Spectrum allocation: auctions for developing countriesKaren Woo
The document discusses key considerations for developing countries regarding spectrum auctions. It notes that while auctions can efficiently allocate spectrum, developing countries must carefully consider how auction rules and pricing can impact investment, competition, and consumer prices. The document outlines factors such as balancing incentives for investment with public interests, setting an appropriate reserve price to avoid unsold spectrum or dampened investment, and ensuring competition through caps or trader rules.
This document summarizes an analysis of the opportunity cost of spectrum for mobile communication in Bangladesh. It presents estimates of the opportunity cost of 2G, 3G, and 4G spectrum using engineering valuation and production function methods. The engineering valuation method estimates costs based on the number of base transceiver stations required for network coverage with and without additional spectrum. The production function method estimates costs based on the relationship between spectrum assigned and mobile subscriptions. The analysis finds that spectrum prices in Bangladesh have exceeded opportunity cost estimates, and that regulators must balance spectral efficiency and capacity needs when setting reserve prices, especially for new technologies like 5G.
Tony lavender - Plum Consulting - incorporating social value into spectrum al...techUK
Incorporating Social Value into Spectrum Allocation Decisions
Presentation to UK Spectrum Policy Forum - Cluster 3: Economic and Social Value of Spectrum
29 March 2018
Tony Lavender
More information on the UK Spectrum Policy Forum can be found here: https://www.techuk.org/about/uk-spectrum-policy-forum
Philip bates - Analysys Mason - spectrum policy forum 29 march 2018techUK
Overview of Analysys Mason 2012 study on the value of spectrum to the UK economy
Presentation to UK Spectrum Policy Forum - Cluster 3: Economic and Social Value of Spectrum
29 March 2018
Philip Bates
More information on the UK Spectrum Policy Forum can be found here: https://www.techuk.org/about/uk-spectrum-policy-forum
Bidding strategies in deregulated power marketGautham Reddy
This document discusses bidding strategies for power suppliers in deregulated electricity markets. It explains that deregulation allows competitive suppliers to enter the market and gives consumers a choice in suppliers. Bidding involves suppliers submitting quantity and cost bids to either buy or sell energy. A market clearing price is determined that balances supply and demand. The goal of strategic bidding is to maximize profits by constructing optimal bids based on costs and expectations of rivals. Mathematical models are presented for profit maximization using linear supply curves. The document also discusses using fuzzy adaptive gravitational search and genetic algorithms to determine optimal bidding coefficients.
The document discusses challenges and opportunities in designing future electricity markets. It notes the increasing share of renewable energy sources in major markets like Europe. Optimizing electricity systems is complex due to various generation, transmission, distribution activities and long-lived investments. Current market designs focus more on energy than ancillary services. More time-varying and location-based pricing faces difficulties. Alternative designs like prioritizing demand based on customer-specified priorities may better integrate renewables and distributed energy resources.
The document summarizes the deregulation and privatization of the UK electricity market in the 1990s. It discusses how the industry was separated into generation, transmission, distribution, and supply segments. It also describes how the electricity pool pricing mechanism works, with generators submitting hourly bids and the market clearing price being set where supply meets demand. There is discussion of whether prices are too high due to potential market power of generators and price volatility. The Competition Commission was tasked with reviewing the market and determining if generators refusing a "Market Abuse Licence Condition" was against the public interest.
SmartestEnergy: Introduction to the Electricity MarketFrancesca Schoultz
This document provides an overview of electricity markets and power purchase agreements (PPAs) for renewable generators. It summarizes different types of PPAs, including those used for various renewable subsidies in the UK. It also discusses key components of electricity prices, such as wholesale power prices, embedded benefits, and renewable subsidies. Additionally, it outlines how electricity is traded in wholesale markets and the role of system operator Elexon in balancing supply and demand.
Spectrum allocation: auctions for developing countriesKaren Woo
The document discusses key considerations for developing countries regarding spectrum auctions. It notes that while auctions can efficiently allocate spectrum, developing countries must carefully consider how auction rules and pricing can impact investment, competition, and consumer prices. The document outlines factors such as balancing incentives for investment with public interests, setting an appropriate reserve price to avoid unsold spectrum or dampened investment, and ensuring competition through caps or trader rules.
This document summarizes an analysis of the opportunity cost of spectrum for mobile communication in Bangladesh. It presents estimates of the opportunity cost of 2G, 3G, and 4G spectrum using engineering valuation and production function methods. The engineering valuation method estimates costs based on the number of base transceiver stations required for network coverage with and without additional spectrum. The production function method estimates costs based on the relationship between spectrum assigned and mobile subscriptions. The analysis finds that spectrum prices in Bangladesh have exceeded opportunity cost estimates, and that regulators must balance spectral efficiency and capacity needs when setting reserve prices, especially for new technologies like 5G.
Tony lavender - Plum Consulting - incorporating social value into spectrum al...techUK
Incorporating Social Value into Spectrum Allocation Decisions
Presentation to UK Spectrum Policy Forum - Cluster 3: Economic and Social Value of Spectrum
29 March 2018
Tony Lavender
More information on the UK Spectrum Policy Forum can be found here: https://www.techuk.org/about/uk-spectrum-policy-forum
Philip bates - Analysys Mason - spectrum policy forum 29 march 2018techUK
Overview of Analysys Mason 2012 study on the value of spectrum to the UK economy
Presentation to UK Spectrum Policy Forum - Cluster 3: Economic and Social Value of Spectrum
29 March 2018
Philip Bates
More information on the UK Spectrum Policy Forum can be found here: https://www.techuk.org/about/uk-spectrum-policy-forum
Bidding strategies in deregulated power marketGautham Reddy
This document discusses bidding strategies for power suppliers in deregulated electricity markets. It explains that deregulation allows competitive suppliers to enter the market and gives consumers a choice in suppliers. Bidding involves suppliers submitting quantity and cost bids to either buy or sell energy. A market clearing price is determined that balances supply and demand. The goal of strategic bidding is to maximize profits by constructing optimal bids based on costs and expectations of rivals. Mathematical models are presented for profit maximization using linear supply curves. The document also discusses using fuzzy adaptive gravitational search and genetic algorithms to determine optimal bidding coefficients.
The document discusses challenges and opportunities in designing future electricity markets. It notes the increasing share of renewable energy sources in major markets like Europe. Optimizing electricity systems is complex due to various generation, transmission, distribution activities and long-lived investments. Current market designs focus more on energy than ancillary services. More time-varying and location-based pricing faces difficulties. Alternative designs like prioritizing demand based on customer-specified priorities may better integrate renewables and distributed energy resources.
The document summarizes the deregulation and privatization of the UK electricity market in the 1990s. It discusses how the industry was separated into generation, transmission, distribution, and supply segments. It also describes how the electricity pool pricing mechanism works, with generators submitting hourly bids and the market clearing price being set where supply meets demand. There is discussion of whether prices are too high due to potential market power of generators and price volatility. The Competition Commission was tasked with reviewing the market and determining if generators refusing a "Market Abuse Licence Condition" was against the public interest.
SmartestEnergy: Introduction to the Electricity MarketFrancesca Schoultz
This document provides an overview of electricity markets and power purchase agreements (PPAs) for renewable generators. It summarizes different types of PPAs, including those used for various renewable subsidies in the UK. It also discusses key components of electricity prices, such as wholesale power prices, embedded benefits, and renewable subsidies. Additionally, it outlines how electricity is traded in wholesale markets and the role of system operator Elexon in balancing supply and demand.
