Judul: The Incorporation of Oleic Acid and Anthocyanin in Gelatin Film for Bekasam pH Monitoring
Abstrak: This study was aimed to develop and investigate the characteristics of the gelatin film with oleic acid (OA) and anthocyanin extract incorporation and its application for Bekasam pH monitoring. Anthocyanin was extracted from red cabbage (RC), sweet potato (SP), black bean coat seed (BB), and purple rice (CR) and then tested for pH sensitivity. Anthocyanin from SP was selected as showed the highest pH sensitivity. Gelatin film was incorporated with 20% of anthocyanin extract and 50% OA then characterized in comparison with control, and film with only OA or anthocyanin extract. The film with OA and anthocyanin extract incorporation was selected for application as the color changes can be observed clearly at pH 2-11. Red color was present on the film added with anthocyanin extract from SP. OA incorporation significantly decreased the elongation of the film, while it is on the contrary for anthocyanin extract incorporation. Both OA and anthocyanin extract incorporation decreased thickness, moisture content, and tensile strength of the film significantly (p<0.05). Additionally, there was a reduction trend of water vapor permeability for gelatin film incorporated with OA and anthocyanin. However, this reduction was insignificantly different with the control (p>0.05). The incorporation of OA provided wavier surface while anthocyanin extract incorporation enhanced the compactness and smoothness of the film, and provided smoother surface of the film. Higher enthalpy was needed for melting the film with anthocyanin extract. The film was unable to provide the color changes corresponding to the pH decrease of Bekasam during fermentation for 7 days.
Keyword: Anthocyanin, Bekasam, gelatin film, intelligent packaging, oleic acid

Judul: Label Cerdas Indikator Warna dari Ekstrak Kubis Merah (Brassica oleracea).
Abstrak: Smart packaging is an indicator, either it is placed internally or externally in the food packaging to provide information about the quality of the product packed. One of the most popular nowadays is in the form of film made from PVA (polyvinyl alcohol) with additional natural dyes as its indicator. The purpose of this research was to study and develop smart packaging made from PVA and red cabbage extract as the natural dyes and figure out the best formulation as well as to study the film coloring technic. First step was the red cabbage color extraction conducted in methods namely: 1) boiling, 2) crushing in a blender, and 3) solvent extraction using 98% ethanol; while the selected process was by boiling for 7 minutes resulting extract with pH of 6.21 and anthocyanin content of 25.02 mg per 100 gram red cabbage. Afterwards, film preparation with PVA powders formulations applied as following: 3 g (w/w), 3.5 g (w/w) and 4 g (w/w); while the best film resulted with thickness of 0.15 mm, tensile strength of 2.64 kgf/mm² and elongation of 210% shown by 3.5 g PVA powder film formulation. Film formulation technique by mixing method produced colorless film, whereas tinting method showed more uniform and stable colored film. Indicator film color measurement for room, cooler and freezer temperature showed L determination coefficient were 0.782, 0.418 and 0.066, respectively; a* value of 0.7975, 0.5880 and 0.7179, respectively; and b* value of 0.8393, 0.4534 and 0.3631, respectively. oHue linier equation revealed high determination coefficients of 0.8536, 0.6586 and 0.8061, respectively. Rising storage temperature lead to increase in ohue value, and the longer storage time the higher ohue value.
Keyword: PVA film, red cabbage dye, smart packaging

Judul: Real Option Valuation Using Binomial Decision Trees.
Abstrak: A firm that decides to invest has a choice to invest in real assets. A method which is usually used in valuation of the project is discounted cash flow (DCF) method. But, this method can’t be used in projects that account for value of managerial flexibility, such as decision to suspend operations temporarily. Therefore, this kind of project needs to be assessed using real option. Real option valuation can be done in some ways, including the use of path-dependent simulation, as well as closed-form models like Black-Scholes model, partial differential equation, and binomial or multinomial approaches. In this paper, real option valuation using binomial decisions id discussed. Determination of the project value can be done in three steps. First, calculate the expected present value of the project. Next, calculate volatility of the project using Monte Carlo simulation. Last, construct a binomial tree to model the dynamics of the project value using the parameters of the stochastic process, and then add some decision nodes to model the project’s real options.
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