The focus of this Perspective article is on the comparison of two of the most popular initial applicant screening methods: Resumes and application forms. The viewpoint offered is that application forms are superior to resumes during the initial applicant screening stage of selection. This viewpoint is supported in part based on criterion-related validity evidence that favors application forms over resumes. For example, the biographical data inventory, which can contain similar questions to those used in application forms, is one of the (...) most valid predictors of job performance, whereas job experience and years of education, which are often inferred from resumes and cover letters, are two of the least valid predictors of job performance. In addition to validity evidence, making decisions based on application forms as opposed to resumes is likely to help organizations defend against claims of discriminatory hiring while enhancing their ability to hire in a more diverse, equitable, and inclusive manner. For example, applicant names on resumes can lead to screening bias against members of identifiable subgroups, whereas an applicant’s name can be easily and automatically hidden from decision-makers when reviewing application forms. Despite these convincing arguments focused on applicant quality and diversity, a substantial research–practice gap regarding the use of resumes and cover letters remains. (shrink)

Les places où eurent lieu les contestations du soulèvement du 17 octobre au Liban ont connu l’émergence d’expressions populaires de dissidence, de colère et d’espoir. Les messages furent portés à travers différents médias, en particulier les graffitis, la musique, les chants. Cet épisode est particulier en ce que ces expressions transcendèrent les clivages sectaires et politiques habituels. Ce texte revisite, archive et analyse les différents moyens d’expression qui furent abondamment utilisés au cours de ce mouvement.

Background With growth of genomics research in Africa, concern has arisen about comprehension and adequacy of informed consent given the highly technical terms used in this field. We therefore decided to study whether there are linguistic and cultural concepts used to communicate heritability of characters, traits and diseases in an indigenous African population. Methods We conducted Focus Group Discussions among 115 participants stratified by sex, age and socio-economic status and Key Informant Interviews among 25 stakeholders and Key Opinion Leaders among (...) Yoruba living in Ibadan, Nigeria. We used Atlas-ti v.8.3.17 software to analyze the data, using thematic approach. Results The study participants identified several linguistic and cultural concepts including words, proverbs, and aphorisms that are used to describe heritable characters, traits and diseases in their local dialect. These included words that can be appropriated to describe dominant and recessive traits, variations in penetrance and dilution of strength of heritable characteristics by time and inter-marriage. They also suggested that these traits are transmitted by “blood”, and specific partner’s blood may be stronger than the other regardless of sex. Conclusions Indigenous Yoruba populations have words and linguistic concepts that describe the heritability of characters, traits and diseases which can be appropriated to improve comprehension and adequacy of informed consent in genomics research. Our methods are openly available and can be used by genomic researchers in other African communities. (shrink)

This study examines the relationships between a company''s emphasis on discretionary social responsibility, environment, and firm performance. It tests the proposition that environmental munificence and dynamism moderate the relationship between discretionary social responsibility and financial performance. Social responsibility was measured with a three-item scale in a sample of 62 firms using a questionnaire. Environmental munificence and dynamism were measured using archival sources as was financial performance (return on assets and return on sales). The results of moderated regression analyses and subgroup (...) analyses found a significant moderating effect of environment on the social responsibility-firm performance relationship. Discretionary social responsibility contributes to firm performance in environments that are dynamic and munificent. (shrink)

Now more than ever the role of the other has been put into question and marginalized in a redefinition of an “American national self-protective identity” in the current post election climate. In philosophical terms, an identity of a radical other- implies that any change, any difference, any impurity can be conceived as posing a threat to identity. If a specific group of people is identified as preventing the self from being what it ought to be, the other is identified as (...) a security threat. One option is to willingly conform to the assigned role as a threat. The opposite option I argue in my paper is one that can be achieved through the lens of a cosmopolitan framework of hospitality. By exploring the writings of French philosopher, feminist and psychoanalyst Luce Irigary’s cosmopolitan pedagogy of difference rooted in the concept of hospitality from the point of view of education, I hope put forth an alternative phenomenological pedagogy, one that connects issues of positionality with those of an embodied anti-racist philosophy of difference. By using case studies from my own classroom, I hope to elucidate how educators can implement an anti-racist pedagogy in the current post election climate, by creating spaces for dialogue where students are engaging in an authentic discourse on the nature of their positionality. (shrink)