Electricity Markets Regulation - Lesson 8 - PricingLeonardo ENERGY
Once the revenue requirements are established they should be converted into tariff systems. This session explains the major economic principles of electricity pricing and the general pricing models using average and marginal costs. Moreover the session explores the major pricing models for the electricity activities including: generation, transmission, distribution and retail activities.
* Pricing principles : economic efficiency - cost recovery
* General pricing models : average cost pricing - marginal cost pricing
* Cost allocation issue
* Pricing for different activities in the electricity industry : generation pricing - transmission pricing - distribution pricing - retail supply pricing
IRJET- Enhancement in Financial Time Series Prediction with Feature Extra...IRJET Journal
The document discusses using text mining techniques like Latent Dirichlet Allocation (LDA) to extract features from financial news articles that can help predict stock market movements. It proposes a new model called Financial LDA (FinLDA) that extends LDA by incorporating changes in financial data. FinLDA is evaluated using news articles and S&P 500 index data, with the extracted features used as inputs to support vector machines (SVM) and neural networks to validate their usefulness for prediction. The goal is to build a model that can predict stock trends based on analyzing relevant news contents using time series analysis and text mining methods.
This session explains the nature of economic regulation. It discusses the central question why some parts of the electricity value chain remain regulated and are not subject to competition.
Furthermore, four main issues regarding an adequate regulatory regime are addressed:
· Areas: Where should be regulated?
· Scope: What should be regulated?
· Type: How should be regulated?
· Institutions: Who should regulate?
Special emphasis is put on the types of regulation respectively the different forms of price control and their effects (advantages / disadvantages) – including incentive regulation. A short overview on the current legislation and application of price control in the EU completes the session.
bidding strategies in indian restructured power marketKomal Nigam
This document provides an outline for a thesis on bidding strategies in the Indian power market. It includes an introduction to the Indian power market and deregulation. It discusses topics that will be covered like transmission pricing, bidding classifications and mechanisms, literature review outcomes and objectives. It provides timelines and references that will be used. In summaries the key aspects of the deregulated market and the research problem around determining market clearing prices with multiple generators and constraints.
Bidding strategies in deregulated power marketGautham Reddy
This document provides a 3-page summary of a report on bidding strategies in deregulated power markets. It includes an introduction describing electricity markets and deregulation. It then covers market structure under deregulation and operation of power systems. The remainder of the document outlines the report's contents which include an analysis of various bidding strategies and algorithms, case studies, and a literature review citing 48 relevant sources.
This document provides a guide for designing, implementing, and monitoring competitive power supply solicitations to obtain the best deal for electric utility customers. It discusses the importance of ensuring a credible solicitation process through collaborative design with input from all stakeholders and independent third-party monitoring. Further, it addresses choosing appropriate solicitation formats and product types, such as requests for proposals and price-only auctions, as well as considerations for fair bid evaluation such as comparability, transmission assessments, and creditworthiness. The overall goal is to use competitive solicitations as a tool for determining prudent power purchase decisions and alleviating concerns about affiliate bias.
Modeling and Analysis of Wholesale Competitive Electricity Markets: A Case Fo...IJERA Editor
Electricity markets all over the world are moving towards greater reliance on competition and this has become a global trend as a method of best practice. However, before competition is introduced in electricity markets it is imperative to model and assess the behavior of the market. The assessment includes calculating the market performance indices to determine the levels of market power exploitation by the Generating Companies (GenCos) that will participate in the market. This paper presents a study on modeling and analysis of wholesale competitive electricity market for a developing country to help regulators assess and predict market behaviour. It involves modeling and simulation of the Zambian power system network in Agent-Based Modeling of Electricity Systems (AMES) using real system data to pick out critical information that enables us to assess the status of the market. The results indicate that market power exploitation is prevalent for the two largest GenCos assessed.
Electricity Markets Regulation - Lesson 1 - Regulation General PrinciplesLeonardo ENERGY
1. The document summarizes key topics from a webinar on electricity market regulation, including the objectives of regulation to protect consumers and ensure fair industry participation.
2. It discusses areas of regulation like generation, transmission, distribution and retail supply. Methods of regulation include price controls, quality standards and incentive schemes.
3. Institutional questions are also covered, like the roles of different regulatory bodies and the importance of regulator independence.
Capgemini_SmartGrid_RenewableEnergySurvey_0209Jeffrey Norman
The survey found growing regulatory acceptance of AMI initiatives, with 67% of respondents either requiring AMI deployments or allowing them without regulations. However, most regulators do not yet support real-time pricing for all customer classes due to concerns about exposing customers to high fluctuating energy costs. The broader vision of a smart grid that includes two-way communication, automation, and integration of distributed resources is also gaining traction. While deployments lag, regulators see potential benefits of a smart grid such as improved reliability, efficiency and incorporation of renewable energy.
1) The document presents a model for estimating the earnings of a mobile communication network using sensitivity analysis.
2) The model uses five parameters related to mobile traffic intensity - number of users, number of calls, call duration, initial cost per call duration, and price per call duration - to estimate profits under different scenarios.
3) Sensitivity analysis via tornado graphs show that profits are most sensitive to the number of calls and call duration. This suggests companies should focus on increasing these factors to maximize earnings.
This document summarizes a white paper on competitive procurement of retail electricity supply. It discusses trends in state policies that require or encourage utilities to use competitive procurement processes to obtain power supply. Key issues discussed include designing procurements to prevent improper self-dealing by utilities, evaluating both price and non-price criteria in supply offers, and structuring regulatory policies to promote competitive supply offers while fulfilling other obligations. The document also compares procurement frameworks for obtaining incremental new supply versus procuring full-requirements service supply.
Fixed costs recovery, renewables adoption, and rate fairness 5 6-14bobprocter
This document summarizes key issues regarding a utility's recovery of fixed costs and how that affects renewables adoption and rate fairness. It discusses:
1) A utility's proposal to rely solely on demand charges for fixed cost recovery and how that could impact net metering for renewables.
2) Debate around the level of benefits utilities attribute to photovoltaics (PV) and arguments that environmental benefits should be included.
3) How legislative guidance gives utilities and regulators latitude in determining reasonable rates, making it difficult for aggrieved parties to challenge rates in court.
4) The Federal Energy Regulatory Commission's varying approaches to allocating fixed costs between demand and volume charges and its understanding of rate
Electricity Markets Regulation - Lesson 3 - Price RegulationLeonardo ENERGY
Session 3: Price Regulation
This session explains different forms of price control including the classical rate of return organisation and more advanced forms of incentive regulation. It will also explain the design criteria for different price control models.
• Major price control models: Rate of return / Cap regulation / Yardstick competition / Sliding scale regulation
• Principle design criteria: Efficiency properties / Demand impact / Regulatory burden / Practicability / Coherence with industry and market design
IRJET - An Auction Mechanism for Product Verification using CloudIRJET Journal
The document summarizes a research paper that proposes an auction mechanism for product verification using cloud computing. The key points are:
1. The paper presents an auction process for allocating commodities (land) between customers (buyers) and owners (sellers) using an options-based sequential auction algorithm in the cloud.
2. To enhance trust between buyers and sellers, a third party (the government) is introduced to verify product documents and handle the entire auction process.
3. The auction occurs in two stages - document verification by the government, followed by price matching to select the buyer with the highest bid for the verified product.
Gravitational Search Algorithm for Bidding Strategy in Uniform Price Spot MarketIRJET Journal
This document presents a gravitational search algorithm to develop an optimal bidding strategy for a generator in a deregulated electricity market. The algorithm aims to maximize the generator's profit by determining the optimal block price to bid. It models the electricity market as a static non-cooperative game with imperfect information. The algorithm predicts rivals' bidding behavior using a normal probability distribution and formulates the generator's bidding strategy as a stochastic optimization problem. Simulation results from applying the gravitational search algorithm are compared to results from genetic and particle swarm optimization algorithms.
