
Abstract
Today’s power grids are being modernized with the integration of new technologies, making them increasingly efficient, secure, and flexible. One of these technologies, which is beginning to make great contributions to distribution systems, is solid-state transformers (SSTs), motivating the present technical and economic [...] Read more.
Today’s power grids are being modernized with the integration of new technologies, making them increasingly efficient, secure, and flexible. One of these technologies, which is beginning to make great contributions to distribution systems, is solid-state transformers (SSTs), motivating the present technical and economic study of local level 2 distribution systems in Colombia. Taking into account Resolution 015 of 2018 issued by the Energy and Gas Regulatory Commission (CREG), which establishes the economic and quality parameters for the remuneration of electricity operators, the possibility of using these new technologies in electricity networks, particularly distribution networks, was studied. The methodology for developing this study consisted of creating a reference framework describing the topologies implemented in local distribution systems (LDSs), followed by a technical and economic evaluation based on demand management and asset remuneration through special construction units, providing alternatives for the digitization and modernization of the Colombian electricity market. The research revealed the advantages of SST technologies, such as reactive power compensation, surge protection, bidirectional flow, voltage drops, harmonic mitigation, voltage regulation, size reduction, and decreased short-circuit currents. These benefits can be leveraged by distribution network operators to properly manage these types of technologies, allowing them to be better prepared for the transition to smart grids. Full article
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20 pages, 413 KiB  
Article
The Green Finance Pilot Policy Suppresses Green Innovation Efficiency: Evidence from Chinese Cities
by Yanqiu Zhu, Ming Zhang, Hongan Chen and Jun Ma
Sustainability 2025, 17(13), 6136; https://doi.org/10.3390/su17136136 - 4 Jul 2025
Viewed by 381
Abstract
Green finance is widely promoted as a tool for supporting low-carbon development, but its effects on innovation efficiency remain unclear. This study examines the impact of China’s Green Finance Reform and Innovation Pilot Zones (GFRIPZ) on green innovation efficiency at the city level. [...] Read more.
Green finance is widely promoted as a tool for supporting low-carbon development, but its effects on innovation efficiency remain unclear. This study examines the impact of China’s Green Finance Reform and Innovation Pilot Zones (GFRIPZ) on green innovation efficiency at the city level. Using the GFRIPZ policy as a quasi-natural experiment, we employ a difference-in-differences approach to identify the causal effects of the policy and explore the underlying mechanisms and contextual moderators. The results indicate that the policy significantly reduces green innovation efficiency in pilot cities, with the negative impact being more pronounced in non-central cities, provincial capitals, and cities in western China. Mechanism analysis reveals two key pathways: increased environmental costs contribute to resource lock-in, and strategic shifts toward quantity-focused innovation reduce overall efficiency. Furthermore, we find that the institutional environment plays a critical role—market integration mitigates the policy’s adverse effects by improving resource allocation, while administrative environmental pressure intensifies distortions. These findings suggest that rigid green finance regulations may unintentionally suppress innovation performance. We propose that more flexible policy design, better cross-regional coordination, and refined local governance incentives are essential for aligning green finance tools with innovation-driven sustainability goals in emerging economies. Full article
(This article belongs to the Special Issue Sustainable Transportation and Logistics Optimization)
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18 pages, 229 KiB  
Article
Exploring Institutional Framing of Local Labor Market Programs by Politicians and Managers in Swedish Municipalities
by Sara Nyhlén and Katarina Giritli Nygren
Soc. Sci. 2025, 14(6), 382; https://doi.org/10.3390/socsci14060382 - 17 Jun 2025
Viewed by 333
Abstract
This study explores the governance and implementation of local labor market programs (LLMPs) in Swedish municipalities, analyzing the tension between national mandates and local policy practices. Drawing on institutional ethnography (IE), intersectionality, and emotional labor theories, we examine interviews with politicians and managers [...] Read more.