The increasing global demand for energy necessitates devoted attention to the formulation and exploration of mechanisms of thermal heat exchangers to explore and save heat energy. Thus, innovative thermal transport fluids require to boost thermal conductivity and heat flow features to upsurge convection heat rate, and nanofluids have been effectively employed as standard heat transfer fluids. With such intention, herein, we formulated and developed the constitutive flow laws by utilizing the Rossland diffusion approximation and Stephen’s law along with the MHD (...) effect. The mathematical formulation is based on boundary layer theory pioneered by Prandtl. Governing nonlinear partial differential flow equations are changed to ODEs via the implementation of the similarity variables. A well-known computational algorithm BVPh2 has been utilized for the solution of the nonlinear system of ODEs. The consequence of innumerable physical parameters on flow field, thermal distribution, and solutal field, such as magnetic field, Lewis number, velocity parameter, Prandtl number, drag force, Nusselt number, and Sherwood number, is plotted via graphs. Finally, numerical consequences are compared with the homotopic solution as a limiting case, and an exceptional agreement is found. (shrink)

Bioethics and health researchers often turn to Islamic jurisconsults (fuqahā’) and their verdicts (fatāwā) to understand how Islam and health intersect. Yet when using fatwā to promote health behavior change, researchers have often found less than ideal results. In this article we examine several health behavior change interventions that partnered with Muslim religious leaders aiming at promoting organ donation. As these efforts have generally met with limited success, we reanalyze these efforts through the lens of the theory of planned behavior, (...) and in light of two distinct scholarly imperatives of Muslim religious leaders, the ʿilmī and the islāhī. We argue for a new approach to health behavior change interventions within the Muslim community that are grounded in theoretical frameworks from the science of behavior change, as well the religious leadership paradigms innate to the Islamic tradition. We conclude by exploring the implications of our proposed model for applied Islamic bioethics and health research. (shrink)

Choudhury, elected president of the General Assembly in 1986, reviews the changes within the UN and reasserts its enduring role as a global instrument of peace.

The study intends to investigate the relationship between work stress and job insecurity, as well as technological changes and job insecurity, with job satisfaction acting as a mediator. The study was conducted among Pakistani retail industry employees using survey questionnaires distributed online and in stores. The sample was composed of 262 retail workers from the FMCG and shopping mall industries. The responses were screened using the statistical software tool SPSS, and hypotheses were examined through SMART-PLS. The findings show that work (...) stress has a strong relationship with job insecurity; additionally, the relationship appears to be statistically significant. This demonstrates that many technological changes cause high levels of job insecurity because employees fear that they will be unable to cope with the changing environment. Furthermore, the mediating mechanism of job satisfaction was found to be significant, as employees with lower levels of satisfaction reported higher levels of insecurity, aiding in the narrowing of the gap in this section of the study. The study also has practical implications because the results show that the retail industry needs to act quickly to make sure workers do not worry about losing their jobs, especially now that COVID-19 is spreading like wildfire. (shrink)