Electricity Markets Regulation - Lesson 2 - Market DesignLeonardo ENERGY
This section explains the main properties of different types of electricity markets exhibiting different level of competition and different forms of organisation.
• General market models : vertically integrated companies / single buyer / wholesale competition / retail competition
• Power pools : Price based / Cost based
• Markets with bilateral trade
• Balancing markets
• Power exchanges
Mr. bk syngal trai nipfp spectrum valuation and management presentation - 2...Brijendra Syngal
This document summarizes a presentation given by Mr. B.K. Syngal on spectrum valuation and management in India. The key points are:
1) India has the 2nd largest telecom market globally but high debt levels in the industry. Total industry debt is around INR 4-5 lakh crore while EBITDA is only INR 65,000 crore annually.
2) Spectrum allocation has mostly occurred through auction except in 2005 and 2008 when it was administratively allocated, leading to allegations of biased allocation.
3) Moving forward, the presentation recommends auctioning all available spectrum, allowing spectrum re-farming and trading, and removing policies that have added to industry debt like non-
This document contains inspirational sayings about friendship and life lessons. Some key points include: there are people who you love and would die for; a smile can bring happiness even to those who don't like you; good friends are like stars that you can't always see but know are there; and true friends are what keep you going through life. The document encourages sharing the messages with friends.
The document summarizes that the difference between poor and rich nations is not due to factors like the age of the nation, availability of natural resources, or intellectual abilities of people. Rather, the key difference lies in the attitudes and principles followed by most citizens of each country. Rich countries became prosperous because their people generally abide by principles like ethics, integrity, responsibility, respect for laws, work ethic, savings, productivity, and punctuality. In poor countries, only a small minority follow these basic principles in their daily lives. The document argues that countries will remain poor if their people lack the will to adopt and teach the attitudes of successful societies.
Preliminary Research on Adoption and Diffusion Model of SMEs E-Learning in Th...www.nbtc.go.th
Preliminary Research on Adoption
and Diffusion Model of SMEs
E-Learning in Thailand
Noppadol Tiamnara
Office of the National Broadcasting
and Telecommunications Commission, Thailand
The contribution of SMEs to
economic growth is widely recognized and
Thailand is one of the countries where
SMEs have always played a primary role in
digital economy environment. This paper is
a research-in-progress which aims to
construct a conceptual framework to
understand adoption and diffusion of
e-learning among small and medium-sized
enterprises (SMEs) in Thailand. Various
models of technology acceptance and
adoption are reviewed in this research to
analyze and apply for developing the
conceptual framework of the research. The
future work of the research is explained.
The results of the research in this paper will
provide recommendations to support SMEs
to utilize e-learning to foster the economic
impacts to the country. Analysis in this
research is based on quantitative approach.
Reference
http://www.ijcim.th.org/SpecialEditions/v23nSP2/02_25A_Preliminary.pdf
In Feb 2010, I was invited to give a talk at my alma mater Punjab Engineering College to the ECE and CS department students. The goal was to get them to think a bit more about pursuing a PhD.
Electricity Markets Regulation - Lesson 8 - PricingLeonardo ENERGY
Once the revenue requirements are established they should be converted into tariff systems. This session explains the major economic principles of electricity pricing and the general pricing models using average and marginal costs. Moreover the session explores the major pricing models for the electricity activities including: generation, transmission, distribution and retail activities.
* Pricing principles : economic efficiency - cost recovery
* General pricing models : average cost pricing - marginal cost pricing
* Cost allocation issue
* Pricing for different activities in the electricity industry : generation pricing - transmission pricing - distribution pricing - retail supply pricing
IRJET- Enhancement in Financial Time Series Prediction with Feature Extra...IRJET Journal
The document discusses using text mining techniques like Latent Dirichlet Allocation (LDA) to extract features from financial news articles that can help predict stock market movements. It proposes a new model called Financial LDA (FinLDA) that extends LDA by incorporating changes in financial data. FinLDA is evaluated using news articles and S&P 500 index data, with the extracted features used as inputs to support vector machines (SVM) and neural networks to validate their usefulness for prediction. The goal is to build a model that can predict stock trends based on analyzing relevant news contents using time series analysis and text mining methods.
This session explains the nature of economic regulation. It discusses the central question why some parts of the electricity value chain remain regulated and are not subject to competition.
Furthermore, four main issues regarding an adequate regulatory regime are addressed:
· Areas: Where should be regulated?
· Scope: What should be regulated?
· Type: How should be regulated?
· Institutions: Who should regulate?
Special emphasis is put on the types of regulation respectively the different forms of price control and their effects (advantages / disadvantages) – including incentive regulation. A short overview on the current legislation and application of price control in the EU completes the session.
bidding strategies in indian restructured power marketKomal Nigam
This document provides an outline for a thesis on bidding strategies in the Indian power market. It includes an introduction to the Indian power market and deregulation. It discusses topics that will be covered like transmission pricing, bidding classifications and mechanisms, literature review outcomes and objectives. It provides timelines and references that will be used. In summaries the key aspects of the deregulated market and the research problem around determining market clearing prices with multiple generators and constraints.
Bidding strategies in deregulated power marketGautham Reddy
This document provides a 3-page summary of a report on bidding strategies in deregulated power markets. It includes an introduction describing electricity markets and deregulation. It then covers market structure under deregulation and operation of power systems. The remainder of the document outlines the report's contents which include an analysis of various bidding strategies and algorithms, case studies, and a literature review citing 48 relevant sources.
This document provides a guide for designing, implementing, and monitoring competitive power supply solicitations to obtain the best deal for electric utility customers. It discusses the importance of ensuring a credible solicitation process through collaborative design with input from all stakeholders and independent third-party monitoring. Further, it addresses choosing appropriate solicitation formats and product types, such as requests for proposals and price-only auctions, as well as considerations for fair bid evaluation such as comparability, transmission assessments, and creditworthiness. The overall goal is to use competitive solicitations as a tool for determining prudent power purchase decisions and alleviating concerns about affiliate bias.
Modeling and Analysis of Wholesale Competitive Electricity Markets: A Case Fo...IJERA Editor
Electricity markets all over the world are moving towards greater reliance on competition and this has become a global trend as a method of best practice. However, before competition is introduced in electricity markets it is imperative to model and assess the behavior of the market. The assessment includes calculating the market performance indices to determine the levels of market power exploitation by the Generating Companies (GenCos) that will participate in the market. This paper presents a study on modeling and analysis of wholesale competitive electricity market for a developing country to help regulators assess and predict market behaviour. It involves modeling and simulation of the Zambian power system network in Agent-Based Modeling of Electricity Systems (AMES) using real system data to pick out critical information that enables us to assess the status of the market. The results indicate that market power exploitation is prevalent for the two largest GenCos assessed.
Electricity Markets Regulation - Lesson 1 - Regulation General PrinciplesLeonardo ENERGY
1. The document summarizes key topics from a webinar on electricity market regulation, including the objectives of regulation to protect consumers and ensure fair industry participation.
2. It discusses areas of regulation like generation, transmission, distribution and retail supply. Methods of regulation include price controls, quality standards and incentive schemes.
3. Institutional questions are also covered, like the roles of different regulatory bodies and the importance of regulator independence.