This study explores the governance and implementation of local labor market programs (LLMPs) in Swedish municipalities, analyzing the tension between national mandates and local policy practices. Drawing on institutional ethnography (IE), intersectionality, and emotional labor theories, we examine interviews with politicians and managers from eight municipalities. Politicians frame LLMPs as budget-driven initiatives, depoliticizing local labor market issues to comply with national policies like the January Agreement. This approach prioritizes efficiency, workfare models, and quick labor market entry, often sidelining individualized support. In contrast, managers describe their role as navigating policy constraints while addressing diverse local needs. They emphasize the challenges of aligning “one-size-fits-all” activation strategies with the realities of their participants, advocating for flexibility and adaptation within national frameworks. These contrasting perspectives reveal how LLMPs, although locally implemented, are shaped by textually mediated national policies, which influence local governance practices. Politicians focus on the need to meet national objectives, while managers struggle to reconcile these goals with participant-centered approaches. This study contributes to the understanding of how LLMPs operate within a governance framework that prioritizes efficiency over holistic support, highlighting the limitations of workfare-oriented policies and their implications for labor market integration. Full article
21 pages, 305 KiB  
Article
Analysis and Evaluation of a Blockchain-Based Framework for Decentralized Rental Agreements and Dispute Resolution
by Muntasir Jaodun and Khawla Bouafia
Blockchains 2025, 3(2), 8; https://doi.org/10.3390/blockchains3020008 - 28 May 2025
Viewed by 885
Abstract
Blockchain technology has evolved beyond financial transactions to revolutionize trust systems. This paper presents a blockchain-based model for decentralized rental agreements and dispute resolution (DRADR). By leveraging smart contracts and implementing two distinct arbitration approaches, our model offers flexible solutions for rental agreement [...] Read more.
Blockchain technology has evolved beyond financial transactions to revolutionize trust systems. This paper presents a blockchain-based model for decentralized rental agreements and dispute resolution (DRADR). By leveraging smart contracts and implementing two distinct arbitration approaches, our model offers flexible solutions for rental agreement automation, transparency enhancement, and impartial dispute resolution. Our study provides a comprehensive technical analysis of both approaches through theoretical frameworks, smart contract implementation, game-theoretic modeling, and comparative evaluation across multiple legal jurisdictions. We explore the potential of blockchain technology to address long-standing challenges in traditional rental systems, such as power imbalances, inefficiencies, and legal disputes. Key contributions include the integration of decentralized and local justice systems; a detailed game-theoretic analysis of strategic behaviors; and comparative insights into gas efficiency, economic viability, and jurisdictional adaptability across both arbitration approaches. This research paves the way for a more equitable and transparent rental market and contributes to the broader acceptance of blockchain-based solutions in everyday transactions. Full article
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50 pages, 7037 KiB  
Review
Advances in Modeling and Optimization of Intelligent Power Systems Integrating Renewable Energy in the Industrial Sector: A Multi-Perspective Review
by Lei Zhang, Yuxing Yuan, Su Yan, Hang Cao and Tao Du
Energies 2025, 18(10), 2465; https://doi.org/10.3390/en18102465 - 11 May 2025
Viewed by 677
Abstract
With the increasing liberalization of energy markets, the penetration of renewable clean energy sources, such as photovoltaics and wind power, has gradually increased, providing more sustainable energy solutions for energy-intensive industrial sectors or parks, such as iron and steel production. However, the issues [...] Read more.
With the increasing liberalization of energy markets, the penetration of renewable clean energy sources, such as photovoltaics and wind power, has gradually increased, providing more sustainable energy solutions for energy-intensive industrial sectors or parks, such as iron and steel production. However, the issues of the intermittency and volatility of renewable energy have become increasingly evident in practical applications, and the economic performance and operational efficiency of localized microgrid systems also demand thorough consideration, posing significant challenges to the decision and management of power system operation. A smart microgrid can effectively enhance the flexibility, reliability, and resilience of the grid, through the frequent interaction of generation–grid–load. Therefore, this paper will provide a comprehensive summary of existing knowledge and a review of the research progress on the methodologies and strategies of modeling technologies for intelligent power systems integrating renewable energy in industrial production. Full article
(This article belongs to the Special Issue Modeling Analysis and Optimization of Energy System)
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27 pages, 1734 KiB  
Article
A Multi-Strategy ALNS for the VRP with Flexible Time Windows and Delivery Locations
by Xiaomei Zhang, Xinchen Dai, Ping Lou and Jianmin Hu
Appl. Sci. 2025, 15(9), 4995; https://doi.org/10.3390/app15094995 - 30 Apr 2025
Viewed by 613
Abstract
With the rapid development of e-commerce, the importance of logistics distribution is becoming increasingly prominent. In particular, the last-mile delivery is particularly important because it serves customers directly. Improving customer satisfaction is one of the important factors to ensure the quality of service [...] Read more.