When it is ethically justifiable to stop medical treatment? For many Muslim patients, families, and clinicians this ethical question remains a challenging one as Islamic ethico-legal guidance on such matters remains scattered and difficult to interpret. In light of this gap, we conducted a systematic literature review to aggregate rulings from Islamic jurists and juridical councils on whether, and when, it is permitted to withdraw and/or withhold life-sustaining care. A total of 16 fatwās were found, 8 of which were single-author (...) rulings, and 8 represented the collective view of a juridical council. The fatwās are similar in that nearly all judge that Islamic law, provided certain conditions are met, permits abstaining from life-sustaining treatment. Notably, the justifying conditions appear to rely on physician assessment of the clinical prognosis. The fatwās differ when it comes to what conditions justify withdrawing or withholding life- sustaining care. Our analyses suggest that while notions of futility greatly impact the bioethical discourse regarding with holding and/or withdrawal of treatment, the conceptualization of futility lacks nuance. Therefore, clinicians, Islamic jurists, and bioethicists need to come together in order to unify a conception of medical futility and relate it to the ethics of withholding and/or withdrawal of treatment. (shrink)

This book contextualizes Maxine Greene's educational pedagogy within an existentialist tradition. By drawing on the works of Jean-Paul Sartre, Paulo Freire, and Merleau-Ponty, Professor Rasheed analyzes how Greene's work represents an advance in existentialist discourse via her interpretation of concepts, such as choice, freedom, and possibility within an educational setting.

Firms are under increasing pressure from external forces to do what is right and behave ethically. However, we have only a limited understanding of how ethical and responsible business practices impact the value of the firm, both in the short and the long term. In this study, we examine 196 firms that were recognized as the world's most ethical firms from 20 countries over a 14-year span. Results show that ethical behavior may have little effect on a firm's profitability in (...) the short term. However, it has a positive effect on a firm's market value, reflecting the market's positive assessment of its long-term performance. We also find that firms frequently listed among the world's most ethical companies tend to have higher market value than firms listed only once. (shrink)

(2008). Introduction Interdisciplinary Approaches to Educational Reform Within a Foucaultian Framework. Educational Studies: Vol. 44, SPECIAL ISSUE: INTERDISCIPLINARY APPROACHES TO EDUCATIONAL REFORM WITHIN A FOUCAULTIAN FRAMEWORK, pp. 3-6.

Living Dangerously: Multiculturalism and the Politics of Difference, Henry Giroux critically examines the emphasis on “clarity” in educational discourse, the best known advocate for which is Michael Apple. Giroux points out that a new generation of social critics, particularly in feminist theory, literary studies, post-colonial analysis, and Afro-American cultural criticism, has broken with traditional conventions that call for writing in a clear, unambiguous discourse. In contrast to Apple’s interpretation of “clarity” in language, the present paper will emphasize Giroux’s claim that (...) educators need to center their discussion of language around a politics of difference that allows teachers and students to acquire the knowledge and skills necessary to govern and shape society rather than be relegated to society’s margins. This paper will argue for the development of methods of articulating how social locations shape various social and intellectual perspectives. Education for critical consciousness should focus on the links between the historical configuration of social forms and how these links work subjectively. (shrink)

Living Dangerously: Multiculturalism and the Politics of Difference, Henry Giroux critically examines the emphasis on “clarity” in educational discourse, the best known advocate for which is Michael Apple. Giroux points out that a new generation of social critics, particularly in feminist theory, literary studies, post-colonial analysis, and Afro-American cultural criticism, has broken with traditional conventions that call for writing in a clear, unambiguous discourse. In contrast to Apple’s interpretation of “clarity” in language, the present paper will emphasize Giroux’s claim that (...) educators need to center their discussion of language around a politics of difference that allows teachers and students to acquire the knowledge and skills necessary to govern and shape society rather than be relegated to society’s margins. This paper will argue for the development of methods of articulating how social locations shape various social and intellectual perspectives. Education for critical consciousness should focus on the links between the historical configuration of social forms and how these links work subjectively. (shrink)