Capgemini_SmartGrid_RenewableEnergySurvey_0209Jeffrey Norman
The survey found growing regulatory acceptance of AMI initiatives, with 67% of respondents either requiring AMI deployments or allowing them without regulations. However, most regulators do not yet support real-time pricing for all customer classes due to concerns about exposing customers to high fluctuating energy costs. The broader vision of a smart grid that includes two-way communication, automation, and integration of distributed resources is also gaining traction. While deployments lag, regulators see potential benefits of a smart grid such as improved reliability, efficiency and incorporation of renewable energy.
1) The document presents a model for estimating the earnings of a mobile communication network using sensitivity analysis.
2) The model uses five parameters related to mobile traffic intensity - number of users, number of calls, call duration, initial cost per call duration, and price per call duration - to estimate profits under different scenarios.
3) Sensitivity analysis via tornado graphs show that profits are most sensitive to the number of calls and call duration. This suggests companies should focus on increasing these factors to maximize earnings.
This document summarizes a white paper on competitive procurement of retail electricity supply. It discusses trends in state policies that require or encourage utilities to use competitive procurement processes to obtain power supply. Key issues discussed include designing procurements to prevent improper self-dealing by utilities, evaluating both price and non-price criteria in supply offers, and structuring regulatory policies to promote competitive supply offers while fulfilling other obligations. The document also compares procurement frameworks for obtaining incremental new supply versus procuring full-requirements service supply.
Fixed costs recovery, renewables adoption, and rate fairness 5 6-14bobprocter
This document summarizes key issues regarding a utility's recovery of fixed costs and how that affects renewables adoption and rate fairness. It discusses:
1) A utility's proposal to rely solely on demand charges for fixed cost recovery and how that could impact net metering for renewables.
2) Debate around the level of benefits utilities attribute to photovoltaics (PV) and arguments that environmental benefits should be included.
3) How legislative guidance gives utilities and regulators latitude in determining reasonable rates, making it difficult for aggrieved parties to challenge rates in court.
4) The Federal Energy Regulatory Commission's varying approaches to allocating fixed costs between demand and volume charges and its understanding of rate
Electricity Markets Regulation - Lesson 3 - Price RegulationLeonardo ENERGY
Session 3: Price Regulation
This session explains different forms of price control including the classical rate of return organisation and more advanced forms of incentive regulation. It will also explain the design criteria for different price control models.
• Major price control models: Rate of return / Cap regulation / Yardstick competition / Sliding scale regulation
• Principle design criteria: Efficiency properties / Demand impact / Regulatory burden / Practicability / Coherence with industry and market design
IRJET - An Auction Mechanism for Product Verification using CloudIRJET Journal
The document summarizes a research paper that proposes an auction mechanism for product verification using cloud computing. The key points are:
1. The paper presents an auction process for allocating commodities (land) between customers (buyers) and owners (sellers) using an options-based sequential auction algorithm in the cloud.
2. To enhance trust between buyers and sellers, a third party (the government) is introduced to verify product documents and handle the entire auction process.
3. The auction occurs in two stages - document verification by the government, followed by price matching to select the buyer with the highest bid for the verified product.
Gravitational Search Algorithm for Bidding Strategy in Uniform Price Spot MarketIRJET Journal
This document presents a gravitational search algorithm to develop an optimal bidding strategy for a generator in a deregulated electricity market. The algorithm aims to maximize the generator's profit by determining the optimal block price to bid. It models the electricity market as a static non-cooperative game with imperfect information. The algorithm predicts rivals' bidding behavior using a normal probability distribution and formulates the generator's bidding strategy as a stochastic optimization problem. Simulation results from applying the gravitational search algorithm are compared to results from genetic and particle swarm optimization algorithms.
Electricity Markets Regulation - Lesson 2 - Market DesignLeonardo ENERGY
This section explains the main properties of different types of electricity markets exhibiting different level of competition and different forms of organisation.
• General market models : vertically integrated companies / single buyer / wholesale competition / retail competition
• Power pools : Price based / Cost based
• Markets with bilateral trade
• Balancing markets
• Power exchanges
Mr. bk syngal trai nipfp spectrum valuation and management presentation - 2...Brijendra Syngal
This document summarizes a presentation given by Mr. B.K. Syngal on spectrum valuation and management in India. The key points are:
1) India has the 2nd largest telecom market globally but high debt levels in the industry. Total industry debt is around INR 4-5 lakh crore while EBITDA is only INR 65,000 crore annually.
2) Spectrum allocation has mostly occurred through auction except in 2005 and 2008 when it was administratively allocated, leading to allegations of biased allocation.
3) Moving forward, the presentation recommends auctioning all available spectrum, allowing spectrum re-farming and trading, and removing policies that have added to industry debt like non-
This document contains inspirational sayings about friendship and life lessons. Some key points include: there are people who you love and would die for; a smile can bring happiness even to those who don't like you; good friends are like stars that you can't always see but know are there; and true friends are what keep you going through life. The document encourages sharing the messages with friends.
The document summarizes that the difference between poor and rich nations is not due to factors like the age of the nation, availability of natural resources, or intellectual abilities of people. Rather, the key difference lies in the attitudes and principles followed by most citizens of each country. Rich countries became prosperous because their people generally abide by principles like ethics, integrity, responsibility, respect for laws, work ethic, savings, productivity, and punctuality. In poor countries, only a small minority follow these basic principles in their daily lives. The document argues that countries will remain poor if their people lack the will to adopt and teach the attitudes of successful societies.
Preliminary Research on Adoption and Diffusion Model of SMEs E-Learning in Th...www.nbtc.go.th
Preliminary Research on Adoption
and Diffusion Model of SMEs
E-Learning in Thailand
Noppadol Tiamnara
Office of the National Broadcasting
and Telecommunications Commission, Thailand
The contribution of SMEs to
economic growth is widely recognized and
Thailand is one of the countries where
SMEs have always played a primary role in
digital economy environment. This paper is
a research-in-progress which aims to
construct a conceptual framework to
understand adoption and diffusion of
e-learning among small and medium-sized
enterprises (SMEs) in Thailand. Various
models of technology acceptance and
adoption are reviewed in this research to
analyze and apply for developing the
conceptual framework of the research. The
future work of the research is explained.
The results of the research in this paper will
provide recommendations to support SMEs
to utilize e-learning to foster the economic
impacts to the country. Analysis in this
research is based on quantitative approach.
Reference
http://www.ijcim.th.org/SpecialEditions/v23nSP2/02_25A_Preliminary.pdf
In Feb 2010, I was invited to give a talk at my alma mater Punjab Engineering College to the ECE and CS department students. The goal was to get them to think a bit more about pursuing a PhD.
Determinants of subscriber churn and customer loyalty in the korean mobile te...Cuong Dinh
This document analyzes determinants of subscriber churn and customer loyalty in the Korean mobile telephony market. Using a binomial logit model based on a survey of 973 mobile users, it finds that the probability a subscriber will switch carriers depends on satisfaction with call quality, tariff level, handsets, brand image, income, and subscription duration. However, only call quality, handset type, and brand image affect customer loyalty, measured by intention to recommend the provider. Subscription duration decreases churn probability but does not impact loyalty, indicating lock-in effects exist among non-loyal subscribers staying due to switching costs. The findings provide implications for mobile business strategies and competition policy regarding customer retention and mobility barriers.
IRJET- Valuation of Real Estate in Karad CityIRJET Journal
This document discusses valuation of real estate properties in Karad City, India. It aims to develop a model using fuzzy logic to accurately predict residential property prices. Accurate property valuation is important for real estate investors and markets. Currently, property valuation considers various qualitative characteristics but predicting prices precisely is complex due to different location and use factors. The document reviews the need for accurate valuation and challenges in the valuation process. It also provides an overview of fuzzy logic systems and their use in applications like real estate valuation to account for various intrinsic and extrinsic pricing factors. The overall goal is to help investors value properties at precise rates.
