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 Annals of Operations ResearchJournal Prestige (SJR): 0.943 Citation Impact (citeScore): 2Number of Followers: 12      Hybrid journal (It can contain Open Access articles) ISSN (Print) 1572-9338 - ISSN (Online) 0254-5330 Published by Springer-Verlag  [2658 journals]
• Portfolio optimization of financial commodities with energy futures

Abstract: Abstract The recent growth in economic and financial markets has brought the focus on energy derivatives as an alternative investment class for investors, financial analysts, and portfolio managers. The financial modeling and risk management of portfolios using the energy derivatives instrument is a requirement and challenge for researchers in the field. The energy and other commodity futures force the expert investors to investigate the broader investment spectrum and consequently diversify their portfolios using the futures instruments. Going beyond the conventional portfolios and developing out-of-the-box strategies that comply with the changing financial and economic advancements are the keys to long-term sustainability in the financial world. This study investigates the impact of diversification with five energy futures from January 2011 to July 2020 on three traditional commodity futures portfolios. The results show that diversification increased the returns while simultaneously reducing the portfolio volatility in all portfolios. The diversified portfolios provided higher returns than the traditional portfolios for the same level of risk. This study also revealed that the results might improve when a short position in the futures contracts is allowed. Moreover, we conclude that adding multiple energy futures in a portfolio provides enhanced diversification results, whereas the WTI crude oil futures fail to diversify any portfolio considered in the study.
PubDate: 2021-10-24

• Seat assignment problem with the payable up-grade as an ancillary service
of airlines

Abstract: Abstract The de-bundling and re-bundling of service products offered by low cost carriers from service innovation have become 'à-la-carte' services and chargeable ancillary services to generate additional revenues in the airline industry. In this paper, we focus on the payable upgrade option in airlines to increase revenue when customers' demands are uncertain. This study is as an extension of planned upgrade, which guarantees the use of low-quality services at a low price, but requires customers to pay to use upgraded benefits. In this paper, we focus on the seat assignment problem with the payable upgrade option to maximize revenue. Also, we set the condition under which payable upgrade options can generate more revenue. Furthermore, applying Belobaba's EMSR approach, we suggest an effective seat assignment method for multiple fare classes with a payable upgrade option to increase the total revenue. With a simple numerical example, we find that introducing a payable upgrade option can increase the revenue. Our method for allocating seats for multiple fare classes with a payable upgrade option can contribute effectively to revenue increases in airlines' branded fare products, as well as in other service industries.
PubDate: 2021-10-24

empirical investigation

Abstract: Abstract The entrepreneurial Intentions (EI) is widely debated in the business literature, for its usefulness in fostering new ventures creation. This study aims at the explanation of (EI) for business graduates in an emerging economy, with a particular emphasis on factors affecting the EI of business graduates. The study focused whether institutional support, curriculum, peers and family. Data is collected from 277 business graduates and tested using partial least square, structural equation modelling. The findings include the antecedents of theory of planned behaviors (TPB) i.e. attitude towards entrepreneurship (ATTE), subjective norms (SN) and perceived behavioral control (PBC) showed a positive effect on EI. In addition, family and peer has positive, while general business curriculum has no positive influence on antecedents of EI.
PubDate: 2021-10-23

• Scheduling in multi-scenario environment with an agreeable condition on
job processing times

Abstract: Abstract In the literature on multi-scenario scheduling problems, it is assumed that (i) each scenario defines a different possible realization of the job’s parameters; and (ii) the value of each parameter is arbitrary for any job in any scenario. Under these assumptions many multi-scenario scheduling problems have been proven to be $$\mathcal {NP}$$ -hard. We study a special case of this set of problems, in which there is an agreeable condition between scenarios on the processing-time parameters. Accordingly, the processing time of job $$J_{j}$$ under scenario $$s_{i}$$ is at most its value under scenario $$s_{i+1}$$ , for $$i=1,\ldots q-1$$ , where q is the number of different possible scenarios. We focus on three classical scheduling problems for which the single-scenario case is solvable in polynomial time, while the multi-scenario case is $$\mathcal {NP}$$ -hard, even when there are only two scenarios. The three scheduling problems consist of minimizing either the total completion time or the number of tardy jobs on a single machine, and minimizing the makespan in a two-machine flow-shop system. We show that the multi-scenario version of all three problems remains $$\mathcal {NP}$$ -hard even when processing times are agreeable and there are only two scenarios. We also show that for a more specific structure of job processing times two out of the three problems become easy to solve, while the complexity status of the third remains open for future research.
PubDate: 2021-10-23