BackgroundOver the past few years, five domains of importance about the current state of bioethics in Saudi Arabia have shaped the perspective of most research: doctor-patient relationship, informed consent, do-not-resuscitate, organ donation, and transplantation, medical students’ knowledge and attitudes about medical ethics curriculum. This systematic review aimed to systematically identify, compile, describe and discuss ethical arguments and concepts in the best-studied domains of bioethics in Saudi Arabia and to present cultural, social, educational, and humane perspectives. MethodsSix databases were searched using (...) Boolean operators from December 2020–June 2021. The search and report process followed the statement and flowchart of preferred reporting items for systematic reviews and meta-analyses.ResutlsThe search resulted in 1651 articles, of which 82 studies were selected for a final review and assessment. There is a gradual increase in research, whereby a substantial increase was observed from 2017. Most of the published articles focused on ‘Organ Donation & Transplantation’ with 33 articles, followed by ‘Doctor-Patient Relations’ with 18 publications. Most of the published articles were from Central Province, followed by Western Province. The authorship pattern showed a collaborative approach among researchers. The thematic analysis of keywords analysis showed that ‘Saudi Arabia,’ ‘attitude PHC,’ ‘organ donation,’ ‘knowledge and education,’ and ‘donation’ have been used the most commonly.ConclusionThis systematic quantitative synthesis is expected to guide researchers, stakeholders, and policymakers about the strengths and gaps in knowledge and attitudes regarding medical ethics in Saudi Arabia, both among the general public and health professionals. (shrink)

Our study explores the relationship between psychological contract (fulfillment/violations) and voice behavior (promotive/prohibitive). The study encourages promoting the development of positive voice behavior since the promotive voice behavior of employees would help the organization to grow and improve as per industry standards especially during the upcoming hi-tech era. If the knowledge workers do not show positive voice behavior, it is difficult for organizations to compete and sustain in such an era of digitalization. A cross-sectional survey was conducted for the assessment/validation (...) of the model. Data was collected through a single self-reported questionnaire, filled out by the 89 employees of two private banks, working in 8 different branches. Further, the relationships among variables have been analyzed using structure equation modeling. Results show a strong and positive relationship between psychological contract fulfillment and promotive voice behavior whereas a negative relationship is indicated upon the violations and breach of psychological contract. Job satisfaction/dissatisfaction was also tested as mediators between these variables. Future researchers may test the same in different geographical locations and demographic conditions, whereas various personality traits may also be tested since voice behavior is an individual decision. The study represents the first of its kind on the said topic especially in the Pakistani context. (shrink)

Technological innovations, despite their several benefits, may have drawbacks, thus, they need a control mechanism or directional channel. Responsible innovation (RI) has gained popularity in technology-intensive countries as a way to regulate otherwise uncontrollable and radical technological innovations. However, existing RI research lacks a clear theoretical foundation and has not adequately addressed the commercial and performance aspects of innovative products and firms. The current research proposes an empirically testable model for RI by conducting a structured literature review, focusing on the (...) commercial aspect of innovative products and firms’ sustainability performance in the financial, social, and environmental dimensions. The study suggests a link between RI and the resource-based theory of the firm and proposes that RI can be seen as a distinctive competency developed through the firm’s resources and capabilities. The model would help enterprises achieve ethical and social acceptability and improve sustainability performance. Metadata examination of 98 articles yielded insights. The findings and future research directions of this study provide new insights for business strategy and policy. (shrink)

The fourth industrial revolution will be ushered in by future high technology, and as a result, the world will face new difficulties relating to people, the environment, and profitability. Accordingly, the competitive edge and long-term viability of businesses would depend on the knowledge workers who could overcome these excruciatingly difficult obstacles and have the knowledge and competency to influence the overall performance of any type of company. But managing knowledge workers falls under the purview of human resources, and only effective (...) human resources tools, plans, and procedures can ensure the success of this task. One such tool, which has the capacity and capability to change the whole scenario in an organization's favor, is the human resource information system. The purpose of this structured review is to provide insight into a field of HRM that has largely been neglected by other reviews of the literature and has only been briefly discussed by a small number of publications published in reputable, top-tier journals. A customized HRIS framework is the result of this structured literature review for managing knowledge and competence. The study presents the content analysis of 48 articles, systematically and purposefully selected for this literature review, published during the past three decades. The study has several implications for policymakers and HR practitioners. (shrink)