With the rapid development of e-commerce, the importance of logistics distribution is becoming increasingly prominent. In particular, the last-mile delivery is particularly important because it serves customers directly. Improving customer satisfaction is one of the important factors to ensure the quality of service in delivery and also an important guarantee for improving the market competitiveness of logistics enterprises. In the process of last-mile delivery, flexible delivery locations and variable delivery times are effective means to improve customer satisfaction. Therefore, this paper introduces a Vehicle Routing Problem with flexible time windows and delivery locations, considering customer satisfaction (VRP-CS), which considers customer satisfaction by using prospect theory from two aspects: the flexibility of delivery time and delivery locations. This VRP-CS is formally modeled as a bi-objective optimization problem, which is an NP-hard problem. To solve this problem, a Multi-Strategy Adaptive Large Neighborhood Search (MSALNS) method is proposed. Operators guided by strategies such as backtracking and correlation are introduced to create different neighborhoods for ALNS, thereby enriching search diversity. In addition, an acceptance criterion inspired by simulated annealing is designed to balance exploration and exploitation, helping the algorithm avoid being trapped in local optima. Extensive numerical experiments on generated benchmark instances demonstrate the effectiveness of the VRP-CS model and the efficiency of the proposed MSALNS algorithm. The experiment results on the generated benchmark instances show that the total cost of the VRP-CS is reduced by an average of 14.22% when optional delivery locations are utilized compared to scenarios with single delivery locations. Full article
(This article belongs to the Special Issue AI-Based Methods for Object Detection and Path Planning)
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32 pages, 8767 KiB  
Article
A Multi-Agent, Laxity-Based Aggregation Strategy for Cost-Effective Electric Vehicle Charging and Local Transformer Overload Prevention
by Kristoffer Christensen, Bo Nørregaard Jørgensen and Zheng Grace Ma
Sustainability 2025, 17(9), 3847; https://doi.org/10.3390/su17093847 - 24 Apr 2025
Viewed by 617
Abstract
The rapid electrification of transportation, driven by stringent decarbonization targets and supportive policies, poses significant challenges for distribution system operators (DSOs). When numerous electric vehicles (EVs) charge concurrently, local transformers risk overloading—a problem that current tariff-based strategies do not adequately address. This paper [...] Read more.
The rapid electrification of transportation, driven by stringent decarbonization targets and supportive policies, poses significant challenges for distribution system operators (DSOs). When numerous electric vehicles (EVs) charge concurrently, local transformers risk overloading—a problem that current tariff-based strategies do not adequately address. This paper introduces an aggregator-based coordination mechanism that shifts EV charging from congested to underutilized periods using a rule-based scheduling algorithm. Unlike conventional methods that depend on complex real-time pricing signals or optimization-heavy solutions, the aggregator approach uses a simple yet effective “laxity” measure to prioritize charging flexibility. To assess technical and economic viability, a multi-agent simulation was developed to replicate residential user behavior and DSO constraints under the use of a 400 kVA low-voltage transformer. The results indicate that overloads are completely eliminated with minimal inconvenience to users, whose increased charging costs are offset by the aggregator at an annual total of under DKK 6000—significantly lower than the cost of infrastructure reinforcement. This study contributes by (i) quantifying the compensation needed to prevent large-scale overloads, (ii) presenting a replicable, computationally feasible, rule-based aggregator model for DSOs, and (iii) comparing aggregator solutions to costly transformer upgrades, underscoring the aggregator’s role as a viable tool for future distribution systems. Full article
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22 pages, 2831 KiB  
Article
Agriculture–Environment Schemes Should Consider Farmers’ Socio-Cultural Background: A Case Study of Estonian Beef Cattle Farmers
by Raivo Kalle, Marko Kass, Monika Suškevičs, Renata Sõukand and Triin Reitalu
Agriculture 2025, 15(7), 741; https://doi.org/10.3390/agriculture15070741 - 30 Mar 2025
Cited by 1 | Viewed by 1166
Abstract
In Europe, intensive agriculture threatens species-rich semi-natural communities that have emerged from traditional agricultural activities. To protect these communities, subsidies are given to farmers through agri-environmental schemes (AESs). However, after nearly twenty years in operation, the uniform support system for farmers has not [...] Read more.