• Technology, price instruments and energy intensity: a study of firms in
the manufacturing sector of the Indian economy

Abstract: Abstract We identify factors influencing energy efficiency and the role of price instruments such as tax and technology use in reducing energy intensity at the firm level. We use data from 2001 to 2015 for India's manufacturing sector from the Centre for Monitoring Indian Economy. Our result strongly suggests that R&D and productivity have a positive impact on achieving energy efficiency. In such a case, at least one-to-one correspondence between the tax and energy intensity may help promote renewable energy use if they are subsidized and allowed to come under the provision of tax credit or tax exemption. Since price instruments do not produce any revenue recycling effect, policymakers can trade-off between increasing corporate tax and generating employment. Therefore, environmental regulations should strictly relate to increase energy efficiency and bring the manufacturing sector out of the productivity dilemma. Also, as evidence from the empirical analysis, there is an urgent need to substitute vintage capital with new capital and better technology. In addition to the existing liberalization policies, the Government must design green domestic policies for the manufacturing sector and map them with FDI and trade. As the polluted firms are energy-intensive, “Performance, Achievement and Trade” (PAT) policies need to focus on these firms.
PubDate: 2021-10-23

• Research on the investment efficiency based on grey correlation-DEA model

Abstract: Abstract Small and medium-sized enterprises (SMEs) are an important part of stimulating market vitality. In the post-pandemic era, the ability of SMEs to absorb employment plays an important role in stabilizing society and promoting economic growth. This paper selects 226 sample data from 2014 to 2017 measures the investment efficiency of small and medium-sized enterprises and makes a further analysis its influencing factors. Because there is a lag between investment and output. In this paper, the grey correlation analysis is used. Measuring the investment efficiency of SMEs by using BBC-DEA method. The study found that the overall investment efficiency of SMEs is low. Considering from the inside of the enterprise, this paper uses the Tobit model to make an empirical analysis. It is found that the influence of board structure and agency cost on investment efficiency are significantly negative. Growth, ownership concentration, equity incentive, salary incentive, profitability of SMEs have a significant positive effect on the investment efficiency of enterprises.
PubDate: 2021-10-22

• Boosting industrial decision making and business growth using improved
data analytics model

Abstract: Abstract Business growth is an area that the company is expanding and seeking opportunities to make more gains. The industry decision-making process is a step-by-step process that allows professionals to address challenges by weighing evidence, examining alternatives, and selecting a path. This certain method offers a chance to analyze whether the decision is right at the end of the day. In this paper, an Improved Data Analytics Model (IDAM) has been suggested to develop business and boost industrial decision-making. New industrialization strategies are poor in market acceptance. Data analytics describes a quantitative decision-making approach and allows a company to predict the customer's behavior, boost decision-making in general, and assess the return of marketing activities. By managing these aspects, the company can maintain its market share and grow into new territories. Data analytics offer better operating efficiency and higher sales with increased business growth. The proposed method analyzes data analytics's efficiency from providing greater market value, ensuring growth and investment. The graphical process has demonstrated the financial benefit of observations for market development using data analytics. As a result, IDAM helps industries increase revenues, enhance organizational effectiveness, optimize marketing strategies and endeavor customers.
PubDate: 2021-10-22