BackgroundThe principles of informed consent, confidentiality and privacy are often neglected during patient care in developing countries. We assessed the degree to which doctors in Lahore adhere to these principles during outpatient consultations.Material & MethodThe study was conducted at medical out-patient departments (OPDs) of two tertiary care hospitals (one public and one private hospital) of Lahore, selected using multi-stage sampling. 93 patients were selected from each hospital. Doctors' adherence to the principles of informed consent, privacy and confidentiality was observed through (...) client flow analysis performed by trained personnel. Overall patient perception was also assessed regarding these practices and was compared with the assessment made by our data collectors.ResultsSome degree of informed consent was obtained from only 9.7% patients in the public hospital and 47.8% in the private hospital. 81.4% of patients in the public hospital and 88.4% in the private hospital were accorded at least some degree of privacy. Complete informational confidentiality was maintained only in 10.8% and 35.5% of cases in public & private hospitals respectively. Informed consent and confidentiality were better practiced in the private compared to the public hospital (two-sample t-test > 2, p value < 0.05). There was marked disparity between the patients' perspective of these ethical practices and the assessment of our trained data collectors.ConclusionObservance of medical ethics is inadequate in hospitals of Lahore. Doctors should be imparted formal training in medical ethics and national legislation on medical ethics is needed. Patients should be made aware of their rights to medical ethics. (shrink)

ICT for development projects often focus on integrating social factors in information systems design. A well-designed ICT4D solution must be tailored to the needs of the people who will use them and subsequently, requires an extensive understanding of the context and constraints in people’s lives. With an objective to explore how context-specific issues influence the conveyance of appropriate agricultural information to women, this paper uses PROTIC, a 5-year collaborative project between Monash University and Oxfam, as a case. PROTIC was implemented (...) in three climate vulnerable ecological zones of Bangladesh with an aim to overcome the agricultural information gap for rural women. Based on a study in mixed research method and triangulation, this paper brings evidence on the significance of considering context-specific attributes in designing effective and sustainable information services for marginalized women farmers in developing countries. The paper upfolds some significant recommendations which is expected to contribute to the domain of context-specific information system design in resolving socio-economic problems to pave the way of sustainable development. (shrink)

Drawing on social cognitive theory, this study extends our understanding of the relationship between ethical leadership and employee work engagement, by exploring self-efficacy as an important mediating variable. In addition, we propose that the quality of LMX moderates the relationships such that the direct and indirect relationships between ethical leadership, self-efficacy, and work engagement are stronger when the quality of LMX is high. Data collected in two-waves from 373 respondents working in different manufacturing organizations of Pakistan supported our hypothesized theoretical (...) model. Theoretical and practical implications are discussed. (shrink)

Given that the benefits of Corporate Political Activity (CPA) are usually granted in the form of favorable industry regulation that benefits all industry participants rather than a single firm, small politically inactive firms are often able to take advantage of the benefits from CPA without investing in them. We argue that the free‐riding problem is context specific. Situations of extreme uncertainty create institutional voids that enable individual firms to more fully appropriate the returns from their CPA. In this paper, we (...) examine the influence that CPA had on the U.S. government’s disbursements of TARP funding in 2008. We find that politically active firms were able to avoid the free‐rider problem by obtaining more instances of TARP funding when compared to firms that were not politically active. In addition to being more likely to receive TARP funds, politically active firms received larger amounts of TARP funding than those firms who were not politically active. (shrink)

The medical profession consistently strives to uphold patient empowerment, equality and safety. It is ironic that now, at a time where advances in technology and knowledge have given us an increased capacity to preserve and prolong life, we find ourselves increasingly asking questions about the value of the lives we are saving. A recent editorial by Professor Raanan Gillon questions the emphasis that English law places on the sanctity of life doctrine. In what was described by Reverend Nick Donnelly as (...) a “manifesto for killing patients”, Professor Gillon argues that the sanctity of life law has gone too far because of its disregard for distributive justice and an incompetent person’s previously declared autonomy. This review begins by outlining the stance of the sanctity of life doctrine on decisions about administering, withholding and withdrawing life-prolonging treatment. Using this as a foundation for a rebuttal, a proposal is made that Professor Gillon’s assertions do not take the following into account. (shrink)