A Framework For Analysing Strategies Of Internet Service ProvidersLisa Muthukumar
This document analyzes strategies of Internet Service Providers (ISPs). It provides a framework for analyzing ISP competitiveness based on their value chain, factor inputs, product portfolio, pricing policy, and market segmentation. Using this framework, the document qualitatively compares the competitive positions of different types of ISPs, such as telco incumbents, new carriers, and small regional ISPs, based on observable business strategies. Technological developments and changes in the ISP market structure also impact the viability of different business models and strategic options available to ISPs.
Business Models for the Next Generation of Mobile Communications ijmnct
The Next Generation of mobile network 5G, which will be based on a high-speed wireless broadband
connection, could bring important changes to the way individuals and businesses employ
telecommunications services and solve the issues related to the explosive growth in demand for mobile
traffic, and the profitability decreasing of the mobile Broadband market. Therefore, the OMNs (Operator
Mobile Networks) should plan for deploying 5G mobile network beyond 2020, which is the expected year
for launching 5G. A business analysis study and mathematic modelling approach was considered. Also, a
new pricing model is proposed to be consistent with the growth of mobile broadband. The results show that
5G is very beneficial, not only because of its lower cost compared with 4G LTE, but also due to the
increment of average data consumptions offered by 5G mobile technologies and the increasing growth of
number of users. We also found that good analysis of Price Elasticity of Volume (PED) gives an important
margin of benefit. We confirm that the reuse of existing sites have a large impact on reducing costs when a
denser macro network deployed. However, we encountered a lack of the limited capacity related to the
macro sites and coverage limited with small cell solutions like femtocells, picocells deployed with 5G
millimeter Wave system and Wi-Fi.
Business models for the next generation of mobile communicationsijmnct
The Next Generation of mobile network 5G, which will be based on a high-speed wireless broadband connection, could bring important changes to the way individuals and businesses employ telecommunications services and solve the issues related to the explosive growth in demand for mobile
traffic, and the profitability decreasing of the mobile Broadband market. Therefore, the OMNs (Operator Mobile Networks) should plan for deploying 5G mobile network beyond 2020, which is the expected year for launching 5G. A business analysis study and mathematic modelling approach was considered. Also, a new pricing model is proposed to be consistent with the growth of mobile broadband. The results show that 5G is very beneficial, not only because of its lower cost compared with 4G LTE, but also due to the
increment of average data consumptions offered by 5G mobile technologies and the increasing growth of number of users. We also found that good analysis of Price Elasticity of Volume (PED) gives an important margin of benefit. We confirm that the reuse of existing sites have a large impact on reducing costs when a denser macro network deployed. However, we encountered a lack of the limited capacity related to the
macro sites and coverage limited with small cell solutions like femtocells, picocells deployed with 5G millimeter Wave system and Wi-Fi.
BUSINESS MODELS FOR THE NEXT GENERATION OF MOBILE COMMUNICATIONSijmnct
The Next Generation of mobile network 5G, which will be based on a high-speed wireless broadband connection, could bring important changes to the way individuals and businesses employ
telecommunications services and solve the issues related to the explosive growth in demand for mobile traffic, and the profitability decreasing of the mobile Broadband market. Therefore, the OMNs (Operator Mobile Networks) should plan for deploying 5G mobile network beyond 2020, which is the expected year for launching 5G. A business analysis study and mathematic modelling approach was considered. Also, a
new pricing model is proposed to be consistent with the growth of mobile broadband. The results show that 5G is very beneficial, not only because of its lower cost compared with 4G LTE, but also due to the increment of average data consumptions offered by 5G mobile technologies and the increasing growth of
number of users. We also found that good analysis of Price Elasticity of Volume (PED) gives an important margin of benefit. We confirm that the reuse of existing sites have a large impact on reducing costs when a
denser macro network deployed. However, we encountered a lack of the limited capacity related to the macro sites and coverage limited with small cell solutions like femtocells, picocells deployed with 5G millimeter Wave system and Wi-Fi.
IRJET- Android Application for Service by using Bidding and Ratings in nearby...IRJET Journal
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This document provides an overview of a model of competition between two interconnected telecommunications networks. The model analyzes both the transition period to competition and the mature competitive state. It considers how freely negotiated access charges that networks pay each other could impact competition both during transition and in maturity. The model assumes consumers choose a single network based on prices and network differentiation, and that calling patterns between networks are balanced statistically.
This document summarizes a research paper published in The RAND Journal of Economics. The paper develops a model to analyze competition between two interconnected telecommunications networks. It examines both the mature phase with two full-coverage networks, and the transition phase with one incumbent and one partial-coverage entrant. The model assumes a balanced calling pattern and reciprocal access pricing. It analyzes how the access charge affects competitiveness, and considers policies like cost-based access pricing and the efficient component pricing rule. The goal is to provide a conceptual framework for understanding unregulated network competition.
Financial Transmission Right effects on transmission expansionIRJET Journal
This document discusses approaches for incentivizing transmission network expansion, focusing on the use of long-term financial transmission rights (LTFTRs). It first reviews different structures for transmission investment and their strengths and weaknesses. It then examines how financial transmission rights (FTRs) can affect transmission investment. The document models LTFTR allocation through simulations of transmission expansions in simple 3-node networks. It finds that properly allocating proxy and incremental FTRs awards through an auction framework can incentivize efficient network expansion while preserving feasibility. Overall, the document analyzes how LTFTRs may provide a merchant mechanism for optimally expanding electricity transmission capacity over the long-term.
Radio spectrum is a scarce resource that is increasingly in demand to support wireless services like mobile phones and GPS. Spectrum pricing by regulators is a tool to help ensure efficient use of spectrum such that mobile operators maximize benefits for society. An effective spectrum pricing approach considers both upfront access fees and annual usage fees, sets modest reserve prices below expected market value, prioritizes allocation, helps operators manage risk, and takes a long-term perspective focusing on stimulating competition and investment over short-term revenue goals.
Measuring competitive pressure in mobile telecommunication sectors using oecd...ACORN-REDECOM
The OECD Price Benchmarking Basket methodology compares prices across OECD countries for mobile telecommunication
services. This methodology uses only data from dominant operators that together have at least 50% market share. This paper
compares prices for 18 African countries based on the OECD methodology with the prices for the cheapest product available
in a country. The OECD methodology is expanded to include all operators and all prepaid products. The difference between
the two prices, cheapest over all and cheapest dominant operators, is interpreted as competitive pressure in the sector and is
linked to market structure and regulatory environment. The paper demonstrates of the basket methodology can be used to
monitor the affects of regulatory interventions and define universal service obligations based on affordability.
The document is a report on the status of smart grid deployments in the United States as mandated by the Energy Independence and Security Act of 2007. Some of the key findings are:
- Distributed energy resources like solar and storage are growing but still low penetration levels. Microgrids, electric vehicles, and demand response are in early phases.
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- A cultural change is needed to fully integrate automation across the electric system and among stakeholders from a technical
This document summarizes a study on surge pricing in transportation network economies. It begins by explaining how dynamic pricing allows prices to change quickly based on demand without significant costs. Dynamic pricing is common in sharing economies and industries with digital sales. The transportation industry, including ridesharing services, uses dynamic pricing where prices surge to match supply and demand. However, consumers have complained about excessive surge pricing in some cases. The document aims to analyze surge pricing as a potential case of excessive pricing and how authorities should regulate dynamic prices. It provides background on dynamic pricing applications and benefits across industries before focusing on its use and effects in the transportation sector.