• A multi-objective supplier selection framework based on user-preferences

Abstract: Abstract This paper introduces an interactive framework to guide decision-makers in a multi-criteria supplier selection process. State-of-the-art multi-criteria methods for supplier selection elicit the decision-maker’s preferences among the criteria by processing pre-collected data from different stakeholders. We propose a different approach where the preferences are elicited through an active learning loop. At each step, the framework optimally solves a combinatorial problem multiple times with different weights assigned to the objectives. Afterwards, a pair of solutions among those computed is selected using a particular query selection strategy, and the decision-maker expresses a preference between them. These two steps are repeated until a specific stopping criterion is satisfied. We also introduce two novel fast query selection strategies, and we compare them with a myopically optimal query selection strategy. Computational experiments on a large set of randomly generated instances are used to examine the performance of our query selection strategies, showing a better computation time and similar performance in terms of the number of queries taken to achieve convergence. Our experimental results also show the usability of the framework for real-world problems with respect to the execution time and the number of loops needed to achieve convergence.
PubDate: 2021-10-21

• Reliability assessment of a multi-state distribution network under cost
and spoilage considerations

Abstract: Abstract The fundamental mission of a distribution network is to satisfy the customer demand by providing sufficient delivery capacity. However, the capacity of a distribution network is practically stochastic because of unexpected events, and moreover, the commodities may rot or be spoilt during delivery owing to inclement weather, traffic accidents, collisions, and so on, such that the intact commodity flow may not meet market demand. This paper focuses on the reliability of a multi-state distribution network (MSDN) with cost and spoilage characteristics, defined as the probability that the MSDN is able to distribute a sufficient quantity of goods to meet the market demand under delivery spoilage and budget limit considerations. A specific spoilage rate associated with each route is adopted to characterize the perishability of commodity flows, and the critical routes whose spoilage rate change has the biggest impact on network reliability are identified with the use of sensitivity analysis method. Apart from delivery cost, the cost involved with the disposal of spoilt goods is also incorporated into the reliability indicator. A minimal paths based algorithm is presented to calculate network reliability, together with an example to illustrate the procedure. A real fruit distribution network is accordingly discussed to demonstrate the utility of the algorithm and the managerial implication of network reliability.
PubDate: 2021-10-21

• Web of science based visual knowledge mapping analysis of synergy
development of environment and society

Abstract: Abstract Certain types of innovation are likely the requirement for innovation in the environment, which scientists all over the world have been particularly concerned about. This report employs the bibliometrics method to review social responsibility and environmental innovation research. Following refining the English language documents, the sorts and types of article are reviewed, environmental studies, environmental science, management, business, sustainable green science technology, economics, ethics and ecology are categorised and 559 literature data have finally been picked. In the field of journals, nations, authors, keywords, co-citation, research hot spots and research field evolution, the CiteSpace software was employed for visual analysis. The results show: (1) research on social accountabilities and environmental innovation has undergone three stages: germination, mild growth, and a breakthrough stage in growth, and (2) the USA, Germany and France have started in this subject for the first time. Whereas China began to grow late, with the support of numerous other countries, China quickly flourished within five years, playing a central part in this area. (3) The stages of introduction, development and maturity have been experienced through hotspots research and fault phenomena between distinct phases constitute breakthroughs in this area. The current research areas include the "perspective, performance and policy"; (4) There is tremendous worry about improving the geographical position of the overall ecosystem. In order to support the sustainability of economic development, the improvement of social and natural ecosystems will promote institutional variations and procedures in diverse social, cultural and political areas.
PubDate: 2021-10-21

• Correction to: Financial modelling, risk management of energy instruments
and the role of cryptocurrencies

PubDate: 2021-10-20

• Multiple criteria decision making with reliability of assessment

Abstract: Abstract The weight and reliability of an individual assessment are two important concepts considered in the evidential reasoning (ER) approach. Through analyzing the existing studies on the combination of individual assessments with both their weights and reliabilities considered in the ER context, their deficiencies are identified in accordance with two principles. One principle is developed in the situation where a specific individual assessment is fully unreliable and the other is developed in the situation where all individual assessments are fully reliable. To address the deficiencies, this paper proposes a new method. In the method, a combination process that takes into account both the weights and reliabilities of individual assessments simultaneously is developed to generate the overall assessment. It is theoretically proven that the combination process satisfies the two principles. Three ways are designed to help a decision maker to flexibly provide individual assessments and determine their reliabilities. A strategic project evaluation problem for an enterprise located in Changzhou, Jiangsu, China is analyzed using the proposed method as a case study to demonstrate its validity and applicability. These are highlighted by its comparison with two existing methods.
PubDate: 2021-10-20