According to the perceptual-attentional limitations hypothesis, the confusion between expressions of disgust and anger may be due to the difficulty in perceptually distinguishing the two, or insufficient attention to their distinctive cues. The objective of the current study was to test this hypothesis as an explanation for the confusion between expressions of disgust and anger in adults using eye-movements. In Experiment 1, participants were asked to identify each emotion in 96 trials composed of prototypes of anger and prototypes of disgust. (...) In Experiment 2, fixation points oriented participants’ attention toward the eyes, the nose, or the mouth of each prototype. Results revealed that disgust was less accurately recognised than anger (Experiment 1 and 2), especially when the mouth was open (Experiment 1 and 2), and even when attention was oriented toward the distinctive features of disgust (Experiment 2). Additionally, when attention was oriented toward certain zones, the eyes (which contain characteristics of anger) had the longest dwell times, followed by the nose (which contains characteristics of disgust; Experiment 2). Thus, although participants may attend to the distinguishing features of disgust and anger, these may not aid them in accurately recognising each prototype. (shrink)

The present study aims at explaining how the Relevance Theory could be a viable approach to weigh up the main functions of some concessive Pragmatic Operators in Jordanian Arabic at the production and interpretation levels. A sample of twenty-two speeches delivered by members of the Jordanian Parliament the 16th was randomly selected for scrutiny. Three POs detected in their speeches were analyzed at the token level in light of three elementary RT assumptions about discourse connectives in general, namely connectivity, the (...) conceptual-procedural distinction, and monosemy. The major finding of this study was that concessive POs, as a subset of contrastives, are used to optimize relevance: highlight certain dimensions and/or suppress others of the scenario to the background. However, the point of departure from possibly all previous treatments is that the speakers, as politicians, still used them more strategically because total ambiguity resolution should not be a viable alternative in social settings laden with politics. (shrink)

Mobile health research involving pervasive sensors, mobile apps and other novel data collection tools and methods present new ethical, legal, and social challenges specific to informed consent, data management and bystander rights. To address these challenges, a participatory design approach was deployed whereby stakeholders contributed to the development of a web-based commons to support the mHealth research community including researchers and ethics board members. The CORE platform now features a community forum, a resource library and a network of nearly 600 (...) global members. The utility of the participatory design process was evaluated by analyzing activities carried out over an 8-month design phase consisting of 86 distinct events including iterative design deliberations and social media engagement. This article describes how participatory design yielded 55 new features directly mapped to community needs and discusses relationships to user engagement as demonstrated by a steady increase in CORE member activity and followers on Twitter. (shrink)

This essay looks at two young English-speaking Iraqi bloggers whose internationally recognized writings describe the chaos in post-Saddam Iraq. It examines sarcasm as a mode of resistance as employed by Salam Pax, characterized by BBC Radio in 2003 as “the most famous diarist in the world,” and Riverbend, whose blog was published as a book and translated into several languages. By subjecting the colonial discourse to ridicule, they not only successfully convey the angst their people suffer, but also mock a (...) stereotypical rhetoric that haunts the Western mentality regarding the Middle East. This essay negotiates their use of sarcasm as a means of non-violent resistance. It demonstrates how, for instance, they shift from the sarcastic to the absurd to unravel the banality of the colonial mind and the conceited position of its liberating enterprises. The aim of the paper is, therefore, to shed light on the emergence of a digitalized group of subalterns who write back to the center in the wake of the American intervention to topple the Baath regime in Iraq. Pax and Riverbend distinctively succeed in subverting the colonial and hegemonic gaze by unravelling the encroaching uncertainties of war through the deployment of sarcasm to signify resistance, and by transforming the coalition forces’ theatre of war into a theatre of the absurd. (shrink)