In Europe, intensive agriculture threatens species-rich semi-natural communities that have emerged from traditional agricultural activities. To protect these communities, subsidies are given to farmers through agri-environmental schemes (AESs). However, after nearly twenty years in operation, the uniform support system for farmers has not produced the expected results. Therefore, we conducted 15 semi-structured, in-depth qualitative interviews with beef cattle farmers in Estonia and identified the socio-ecological aspects of their activities. We found that small-scale farmers cannot compete with intensive farmers in the meat market because many breeds with slower weight gain and smaller body weights are grazed in semi-natural grasslands. Although two food quality schemes have been created in Estonia to value extensively grown meat, the permanent agricultural grasslands are under-supported, and the family farmers managing these areas feel the unfair distribution of subsidies. Moreover, family farms cannot compete with large farms, as the availability of pastures on family farms limits the number of livestock, and European Union animal welfare requirements and extreme weather conditions in 2023 have limited the number of herds. Since AESs have a large impact on farmers, we recommend that they be more flexible and consider the socio-cultural background of farmers and their impact on local communities when defining support. Full article
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74 pages, 7429 KiB  
Article
Monetary Policy Under Global and Spillover Uncertainty Shocks: What Do the Bayesian Time-Varying Coefficient VAR, Local Projections, and Vector Error Correction Model Tell Us in Tunisia?
by Emna Trabelsi
J. Risk Financial Manag. 2025, 18(3), 129; https://doi.org/10.3390/jrfm18030129 - 1 Mar 2025
Viewed by 1509
Abstract
This study assesses the informational usefulness of several uncertainty metrics in predicting the monetary policy and actual economic activity of Tunisia. We use a Bayesian time-varying vector autoregressive (VAR) model to identify uncertainty shocks sequentially. We complement the analysis with the use of [...] Read more.
This study assesses the informational usefulness of several uncertainty metrics in predicting the monetary policy and actual economic activity of Tunisia. We use a Bayesian time-varying vector autoregressive (VAR) model to identify uncertainty shocks sequentially. We complement the analysis with the use of local projections (LPs), a recently flexible and simple method that accommodates the effect of an exogenous intervention on policy outcomes. The findings suggest that shocks to global and spillover uncertainty are important in elucidating the dynamics of industrial production and consumer prices. The impulse response functions (IRFs) show that the central bank does not follow a linear-rule-based monetary strategy. The irreversibility theory, or the “precautionary” behavior, is tested in a vector error correction model (VECM). The money market rate impacts industrial production and consumer prices differently during high versus low uncertainty, depending on the uncertainty variable and the horizon (short versus long run). The effects can be insignificant or significantly dampened during high uncertainty, indicating that conventional monetary policy may be ineffective or less influential. The “wait and see” strategy adopted by economic agents implies that they do not take timely actions until additional pieces of information arrive. While this could not be the sole explanation of our findings, it conveys the importance of dealing with uncertainty in decision-making and highlights the necessity of a clear and credible communication strategy. Importantly, the central bank should complement interest rates with the use of unconventional monetary policy instruments for better flexibility. Our work provides a comprehensive and clear picture of the Tunisian economy and a focal guide for the central bank’s future practices to achieve macroeconomic objectives. Full article
(This article belongs to the Special Issue Monetary Policy in a Globalized World)
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30 pages, 4285 KiB  
Article
Efficiency of Renewable Energy Potential Utilization in European Union: Towards Responsible Net-Zero Policy
by Ewa Chodakowska, Joanicjusz Nazarko and Łukasz Nazarko
Energies 2025, 18(5), 1175; https://doi.org/10.3390/en18051175 - 27 Feb 2025
Cited by 1 | Viewed by 850
Abstract
This study evaluates the efficiency of EU countries in utilizing their geographical potential for wind and solar energy production. A two-stage radial network data envelopment analysis (NDEA) is used to estimate the efficiency of the utilization of natural resources. The research is of [...] Read more.