• Coordination supply chain management under flexible cleaner production
system and stochastic conditions

Abstract: Abstract The necessity of coordination and flexibility is essential for the success of supply chain management (SCM). This study considers a two-echelon SCM's coordination issues in a flexible production system at a smart factory. This study investigates a flexible production system as an alternative method to overcome the stock-out risk to produce complex products with high and stochastic demands for a buyer. However, higher production rates may increase the chances of system failure and imperfections. Thus, this model treats the rate of production as a decision variable. The carbon emissions in production activities have driven researchers to focus on clean productions in flexible systems for the future. The flexible production systems in smart factories considering emissions costs can help industries reduce these emissions by optimizing the production rates. The flexibility in the production systems adds up the considerable setup cost to the vendor and for this, the model considers the investment cost of technologies for setup cost reduction. Two models, the decentralized and the centralized, and solution algorithms are proposed to maintain the balance between optimal production rate and unit production cost and optimize the system cost. Besides, an optimal cost-sharing strategy is developed with the bargaining powers of SCM members. By optimizing the production rate and controlling the setup cost and lead time, the developed collaborative strategy optimizes environmental performance in terms of emissions control and economic performance with SCM optimization.
PubDate: 2021-10-20

• Cooperative and axiomatic approaches to the knapsack allocation problem

Abstract: Abstract In the knapsack problem a group of agents want to fill a knapsack with several goods. Two issues must be considered. The first is to decide optimally what goods to select for the knapsack. This issue has been studied in many papers in the literature on Operations Research and Management Science. The second issue is to divide the total revenue among the agents. This issue has been studied in only a few papers, and this is one of them. For each knapsack problem we consider three associated cooperative games. One of them (the pessimistic game) has already been considered in the literature. The other two (realistic and optimistic games) are defined in this paper. The pessimistic and realistic games have non-empty cores but the core of the optimistic game could be empty. We then follow the axiomatic approach. We propose two rules: The first is based on the optimal solution of the knapsack problem. The second is the Shapley value of the so called optimistic game. We offer axiomatic characterizations of both rules.
PubDate: 2021-10-19

• Supplier–remanufacturing and manufacturer–remanufacturing in a
closed-loop supply chain with remanufacturing cost disruption

Abstract: Abstract This paper studies remanufacturing cost disruption in a closed-loop supply chain consisting of a supplier, a manufacturer and a retailer. Specifically, the proposed work compares supplier–remanufacturing and manufacturer–remanufacturing modes with respect to equilibrium strategies and chain members’ profits, and analyzes the impacts of different disruption cases on each remanufacturing mode. Stackelberg game is applied to acquire equilibrium pricing decisions of each disruption case and it is found that the manufacturer–remanufacturing and supplier–remanufacturing modes have identical robustness. In manufacturer–remanufacturing mode, when the remanufacturing cost faces negative disruption, the manufacturer prefers to elevate the acquisition price and remanufacture more to improve profitability. In this case, the supplier will set a relatively lower wholesale price of components due to the marketing competition from the manufacturer, and the retailer can obtain more revenues. In supplier–remanufacturing mode, since the remanufactured components may cannibalize new component sales, the supplier will forgo some profits from new components in order to extract more profits from remanufacturing activities only if the negative disruption of remanufacturing cost is large enough. These results can provide a new insight into supplier–remanufacturing with cost disruption in a closed-loop supply chain.
PubDate: 2021-10-19

• When platform exploits data analysis advantage: change of OEM-led supply
chain structure