Positive psychology has paved the way for newer and more informed ideas of living a meaningful, integrated and well-rounded quality of living. The current era of the pandemic has also moulded the ways in which individuals perceive their quality of life and how they want to integrate a holistic approach towards their well-being. The workplace settings have seen tremendous changes in terms of how employers, employees and the organisations at large function and operate. The pre-pandemic concept of success has shifted (...) its focus from hard work to developing grit among employees to increase the overall efficiency of the organisations. Grit has revolutionised the conventional standards of success, meaning in life and has impacted personal as well as occupational welfare. This integration of positive psychology and transpersonal psychology has catalysed the purpose for the current study. To help organisations and individuals thrive in their professional endeavours at the workplace and to provide them with relevant psychological tools to enhance their occupational growth, the present study has been conducted empirically to investigate the antecedents and consequences of grit among 209 working professionals in India. The results of this study indicate that the transpersonal capital of metacognition, flow, optimism and empathy have a significant role to play in developing grit among the participants. The findings have implications for enhancing job satisfaction and job performance of participants. The current research also provides a framework to organisations towards designing interventions for improving efficiency at the workplace. (shrink)

This article argues that the goals of agricultural research in poor countries have changed substantially over the last four decades. In particular they have broadened from the early (and narrow) emphasis on food production to a much wider agenda that includes poverty alleviation, environmental degradation, and social inclusion. Conversely, agricultural research systems have proved remarkably resistant to the concomitant need for changes in research focus. As a result many, at both the national and international level, are under great strain. In (...) terms of public policy the article goes on to suggest that shortcomings of existing conceptual approaches to technology development could be supplemented by adopting analytical principles that view innovation in systemic terms. An approach where flows of knowledge between institutional nodes is a key to innovative performance (the “National Systems of Innovation” approach) is suggested as one such conceptual framework that might help supplement conventional policy analysis. (shrink)

Using Least Square Residual Minimization techniques, this paper develops an optimal reserve model, known as the OPREM model, which is essential in optimizing the costs of reserve holding. The paper also sets-out to test and compare the relative predictions of economic trends of the OPREM model as well as the predictions of alternative models in literature. Establishing the predictive accuracy of economic trends of these models are crucial for the gradual and cost-effective accumulation of reserves. The research concludes that, the (...) decision to optimize the cost of reserves under a stable currency environment is reliant on the gold impact factor and not on inflation or interest rates. We also found on further analysis of the OPREM that the OPREM model is better positioned to eliminate the procyclicality and perverse rush in reserve build-ups experienced in developing and emerging countries by effectively setting the reserve stock against economic trends. The research fixes the optimal reserves around a benchmark of 0.7–1.2 of previous year's optimal value. However, in the absence of past optimal values, a benchmark between 2 and 6 times of average inflows for short-term analysis or analysis with small data observations. However, for long-term analysis or analysis with large data frequency, the reserve stock should be fixed on a benchmark of 2–9 times of the average inflows. (shrink)

In this paper, we present an intensive investigation of the finite volume method compared to the finite difference methods. In order to show the main difference in the way of approaching the solution, we take the Burgers equation and the Buckley–Leverett equation as examples to simulate the previously mentioned methods. On the one hand, we simulate the results of the finite difference methods using the schemes of Lax–Friedrichs and Lax–Wendroff. On the other hand, we apply Godunov’s scheme to simulate the (...) results of the finite volume method. Moreover, we show how starting with a variational formulation of the problem, the finite element technique provides piecewise formulations of functions defined by a collection of grid data points, while the finite difference technique begins with a differential formulation of the problem and continues to discretize the derivatives. Finally, some graphical and numerical comparisons are provided to illustrate and corroborate the differences between these two main methods. (shrink)