IRJET- Research On Android Application for service By Using Bidding and R...IRJET Journal
This document describes a proposed Android application that allows users to search for services from nearby providers who can bid on jobs. The application aims to address issues with existing services by enabling bidding, comparing provider costs and ratings. It explores how several service providers price services and how users can view bids, choose a provider and rate their satisfaction. The proposed application architecture allows users to post service requests, providers to bid, and maintains a database of bids, ratings and transaction history for analysis. The goal is to revolutionize how users find and compare local service providers through a competitive bidding system on an easy-to-use mobile application.
Reliability cost assessment for upgrading feeder by using customer surveysIAEME Publication
The document summarizes a study on assessing reliability costs for upgrading an electric feeder using customer surveys in Hyderabad, India. Customer surveys were conducted with residential, commercial, and industrial customers to determine the monetary costs of power interruptions of varying durations. The survey data was used to create customer damage functions showing interruption costs normalized per annual peak demand. Sector customer damage functions were also developed. The results can be used to evaluate reliability worth and help justify future system reinforcements.
- The document analyzes the relationship between average mobile phone prices of residents in different regions and various socioeconomic indicators for those regions.
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- The study uses mobile phone call data records from Pakistan to determine average phone prices for subscribers in different areas, which it then correlates with data from government census surveys to examine relationships between phone price and socioeconomic factors.
Broadband tariffs in latin america: Benchmarking and analysis - Hernán Galper...ACORN-REDECOM
We analyze tariffs for fixed broadband services in Latin America and benchmark against tariffs in the OECD. We also
develop a new broadband development indicator (the Broadband Performance Index) that compares actual penetration rates
with those predicted by our regression model. The results shows that broadband services in Latin America are generally
expensive and of poor quality when benchmarked against OCED countries, and that Latin American countries are
underperforming in broadband development after wealth, education and demographics factors are accounted for. We also
provide price elasticity estimators for broadband demand in Latin America. The results reveal that an average price reduction
of 10% would result in an increase of almost 19% in the penetration rate, equivalent to 4.7 million additional broadband
connections. Finally we estimate the affordability of broadband services for households in a sample of countries in the region.
The results reveal that sharp price reductions would be needed to achieve household penetration rates comparable to the
OECD, and that public access initiatives will still be needed to provide services for the lowest-income households.
Ekf i w w-w for mobile telcos. - ciet 2018 - fin pptxIgor Jurčić
The document describes two analytical frameworks - the Eight Key Fields (EKF) Analysis and the Win-Win-Win Papakonstantinidis model - that can help mobile telecommunications operators adapt to Industry 4.0. The EKF Analysis evaluates operators across 10 factors, such as coverage, technology, products/services, and regulations. The Win-Win-Win model frames relationships as three-party negotiations involving the operator, customers, and community. Both aim to help operators shift their mindsets for competing in an evolving digital landscape against companies like Google, Amazon, and Facebook.
Similar to Radio Spectrum Valuation by Using Censored Regression Method (20)
Spectrum auction Theory and Spectrum Price Modelwww.nbtc.go.th
Radio spectrum is scarce and invaluable telecommunication resource.
Reference :
http://www.ijird.com/index.php/ijird/article/view/84113/65018
Thanks for reading,
Noppadol Tiamnara
A Broadband Rectangular Microstrip Patch Antenna for Wireless Communicationswww.nbtc.go.th
In this paper, a simple design of wideband
rectangular patch antenna is presented by using asymmetrical
feed and a reduction in ground plane with proper gap distance.
The frequency-dependent characteristic impedance included in
the proposed procedure is addressed to eliminate possible
errors in the high-frequency broadband applications. The
antenna proposed in this research provides 2.3GHz bandwidth
(frequency range: 0.9GHz - 3.2GHz) which can be utilized in
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biomedical and mobile radio. The proposed procedure in this
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contribution as it permits quick and easy design for RF
engineers.
Reference : International Journal of Modeling and Optimization, Vol. 4, No. 3, June 2014
http://www.ijmo.org/papers/373-A0002.pdf
Thanks for reading.
Noppadol Tiamnara
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2. S. Malisuwan et al.
649
tion for studied country. It starts by using statistical technique to estimate regression model in order to find the
relationship between actual auction prices in different countries and its determinants. Then, it forecasts the spec-
trum price for studied country by replacing the values of determinants in the equation. In this paper, we focus on
the second group which uses economic method in finding the relationship between spectrum price from real
auctions in different countries (auction price) and its determinants. Spectrum valuation by econometrics is easier
than the opportunity cost approach as an econometric model needs macro-level data which are usually public. In
contrast, the calculation of opportunity costs needs micro-level data including engineering, technology and busi-
ness data which are usually confidential.
This paper presents a radio spectrum valuation method by using censored regression method which is a type
of econometrics method. To construct censored regression model, the study in [2] categorized determinants of
spectrum value (price/MHz/pop) into five groups as shown in Table 1: variables that reflected economic condi-
tion and mobile market characteristics, license characteristics, financial obligation, service obligations and auc-
tion procedure.
Most variables on economic condition and mobile market characteristics have significant impacts on spectrum
value. The study found that the auction price would be higher if the population coverage of the spectrum license
increased. This result was consistent with [3] who conducted a theoretical study from both engineering and
economic perspectives, and empirical study to test the result using the data from spectrum auctions in Europe. It
found that in theory, important determinants were spectrum demand represented by traffic and spectrum supply
represented by bandwidth. In the empirical research, it found that the key determinants of spectrum value were
the number of populations (users). However, the spectrum value has a nonlinear relationship with the number of
populations. In addition, the income per capita also has a positive impact on spectrum price.
In the license characteristics group of variables, the license period and the reserve price are two factors that
have significant impacts on spectrum value. These two variables have a positive impact on spectrum value. The
findings were consistent with [1] [4]-[6] which found that the sufficiently high reserve price prevented bidder
collusion, which kept the auction price low.
Table 1. Determinants of spectrum value in study of [2].
Key variables group Variable Description
Economic condition and mobile
market characteristics
Income Real income per capita (US Dollar in PPP)
Market Population in coverage area of spectrum license (million)
Mcomp Reciprocal of one plus the number of operators
Shift (dummy) Equal to one if auction took place during 2001 to 2007, zero otherwise
License characteristics
Duration License period (year)
Entrant (dummy)
Equal to one if auctions rule stipulates that at least one
license is set-aside for operator who has never
received spectrum license, zero otherwise
Reserve Reserve price (US dollar)
Financial commitment after
winning the auction
Percent Means of annual fee (percent of income from using 3G spectrum)
Service obligation after winning
the auction
Deploy Percent of population in accordance with coverage obligation
Share (dummy) Equal to one if infrastructure sharing is mandated
Auction procedure
Accomp Ratio of the number of bidders to the number of license
Activity (dummy) Equal to one if auction has activity rule, zero otherwise
Info (dummy)
Equal to one if auction information are
disclosed to the public, 0 otherwise
Number (dummy) Equal to one if the number of license is predetermined, zero otherwise
Package (dummy) Equal to one if package bidding is permitted, zero otherwise
Sealed (dummy) Equal to one if auction is a sealed-bid format, zero otherwise
3. S. Malisuwan et al.
650
According to the studies of spectrum valuation by censored regression in the past, we can categorize variables
that have significant effects on spectrum value and have the relationship as predicted by the theory into three
groups: 1) factors concerning spectrum demand, 2) factor concerning spectrum auction characteristics and 3)
factors concerning pre- and post-auction obligations. Factors concerning spectrum demand are variables that re-
flect the size of the economy and the needs for spectrum. This group includes country’s income, the number of
populations, and the time when telecommunication market is booming. The group of factors concerning spec-
trum auction characteristics will express the level of competition in spectrum auction, including the number of
bidders per license offered. The last group of variables includes factors concerning pre- and post-auction obliga-
tions. They are important factors to be considered by bidders before entering the auction. These include reserva-
tion of license for next auction, amount of deposit to be made before auction, annual fee and coverage obligation.