Abstract: Abstract The development of digital technology, such as data mining and analysis techniques, has enabled e-commerce platforms to use the data generated in their ecosystems and forecast the online demand more accurately. By sharing the forecast information, platforms help their partners reduce the demand uncertainty. To examine the effects of the shared information, this study considers a two-echelon supply chain consisting of one original equipment manufacturer (OEM), one brand store, and one platform, and investigates the relations between the forecast information and firms’ channel strategies. Our analysis reveals some interesting implications. First, the platform’s forecast information encourages the OEM to develop online business unless the brand store adopts the dual-channel strategy and the platform sets the revenue commission as zero, while it always increases the brand store’s willingness to adopt the dual-channel strategy. Moreover, the OEM’s online business hinders the platform to share the information if consumers’ acceptance for the brand in online channel is low. Interestingly, the brand store’s dual-channel strategy hinders the platform to share the information if consumers’ acceptance for the brand in online channel is high. Further, we find that when the brand store adopts the dual-channel strategy, the OEM’s online business always decreases the benefit of the forecast information for the brand store. However, when the OEM develops online business, the brand store’s dual-channel strategy sometimes increases the benefit of the forecast information for the OEM. In addition, we also conduct some numerical experiments to examine the impacts of the platform commission rate on these firms’ benefits from the information and find that the higher commission rate can increase the OEM’s benefit under certain conditions. Our study aims to provide managerial insights for the OEM, brand store, and platform to capture the value of forecast information.
PubDate: 2021-10-19

• Correction to: Impact of demand forecast information sharingon the
decision of a green supply chain with government subsidy

PubDate: 2021-10-18

• Estimating heterogeneous agent preferences by inverse optimization in a
randomized nonatomic game

Abstract: Abstract We consider an externality game in which nonatomic agents choose from a finite set of alternatives and disutility is determined only by the number of agents choosing each alternative. The equilibrium is defined with respect to the agents’ choices so that taste heterogeneity, modeled through randomized parameters, can be estimated from collective choice data. The joint density of the taste parameters is computed by a biquadratic inverse optimization process that matches observed choices to the equilibrium condition associated with a set-valued best-response function, and hence imposes no prior assumptions on the taste parameters. The model is capacitated with disutility generalized into an arbitrary function that is continuous in attributes and measurable in taste parameters. The existence of an equilibrium under such a disutility model is established by observing that, in an externality game, the proposed aggregate equilibrium is actually equivalent to the agent-specific Nash equilibrium previously established by Schmeidler (J Stat Phys 7(4):295–300, 1973). In a comparison test on intensive metro route-choice data, we demonstrate that the proposed model is a good alternative to existing nongame choice models. An extended test also demonstrates the advantage of the general disutility model in describing agents choice behaviors in other contexts.
PubDate: 2021-10-18

• Research on financial management model based on computer information
technology

Abstract: Abstract In order to build an intelligent financial management model, based on computer information technology, this paper studies the traditional model intelligent model of financial time series, and solves the problem of insufficient correlation of financial data characteristics. Aiming at the complex and changeable financial time series, this paper has a basic understanding of financial time series data and extracts two new data features. Moreover, this paper preprocesses the financial raw data, and then combines the extracted data features to generate a new combination of data features, which improves the correlation with the data. In addition, this paper combines the financial management process to construct a financial management model system that can be used for financial data processing and risk processing and analyzes the performance of the financial management model constructed in this paper. From the research point of view, it can be seen that the financial management model constructed in this paper has a certain practical effect.
PubDate: 2021-10-18

• Equilibrium reinsurance-investment strategies with partial information and
common shock dependence

Abstract: Abstract In this paper, we study an optimal reinsurance-investment problem with partial information and common shock dependence under the mean-variance criterion for an insurer. The insurer has two dependent classes of insurance business, which are subject to a common shock. We consider the optimal reinsurance-investment problem under complete information and partial information, respectively. We formulate the complete information problem within a game theoretic framework and seek the equilibrium reinsurance-investment strategy and equilibrium value function by solving an extended Hamilton–Jacobi–Bellman system of equations. For the partial information problem, we first transform it to a completely observable model by virtue of the filtering theory, then derive the equilibrium strategy and equilibrium value function by using the methods similar to those for the complete information problem. In addition, we illustrate the equilibrium reinsurance-investment strategies by numerical examples and discuss the impacts of model parameters on the equilibrium reinsurance-investment strategies for both the complete information and partial information cases.
PubDate: 2021-10-18

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