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All Journal BAREKENG: Jurnal Ilmu Matematika dan Terapan
Akpanibah, Edikan Edem
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Computer Science & IT Control & Systems Engineering Economics, Econometrics & Finance Energy Engineering Mathematics Mechanical Engineering Physics Transportation

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MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA Osu, Bright Okore; Chibuisi, Chigozie; Akpanibah, Edikan Edem
BAREKENG: Jurnal Ilmu Matematika dan Terapan Vol 18 No 2 (2024): BAREKENG: Journal of Mathematics and Its Application
Publisher : PATTIMURA UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30598/barekengvol18iss2pp0681-0694

Abstract

The recent Central Bank of Nigeria (CBN) 2023 redesigned naira notes is of good benefits to strengthen the economy of the country by checking counterfeiting and hoarding of large volume of banknotes by the public. Despite all the efforts made by the CBN for citizens to enjoy the benefits of this implementation, most rural farmers were faced with adverse effects of uncertainties in the production and marketing of their agricultural produce due to lack of redesigned new naira notes in circulation. The adverse effects of these uncertainties are modeled as Advanced Stochastic Time-Delay Differential Equation (ASTDDE). The modeled equation is solved using Extended Second Derivative Block Backward Differentiation Formulae Method (ESDBBDFM) without the use of interpolation techniques in the evaluations of the delay term and noise term. In comparing the numerical results of this method with other existing methods in literature, the newly developed mathematical expressions for the evaluations of the delay term and the noise term in solving ASDDEs with the discrete schemes of ESDBBDFM gives better results for step number than step numbers and 3 by producing Least Minimum Absolute Random Error (LMARE) in a Lower Computational Processing Unit Time (LCPUT) faster than other existing methods that applied interpolation techniques in evaluations of the delay term and the noise term.
A MATHEMATICAL APPROACH TO INVESTMENT WITH CHARGE ON BALANCE AND VOLUNTARY CONTRIBUTIONS UNDER WEIBULL MORTALITY FORCE FUNCTION Akpanibah, Edikan Edem; Benneth, Peter; Esabai, Ase Matthias
BAREKENG: Jurnal Ilmu Matematika dan Terapan Vol 19 No 1 (2025): BAREKENG: Journal of Mathematics and Its Application
Publisher : PATTIMURA UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30598/barekengvol19iss1pp427-440

Abstract

One of the many challenges encountered by most pension fund administrators (PFAs) in the Defined Contribution (DC) pension plan is the determination of a sustainable and suitable investment plan for their members under mortality risk. To achieve this, there is need to develop an optimal portfolio which considers the volatility of the stock market price consisting of one risk-free asset and a risky asset which follows the Heston volatility model (HVM). Also, the portfolio considers additional voluntary contributions (AVC) by members, tax on the stock market price, charge on balance (CB), and the mortality risk of the pension scheme members (PSM) modeled by the Weibull mortality force function. Furthermore, an optimization problem is established from the extended Hamilton Jacobi Bellman (EHJB) equation using variational method. By applying the variable separation technique and mean variance utility, the optimal control strategy (OCS) and the efficient frontier are obtained. Finally, some numerical simulations are presented to study the behavior of the OCS with respect to some sensitive parameters. It was discovered that the composition of the OCS depends on the instantaneous volatility, tax on investment, AVC, risk aversion coefficient (RAC), CB and the correlation coefficient. Hence, the understanding of the behaviour these parameters are very crucial in the determination of OCS.
Co-Authors Benneth, Peter Chibuisi, Chigozie Esabai, Ase Matthias Osu, Bright Okore