2. Spectrum Valuation with Economic Approach: Censored Regression Method
Spectrum valuation with econometric approach considers demand- and supply-side determinants of spectrum
value. Supply-side determinants are, for example, license size, total spectrum to be auctioned, license length and
set-aside. Demand-side determinants are GDP, GDP per capita, the number of subscribers, education level, ratio
of revenue of telecommunication sector to GDP and long-run technological change. In short, spectrum valuation
with econometric approach is to find determinants of spectrum value while considering spectrum packaging, li-
censing procedure, payment schedule, domestic economy and market condition.
There are some remarks about the estimations. First, to specify a model, the independent variables must be
chosen in accordance with the theory or sensible assumptions. International Telecommunication Union (ITU)
categorizes determinants of spectrum value [7] [8].
Nevertheless, there is no rule about the choice of independent variables. It depends on data availability, as-
sumptions, historical data and economic theory. Each of these criteria may be applied individually or together
when choosing independent variables. It can say that an econometric model specification is both arts and science.
Second, data for the study are collected from government agencies, domestic and international firms and other
sources such as auction news. In practice, some variables cannot be included because of several reasons (e.g. no
data available). Therefore, some dependent or independent variables have to be replaced with other substitutable
variables that have available data.
Third, the model estimation is to estimate coefficients that explain the relationship between the spectrum val-
ue and the selected independent variables. There are two estimation techniques, ordinary least squares and
maximum likelihood estimation.
In this paper, we consider maximum likelihood estimation which is the censor regression model. Since spec-
trum value may be unobservable n some case, so-called censored sample, a censored regression model is used to
solve such problem. The censored regression model is estimated with maximum likelihood technique.
The censored regression model can be written as
*
i iY X β ε′= + (1)
where *
Y is the index of spectrum value indicating that spectrum value is observable (uncensored sample) or
observable (censored sample) data. x is a vector of independent variables. β is a vector of coefficients to be
estimated. ε is errors between the actual and predicted spectrum value. The index is
( )
* *
*
,
0,
i i
i
i
Y Y
Y f x
Y
τ
τ
<
= =
≥
(2)
where τ is the critical value designating whether spectrum value is an uncensored or censored sample, X is a
vector of independent variables, β is a vector of coefficients and ε are errors between actual and predicted
spectrum values.
The censored regression model is estimated with maximum likelihood. Conceptually, the distribution of spec-
trum value Y is a normal distribution that takes into account unobservable value as shown in the following equa-
tion.
( ) ( ) ( )
1* i i
d d
f Y f Y F τ
−
= (3)
4. S. Malisuwan et al.
651
where the maximum likelihood estimation considers the probability that each sample is observed to construct the
likelihood function and estimate the parameters. The likelihood function can be written as follows.
1
1
1
i id d
N i i i i
ci
Y X Y X
L
β β
σ σ σ
−
− −
= ∅ −∅
∏ (4)
Taking log to get the log-likelihood function
( ) ( )2 1,
max ln ln ln 1 ln 1
N i i i i
i i ci
Y X Y X
L d dβ σ
β β
σ
σ σ=
− −
= − + ∅ + − −∅
∑ (5)
After estimating the censored regression model, if the sample is sufficiently large so that its distribution is ap-
proximately normal, the estimators will be unbiased. Reliable estimates lead to reliable spectrum valuation.
Therefore, the censored regression model is one of the most popular models for spectrum valuation if a suffi-
ciently large dataset is available.
In sum, econometrics is an important tool for analyzing economic data as econometrics combines mathemat-
ics, statistics and economic theory to construct a mathematical model to explain the relationship between the
dependent variable and its determinants given historical data. This model is not only able to portray influences
of independent variables on the dependent variable, but it can forecast the value of the dependant variable as
well.
3. Analysis of Spectrum Valuation Data Characteristics
Spectrum auction can be viewed as investment and a firm wants to invest in a profitable project. If awarded a
spectrum license, a firm can make use of spectrum not only to improve its telecommunication service, but to re-
duce cost of build out as well. A firm would participate in a spectrum auction whenever the net revenue from
spectrum license exceeds the auction price.
However, in each auction, government or auctioneer usually sets a reserve price for the auction. The reserve
price is usually greater than zero. The winning bidder is the one submitted the highest bid given that it must be
greater than the reserve price.
If the net revenue from spectrum license is less than the reserve price, firms will not participate in the auction
and the winning bid is equal to zero. Nevertheless, spectrum value is not equal to zero but it is simply lower than
the reserve price. Therefore, some auction prices are not observable and the data are thereby a censored sample.
The least squares are not appropriate for spectrum valuation because the estimates will be higher than the actual
values. An appropriate model for censored sample is Tobit.
Developed by James Tobin, Tobit model is suitable for a sample whose data for dependent variable is cen-
sored or censored sample.
The study in [9] employed Tobit model to estimate the relationship between spectrum value in unit of price/
MHz/pop and its determinants. They argued that winning bids are typically censored since an observable win-
ning bid must be the highest bid that is greater than the reserve price. In some circumstances, there are no bids as
the return from spectrum license is less than the reserve price. As a result, there is no winning bidder and his
spectrum value is unobservable. The winning bid is then equal to zero.
Due to such winning bid data, the spectrum value cannot be estimated with the least squares. Tobit model
which takes missing data of the dependent variable into consideration is more suitable for spectrum valuation.
This section discusses how to estimate Tobit model with maximum likelihood under assumption that variables
are distributed normally. The probability distribution function and cumulative distribution function of normal
variables are shown first and then the estimation of Tobit model is discussed.
Let y be a normal random variable with the mean of µ and the variance of 2
σ . Thus, the probability dis-
tribution function of y is
( )
( )2
2
2
2
1
e
2π
y
f y
µ
σ
σ
−
−
= (6)
5. S. Malisuwan et al.
652
The standard normal distribution of y with the mean of 0, the variance of 1 and
y
z
µ
σ
−
= is
( ) ( )
( ) ( )
2
1
22
1 1
e e
2π 2π
zy y
y
f y z
µ µ
σ σ
µ
σ σ σ
− − −− ⋅ ⋅
−
=∅ =∅ = =
(7)
When 1σ = ,
( ) ( )
2
21
e
2π
z
f z z
−
=∅ = (8)
Let ( )z∅ is the standard normal distribution function
( )c z∅ is the cumulative standard normal distribution function. Thus,
( )
( )
( )
22
2 22
2
1 1 1 1
e e
2π2π
zy
y
f y z
µ
σ
µ
σ σ σσσ
− −−
−
= = =∅ =∅
(9)
where the cumulative distribution function is
( ) c
y
p Y y
µ
σ
−
≤ =∅
( ) 1 c
y
p Y y
µ
σ
−
> = −∅
(10)
As discussed earlier, the winning bid price per total MHz/pop data are left-censored sample since a firm de-
cides not to bid if the net revenue from spectrum license is below the reserve price. As a result, the winning bid
is equal to zero. Nevertheless, the spectrum value is not equal to zero. It is rather equal to the return which is
below the reserve price. This value is unobservable as shown in Figure 1.
According to Figure 1, the censored sample distribution can be written as follows.