This study evaluates the efficiency of EU countries in utilizing their geographical potential for wind and solar energy production. A two-stage radial network data envelopment analysis (NDEA) is used to estimate the efficiency of the utilization of natural resources. The research is of a computational-empirical nature on the basis of publicly available data. The basic variables included in the model are: mean wind speed, Global Horizontal Irradiance, population, land area, wind energy capacity, solar PV capacity, wind energy generation, and solar power generation. The relationship between the environmental potential and the installed power capacity is evaluated in the first stage. In the second stage, the actual production from the installed capacity is analyzed. The efficiency trends over time are also investigated. This approach offers a comprehensive assessment by considering both the technical performance and environmental constraints. Considering all studied countries together, a slight increase in the relative efficiency of renewable energy potential utilization is observed—from 23.2% in 2018 to 28.7% in 2022. Germany and the Netherlands achieved 100% relative efficiency in 2022. The results reveal that the development of alternative energy sources and the efficiency of the installed power capacity utilization are not always in line with the local environmental conditions. The average efficiency of the analyzed countries from this perspective was 26.8% in 2018, with an improvement to 37.4% in 2022. The relative efficiency of the installed capacity utilization was high in both periods (76.3% and 74.9%, respectively). The impact of exogenous variables on performance (GDP and R&D expenditures) is discussed. Broader implications of the results for a responsible renewable energy policy in the EU demonstrate the need to combine overarching targets with a flexible governance system. That flexibility should allow for individual energy transition pathways, cooperative mechanisms, market integration, and targeted funding in order to account for the diversity of renewable resource utilization potentials among countries. Full article
(This article belongs to the Special Issue Energy Economics, Finance and Policy Towards Sustainable Energy)
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31 pages, 4303 KiB  
Article
Research on Flexible Job Shop Scheduling Method for Agricultural Equipment Considering Multi-Resource Constraints
by Zhangliang Wei, Zipeng Yu, Renzhong Niu, Qilong Zhao and Zhigang Li
Agriculture 2025, 15(4), 442; https://doi.org/10.3390/agriculture15040442 - 19 Feb 2025
Viewed by 689
Abstract
The agricultural equipment market has the characteristics of rapid demand changes and high demand for machine models, etc., so multi-variety, small-batch, and customized production methods have become the mainstream of agricultural machinery enterprises. The flexible job shop scheduling problem (FJSP) in the context [...] Read more.
The agricultural equipment market has the characteristics of rapid demand changes and high demand for machine models, etc., so multi-variety, small-batch, and customized production methods have become the mainstream of agricultural machinery enterprises. The flexible job shop scheduling problem (FJSP) in the context of agricultural machinery and equipment manufacturing is addressed, which involves multiple resources including machines, workers, and automated guided vehicles (AGVs). The aim is to optimize two objectives: makespan and the maximum continuous working hours of all workers. To tackle this complex problem, a Multi-Objective Discrete Grey Wolf Optimization (MODGWO) algorithm is proposed. The MODGWO algorithm integrates a hybrid initialization strategy and a multi-neighborhood local search to effectively balance the exploration and exploitation capabilities. An encoding/decoding method and a method for initializing a mixed population are introduced, which includes an operation sequence vector, machine selection vector, worker selection vector, and AGV selection vector. The solution-updating mechanism is also designed to be discrete. The performance of the MODGWO algorithm is evaluated through comprehensive experiments using an extended version of the classic Brandimarte test case by randomly adding worker and AGV information. The experimental results demonstrate that MODGWO achieves better performance in identifying high-quality solutions compared to other competitive algorithms, especially for medium- and large-scale cases. The proposed algorithm contributes to the research on flexible job shop scheduling under multi-resource constraints, providing a novel solution approach that comprehensively considers both workers and AGVs. The research findings have practical implications for improving production efficiency and balancing multiple objectives in agricultural machinery and equipment manufacturing enterprises. Full article
(This article belongs to the Section Agricultural Technology)
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16 pages, 13181 KiB  
Article
An Open-Source 3D Printed Three-Fingered Robotic Gripper for Adaptable and Effective Grasping
by Francisco Yumbla, Emiliano Quinones Yumbla, Erick Mendoza, Cristobal Lara, Javier Pagalo, Efraín Terán, Redhwan Algabri, Myeongyun Doh, Tuan Luong and Hyungpil Moon
Biomimetics 2025, 10(1), 26; https://doi.org/10.3390/biomimetics10010026 - 4 Jan 2025
Cited by 2 | Viewed by 3221
Abstract
This research focuses on the design of a three-finger adaptive gripper using additive manufacturing and electromechanical actuators, with the purpose of providing a low-cost, efficient, and reliable solution for easy integration with any robot arm for industrial and research purposes. During the development [...] Read more.
