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In this paper, we study the dynamic rationing problem for multiple demand classes with Poisson demands. We first consider a multi-period problem with zero lead time and show that the optimal rationing and ordering policies are, re...
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In this paper, we study the dynamic rationing problem for multiple demand classes with Poisson demands. We first consider a multi-period problem with zero lead time and show that the optimal rationing and ordering policies are, respectively, the dynamic rationing policy and the base stock policy. We then extend this model to a non-zero lead time and show that there is no simple optimal structure for this extended problem. A myopic policy and a lower bound are proposed. The numerical results show that the dynamic rationing policy outperforms the static rationing policy and its performance is very close to the optimal policy under a wide range of operating conditions.
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摘要 :
In this paper, we study the dynamic rationing problem for multiple demand classes with Poisson demands. We first consider a multi-period problem with zero lead time and show that the optimal rationing and ordering policies are, re...
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In this paper, we study the dynamic rationing problem for multiple demand classes with Poisson demands. We first consider a multi-period problem with zero lead time and show that the optimal rationing and ordering policies are, respectively, the dynamic rationing policy and the base stock policy. We then extend this model to a non-zero lead time and show that there is no simple optimal structure for this extended problem. A myopic policy and a lower bound are proposed. The numerical results show that the dynamic rationing policy outperforms the static rationing policy and its performance is very close to the optimal policy under a wide range of operating conditions.
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In spite of the empirical finding, the results obtained from the proposed theoretical model show that the optimal response to a positive shock in long-term interest rate is a reduction in the short-term and an economic rationale o...
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In spite of the empirical finding, the results obtained from the proposed theoretical model show that the optimal response to a positive shock in long-term interest rate is a reduction in the short-term and an economic rationale of this finding is suggested.
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Under double carbon policies, this study proposes a horizontal low-carbon supply chain involving a traditional manufacturer and a low-carbon manufacturer. On this basis, we develop two scenarios, which differ in whether the tradit...
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Under double carbon policies, this study proposes a horizontal low-carbon supply chain involving a traditional manufacturer and a low-carbon manufacturer. On this basis, we develop two scenarios, which differ in whether the traditional manufacturer adopts green technology or not. Considering bounded rationality, we explore the dynamic production and emission reduction strategies in the two scenarios by using game theory and chaos theory. The results show that manufacturers' adjustment speeds have great effects on equilibrium strategies, with chaos and other complex phenomena emerging in certain cases. For both manufacturers, the increase of the emission reduction adjustment speed shrinks stable regions of their production strategies, and an excessive adjustment strategy always harms its own profit but brings benefits to the competitor. By comparing the results of the two scenarios, the conditions for the traditional manufacturer to adopt green technology can be concluded as a relatively low unit emission reduction cost and a suitable low-carbon competitive intensity. When these conditions are satisfied, the production, emission reduction, and profit of the low-carbon manufacturer will all decrease. Finally, we provide useful guidance in promoting low-carbon development.
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Integrated Water Resource Management (IWRM) emerged as a popular concept in the water sector in the 20th century. From a highly techno-centric approach in the past, it has taken a new turn embracing Habermasian communicative ratio...
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Integrated Water Resource Management (IWRM) emerged as a popular concept in the water sector in the 20th century. From a highly techno-centric approach in the past, it has taken a new turn embracing Habermasian communicative rationality as a place-based nexus for multiple actors to consensually and communicatively integrate decisions in a hydrological unit. The 'how to integrate' approach had remarkable appeal worldwide in promoting authentic participation of all stakeholders. However, critics argue that the domain of water resource management is a political process of contestation and negotiation; the emphasis is on complexities, contextuality, power dynamics and the importance of analysing real world situations. They demonstrate 'how integration cannot be achieved' given the power dynamics in social interactions. These apparently contradictory discourses draw on different theoretical paradigms and polarise the discourse on IWRM, without offering constructive alternatives. To this end, this paper offers an option to complement this polarised discourse by examining 'how integration actually does take place' in a strategic context thereby facilitating consensual decisions to integrate water management for a sustainable future.
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Electric vehicles (EVs) have drawn much attention in recent years due to the advantage of zero on-road carbon emission. The government subsidies and rapid development of electricity charging technologies promote the rollout of EVs...
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Electric vehicles (EVs) have drawn much attention in recent years due to the advantage of zero on-road carbon emission. The government subsidies and rapid development of electricity charging technologies promote the rollout of EVs. The boost of EVs brings challenges to the deployment of EV charging services. Given that travelers may need to charge their EVs while conducting out-of-home activities, this study analyzes the activity durationrelated charging behavioral responses of private EV travelers to charging services in an equilibrium model. The charging services concern the operating policies related to the spatial allocation of charging opportunities and charging pricing. Considering the trade-offs between travel and activity duration-related charging choices, a boundedly rational dynamic user equilibrium (BR-DUE) model is proposed to evaluate the two operating policies. The case study of the Eindhoven network demonstrates that the operating policies, if appropriately set up, can improve the accessibility to charging services with improved charging service rate and decreased queuing time.