* *
*
if Reserve price
0 if Reserve price
ij ij ij
ij
ij ij
PMHzp PMHzp
PMHzp
PMHzp
>
=
≤
(11)
Let *
ijy be the highest bid which is initially confidential and thus unobserved. This value is revealed only if it
is greater than the reserve price and it is the highest as in shown in the first case of ijPMHzp . The second case
involves no bid submitted since the spectrum value is below the reserve price and it is thereby not revealed and
equal to zero. Hence, the distribution of PMHzp is normal with unobserved data as shown in the following
equation.
( ) ( ) ( )
1*
Reserve price
i i
d d
f PMHzp f PMHzp F
−
= (12)
where 1id = if *
Reserve priceij ijPMHzp > ;
0id = if *
Reserve priceij ijPMHzp ≤ .
So, the cumulative distribution function of the censored data is
( ) ( )*
Reserve price Reserve price
Censored Reserve price 1
ij ij
ij ij c cp p PMHzp
µ µ
σ σ
− −
= ≤ = ∅ = −∅
(13)
Figure 1. Left-censored spectrum value.
Winning Bid price
Reserve price
Spectrum price = 0
Censored price of
Spectrum
6. S. Malisuwan et al.
653
The cumulative distribution function of censored data is shown in Figure 2.
The cumulative distribution function is the white area in Figure 2. If the distribution is assumed uncensored
despite the imperfect data, the statistical properties violate the least squares assumptions and the estimation re-
sult is biased and inconsistent.
Tobit model uses the probability above for estimation and thus requires assumption about the distribution of
the random variable. It is usually assumed to be a normal distribution.
After showing the probability distribution of uncensored and censored data, estimation of Tobit model with
maximum likelihood which pools both uncensored and censored data as in probability theory is discussed.
Even if Tobit model specifies a linear relationship between dependent and independent variables as in the
general linear regression, some censored sample cannot be observed and thus the dependent variable is equal to
zero. The dependent variable, spectrum value ( )PMHz , is specified as *
PMHz under a condition that *
PMHz
can be observed only when *
PMHz is greater than the reserve price and it is the highest among all bidders.
However, *
PMHz is unobservable if a firm value the spectrum less than the reserve price. As a result, there is
no winning bidder and the spectrum value is equal to zero as discussed earlier. Therefore, the Tobit regression
model can be written as follows.
*
ij ij ijPMHzp X β ε= + (14)
where *
ijPMHzp is spectrum value per MHz/pop under sample observability conditions;
x′ is the vector of determinants of spectrum value per MHz/pop;
ε captures factors other than the determinants of spectrum value. Normally, it is assumed to be negligible in
explaining spectrum value;
i and j are subscripts representing country and license index, respectively. The value of 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑝𝑝∗
is specified
as follows.
* *
*
if Reserve price
0 if Reserve price
ij ij ij
ij
ij ij
PMHzp PMHzp
PMHzp
PMHzp
>
=
≤
(15)
The estimation of Tobit model which considers censored sample is shown below. The distribution of 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃
follows a normal distribution with censored data as shown below.
( ) ( ) ( )
1*
Reserve price
i i
d d
f PMHzp f PMHzp F
−
= (16)
where 1id = if *
Reserve priceij ijPMHzp >
0id = if *
Reserve priceij ijPMHzp ≤ .
Maximum likelihood estimation uses probabilities of each realization to construct a likelihood function to es-
timate parameters. The likelihood function is written as follows.
Reserve priceij
c
µ
σ
−
∅
Figure 2. Comparison between cumulative distribution functions of censored data (left)
and uncensored data (right), The cumulative distribution function of uncensored data is
( )
Reserve price
Uncensored 1 ij
cp
µ
σ
−
= − ∅
. Note: reserve price is smaller than the win-
ning bid price.
7. S. Malisuwan et al.
654
1
Reserve price1
1
i id d
N ij ij ij ij
ci
PMHzp X X
L
β β
σ σ σ
−
− −
= ∅ −∅
∏ (17)
Taking log yields a log-likelihood function
( ) ( )2 1,
Reserve price
Max ln ln ln 1 ln1
N ij ij ij ij
i i ci
PMHzp X X
L d dβ σ
β β
σ
σ σ=
− −
= − + ∅ + − −∅
∑ (18)
The log-likelihood function consists of two terms. The first term is the estimation of uncensored data and the
second term is the additional condition for estimation, says the probability that the sample is censored. Therefore,
the estimation of Tobit model not only considers observable data, but it estimates parameters that are consistent
to censored data as well.
The predicted spectrum value from the Tobit model is non-linear as shown in the equation below.
( ) ( )ij
ij ij c ij ij
X
E PMHzp X X
β
β σϕ
σ
=∅ +
(19)
where
( )
( )
Reserve price
1 Reserve price
ij ij
ij
c ij ij
X
X
β σ
ϕ
β σ
∅ − =
−∅ −
The marginal effect considers a change in determinant of spectrum value. In other words, it considers the
magnitude and direction of change in spectrum value when an determinant of spectrum value increases by one
unit. The marginal effect can be calculated as follows.
( )ij ij
ij
E PMHzp X
x
β
∂
=
∂
(20)
Pros and Cons of Tobit Model
Pros. Since Tobit model requires maximum likelihood estimation, given that the sample size is sufficiently
large, Tobit model is desirable for estimating with variables or data that are inaccessible, especially spectrum
auction in which only winning bid prices are observed.
Cons. Tobit model requires maximum likelihood estimation assuming that variables are distributed normally.
In practice, according to the Central Limit Theorem, a sufficiently large sample is needed to overcome the prob-
lem of unknown distribution. Hence, if the sample size is small, the estimation will be inaccurate and inconsis-
tent. This is different from OLS which does not assume any particular distribution.
4. Estimation Framework
A good framework for estimation and prediction should have the following properties.
Variables in the model must be sensible and have precise conceptual foundation. In this study, we apply idea
from ITU and economic concepts as a basis for variable selection. However, ITU determinants of spectrum val-
ue rely on theoretical concepts. For some determinants, quantitative data are not available and their proxies are
used instead and for others, there is no data available. Nevertheless, from the precise theoretical concept, we can
conjecture the effects of various variables on spectrum value, whether they are positive or negative. Therefore, a
desirable model should yield the estimation result consistent with the expectation.
The predicted value from the model must be sensible and practical. Specifically, the predicted value must not
be unusually low or high. Also, it must not be insensible value such as negative spectrum value.
Statistical properties should be reliable. For censored regression, we consider two statistics: 1) significant lev-
el of various variables along with their signs, whether they are the same as expected, 2) pseudo R-squared which
is a statistic used for comparing explanatory powers (spectrum value) of different models. The pseudo R-
squared can be used in similar way as R-squared in least squares estimation. That is, a model with higher pseudo
R-squared can explain spectrum value statistically better. However, in the censored regression, R-squared can-
not be calculated. Thus, pseudo R-squared is used instead. The value of pseudo R-squared is not restricted to be
between 0 and 1 as R-squared from OLS but the better model has a higher pseudo R-squared as in the general
8. S. Malisuwan et al.
655
linear regression.
5. Conclusion
This paper aims to present the radio spectrum valuation by using censored regression model which is an econo-
metric model. Basically, Radio spectrum valuation employs econometric models and methodologies which inte-
grate mathematics, statistics, and economic theory to model the relationship between spectrum value and its de-
terminants. Econometrics has several advantages. First, it studies actual historical data instead of forecasted data
which are usually associated with uncertainty. Second, econometrics is desirable for the available dataset. Fur-
thermore, econometrics is more flexible and tractable. This allows us to appropriately define the relationship
between spectrum value and its determinants as well as better predict the spectrum value. Lastly, there are di-
verse econometric methods and techniques.
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