This research focuses on the design of a three-finger adaptive gripper using additive manufacturing and electromechanical actuators, with the purpose of providing a low-cost, efficient, and reliable solution for easy integration with any robot arm for industrial and research purposes. During the development phase, 3D printing materials were employed in the gripper’s design, with Polylactic Acid (PLA) filament used for the rigid mechanical components and Thermoplastic Polyurethane (TPU) for the flexible membranes that distribute pressure to the resistive force sensors. Stress analysis and simulations were conducted to evaluate the performance of the components under load and to gradually refine the design of the adaptive gripper. It was ensured that the mechanism could integrate effectively with the robotic arm and be precisely controlled through a PID controller. Furthermore, the availability of spare parts in the local market was considered essential to guarantee easy and cost-effective maintenance. Tests were conducted on an actual robotic arm, and the designed gripper was able to effectively grasp objects such as a soda can and a pencil. The results demonstrated that the adaptive gripper successfully achieved various types of grasping, offering a scalable and economical solution that represents a significant contribution to the field of robotic manipulation in industrial applications. Full article
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14 pages, 1665 KiB  
Perspective
The Global Advance of Genome-Edited Plants to the Market: The Key Role of Chile in Its Development
by Miguel A. Sánchez
Plants 2024, 13(24), 3597; https://doi.org/10.3390/plants13243597 - 23 Dec 2024
Cited by 2 | Viewed by 2295
Abstract
The global advancement of genome-edited plants toward commercialization has been significantly shaped by the functionality and flexibility of some regulatory frameworks governing plant genome editing. These frameworks vary widely across countries, reflecting diverse approaches to assessing and managing the risks and benefits of [...] Read more.
The global advancement of genome-edited plants toward commercialization has been significantly shaped by the functionality and flexibility of some regulatory frameworks governing plant genome editing. These frameworks vary widely across countries, reflecting diverse approaches to assessing and managing the risks and benefits of genome-editing technologies. While some nations have adopted product-based frameworks that focus on the characteristics of the final plant rather than the technique used, others rely on more restrictive process-based regulations. This variability influences the pace of innovation, the types of products able to enter the market, and their global trade potential. Chile stands out as a leader in this landscape, having implemented a science-driven and flexible regulatory framework. Its system promotes innovation by facilitating genome-edited plant research and development, field testing, and local commercialization. This regulatory adaptability positions Chile as a critical player in supporting the global integration of genome-editing technologies into agriculture, fostering advancements that address food security, sustainability, and climate resilience. Full article
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15 pages, 648 KiB  
Article
Dynamic Programming for Designing and Valuing Two-Dimensional Financial Derivatives
by Malek Ben-Abdellatif, Hatem Ben-Ameur, Rim Chérif and Bruno Rémillard
Risks 2024, 12(12), 183; https://doi.org/10.3390/risks12120183 - 21 Nov 2024
Viewed by 1331
Abstract
We use dynamic programming, finite elements, and parallel computing to design and evaluate two-dimensional financial derivatives. Our dynamic program is flexible, as it divides the evaluation process into two components: one related to the dynamics of the underlying process and the other to [...] Read more.
We use dynamic programming, finite elements, and parallel computing to design and evaluate two-dimensional financial derivatives. Our dynamic program is flexible, as it divides the evaluation process into two components: one related to the dynamics of the underlying process and the other to the characteristics of the financial derivative. It is efficient as it uses local polynomials at each step of the backward recursion to approximate the option value function, while it assumes only a numerical (but not a statistical) error and a state (but not a time) discretization. Parallel computing is used to speed up the model resolution and enhance its overall efficiency. To support our construction, we evaluate American options, which are subject to market risk, and exchangeable bonds, which are subject to default risk. Full article
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