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The transcript of a panel discussion marking the 50th anniversary of John Muth's "Rational Expectations and the Theory of Price Movements" (Econometrica 1961). The panel consisted of Michael Lovell, Robert Lucas, Dale Mortensen, R...
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The transcript of a panel discussion marking the 50th anniversary of John Muth's "Rational Expectations and the Theory of Price Movements" (Econometrica 1961). The panel consisted of Michael Lovell, Robert Lucas, Dale Mortensen, Robert Shiller, and Neil Wallace. The discussion was moderated by Kevin Hoover and Warren Young. The panel touched on a wide variety of issues related to the rational-expectations hypothesis, including its history, starting with Muth's work at Carnegie Tech; its methodological role; applications to policy; its relationship to behavioral economics; its role in the recent financial crisis; and its likely future. The panel discussion was held in a session sponsored by the History of Economics Society at the Allied Social Sciences Association (ASSA) meetings in the Capitol 1 Room of the Hyatt Regency Hotel in Denver, Colorado.
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This article studies the optimal inventory and dynamic admission policies of two physical retailers who, besides selling through their traditional in-store channels, also act as drop-shippers for an online retailer (e-tailer). The...
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This article studies the optimal inventory and dynamic admission policies of two physical retailers who, besides selling through their traditional in-store channels, also act as drop-shippers for an online retailer (e-tailer). The e-tailer carries no inventory of its own and always turns to one of the two physical retailers for order fulfillment. The considered scenario is the one in which retailer 1 (R1) and retailer 2 (R2) act as the primary and secondary drop-shippers of the e-tailer, respectively. While trying to maximize their respective revenues, both retailers face the problem of whether or not to accept the e-tailer's order-fulfillment request. It is initially assumed that the initial inventory levels of each retailer are fixed and that Rl shares his inventory information with R2. By adopting a revenue management framework, the dynamic admission policies of both retailers are studied and it is shown that Rl and R2 should implement one-dimensional and two-dimensional threshold policies, respectively. The scenario in which R1 does not share his inventory information with R2 is considered. For this scenario two heuristic policies for R2 are proposed and they are compared to the optimal policy when information is shared. A detailed sensitivity analysis for varying parameter value is presented, which shows the impact of information sharing between the two retailers. Finally, the assumption of fixed initial inventory levels is relaxed and the optimal initial inventory levels of each retailer that maximize their expected profits are determined.
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Current regulations on e-cigarettes are minimal compared with cigarette regulations, despite their growing popularity globally. Advocates of e-cigarettes claim that they aid in ceasing smoking habits. However, leaving e-cigarettes...
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Current regulations on e-cigarettes are minimal compared with cigarette regulations, despite their growing popularity globally. Advocates of e-cigarettes claim that they aid in ceasing smoking habits. However, leaving e-cigarettes unregulated has raised growing health concerns. Policymakers in several countries, including the United States and those in Europe, are considering and experimenting with policy interventions. To evaluate current policies and implement potential regulations on e-cigarettes, policy makers must understand the impact of e-cigarettes on consumers' smoking behaviors. To address this issue, we construct a dynamic structural model that incorporates consumers' purchases and consumption behaviors of both cigarettes and e-cigarettes. The results from our proposed model indicate that consumption of e-cigarettes promotes, rather than counteracts, smoking. This is because the less costly e-cigarettes incentivize consumers to build their addiction to nicotine, which, in return, increases future consumption of both cigarettes and e-cigarettes. This finding calls for regulations on e-cigarettes. We then conduct counterfactual analyses to evaluate two policy regulations on e-cigarettes: (1) e-cigarette taxes and (2) price regulation. Because both of these policies have been discussed extensively in both the United States and many countries in the European Union, results of our policy simulations address these policy debates. We find that both are effective in reducing overall consumption of cigarettes and e-cigarettes. We also examine the role of consumers' heterogeneity on the simulation results as well as the policy implications. We conclude with future research directions, such as inclusion of social influence and cross-selling marketing.
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We consider a broad class of linear dynamic stochastic rational-expectations models made of a finite number N of structural equations for N + 1 endogenous variables and to be closed by one policy feedback rule. We design, for any ...
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We consider a broad class of linear dynamic stochastic rational-expectations models made of a finite number N of structural equations for N + 1 endogenous variables and to be closed by one policy feedback rule. We design, for any model of this class and any stationary VARMA solution of that model, a "bubble-free" policy feedback rule ensuring that this solution is not only the unique stationary solution of the closed model, but also its unique solution. We apply these results to locally linearisable models of the monetary transmission mechanism and obtain interest-rate rules that not only ensure the local determinacy of the targeted equilibrium in the neighbourhood of the steady state considered, but also prevent the economy from gradually leaving this neighbourhood.
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