284 research outputs found

    Operational Research: methods and applications

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    This is the final version. Available on open access from Taylor & Francis via the DOI in this recordThroughout its history, Operational Research has evolved to include methods, models and algorithms that have been applied to a wide range of contexts. This encyclopedic article consists of two main sections: methods and applications. The first summarises the up-to-date knowledge and provides an overview of the state-of-the-art methods and key developments in the various subdomains of the field. The second offers a wide-ranging list of areas where Operational Research has been applied. The article is meant to be read in a nonlinear fashion and used as a point of reference by a diverse pool of readers: academics, researchers, students, and practitioners. The entries within the methods and applications sections are presented in alphabetical order. The authors dedicate this paper to the 2023 Turkey/Syria earthquake victims. We sincerely hope that advances in OR will play a role towards minimising the pain and suffering caused by this and future catastrophes

    Operational research:methods and applications

    Get PDF
    Throughout its history, Operational Research has evolved to include a variety of methods, models and algorithms that have been applied to a diverse and wide range of contexts. This encyclopedic article consists of two main sections: methods and applications. The first aims to summarise the up-to-date knowledge and provide an overview of the state-of-the-art methods and key developments in the various subdomains of the field. The second offers a wide-ranging list of areas where Operational Research has been applied. The article is meant to be read in a nonlinear fashion. It should be used as a point of reference or first-port-of-call for a diverse pool of readers: academics, researchers, students, and practitioners. The entries within the methods and applications sections are presented in alphabetical order

    an economic approach to a legal problem

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    A possibilidade do risco sist´emico do setor segurador ´e um debate em curso. E comum ´ ler-se que o risco sist´emico ´e impulsionado pelo problema de informa¸c˜ao assim´etrica entre as entidades reguladoras e as institui¸c˜oes financeiras, o que pode tornar assim, a regula¸c˜ao prudencial ineficiente. Partindo-se desta idea, ´e apresentado ao longo dos principais cap´ıtulos desta disserta¸c˜ao (Cap´ıtulos 2 e 3), uma abordagem te´orica do papel da informa¸c˜ao privada no desenho de requisitos regulamentares que permite explicar o risco sist´emico do setor segurador. No segundo cap´ıtulo procuro abordar como os problemas no desenho da Diretiva Solvˆencia II afetam a qualidade regulat´oria: a incompletude da Diretiva causada pela assimetria de informa¸c˜ao e eventos indescrit´ıveis na fase do seu desenho aumenta a probabilidade de risco sist´emico. Em particular, demonstro que, os princ´ıpios da Diretiva podem conduzir a resultados sub´otimos por duas raz˜oes. Em primeiro lugar, o setor segurador goza de um poder discricion´ario significativo no que diz respeito `a gest˜ao de riscos e ao controlo interno, onde os requisitos regulamentares podem n˜ao corresponder (i) `as verdadeiras caracter´ısticas da sua gest˜ao de riscos e do seu controlo interno e (ii) aos seus incentivos para a tomada de risco excessivo. Por outro lado, a generalidade que caracteriza estes requisitos permite fazer face a eventos n˜ao descritos, mas deixa o setor relativamente menos regulado. No terceiro cap´ıtulo, abordo o problema de como o desenho ´otimo de pol´ıticas macroprudenciais para o setor segurador ´e dependente de informa¸c˜ao privada. Defendo que o setor tem incentivos para esconder as suas verdadeiras caracter´ısticas, no pressuposto de que a probabilidade de risco sist´emico constitui informa¸c˜ao privada do setor segurador. Estes incentivos s˜ao impulsionados, em larga escala, por receios quanto `a regula¸c˜ao mais onerosa ex post, visto que pressup˜oe-se que o regulador n˜ao pode comprometer-se ex ante a ignorar informa¸c˜ao divulgada pelo setor aquando do desenho da regula¸c˜ao. Dependendo da informa¸c˜ao dispon´ıvel, o regulador possui ou n˜ao um conhecimento correto sobre o risco sist´emico do setor. A regula¸c˜ao desenhada ir´a eventualmente refletir a revis˜ao do seu conhecimento. De um modo geral, a presente disserta¸c˜ao ´e relevante para o entendimento das reformas da Solvˆencia II, tendo em vista mitigar o risco sist´emico, e melhorar o m´etodo de avalia¸c˜ao ao pre¸co de mercado, e o princ´ıpio do ‘gestor prudente’.An ongoing debate is the extent to which insurance companies generate systemic risk. The commonly held view is that systemic risk is driven by asymmetric information problems between regulators and financial institutions, which may render prudential regulation inefficient. Taking this view as a starting point, I develop throughout the main chapters of this dissertation (Chapters 2 and 3) a theoretical account of the role of private information in regulatory design, which allows me to explain systemic risk in the insurance sector. In the second chapter, I study how the Solvency II Directive’s design issues affect regulatory quality: the incompleteness of the Diretive because of information asymmetry and indescribable events in its design stage increases the chance of systemic risk. In particular, I show that Solvency II’s principles lead to suboptimal outcomes because of two reasons. First, it gives wide discretion to insurers over their risk management and internal control, where the requirements it lays down may not reflect (i) the true characteristics of their risk management and internal control and (ii) excessive risk-taking incentives. Second, its requirements operate at a high level of generality in order to deal with events not described, but leave insurers relatively less regulated. In the third chapter, I study the optimal design of macroprudential policy in insurance contingent on private information. Assuming that the probability of systemic risk is the insurance sector’s private information, I show that insurers have an incentive to hide their true characteristics. This incentive is driven entirely by the fear of costly ex-post regulation, since I assume that the regulator cannot commit ex ante to ignore information disclosed by insurers when designing his regulation. Depending on the information available, the regulator either holds correct or incorrect beliefs about systemic risk in insurance. Ultimately, the policy he designs will reflect his belief updating. Overall, the present dissertation is relevant for the understanding of reforms to Solvency II designed to mitigate systemic risk, and improvements relating to mark-to-market valuation and the ‘prudent person’ principle

    Operational Research: Methods and Applications

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    Throughout its history, Operational Research has evolved to include a variety of methods, models and algorithms that have been applied to a diverse and wide range of contexts. This encyclopedic article consists of two main sections: methods and applications. The first aims to summarise the up-to-date knowledge and provide an overview of the state-of-the-art methods and key developments in the various subdomains of the field. The second offers a wide-ranging list of areas where Operational Research has been applied. The article is meant to be read in a nonlinear fashion. It should be used as a point of reference or first-port-of-call for a diverse pool of readers: academics, researchers, students, and practitioners. The entries within the methods and applications sections are presented in alphabetical order. The authors dedicate this paper to the 2023 Turkey/Syria earthquake victims. We sincerely hope that advances in OR will play a role towards minimising the pain and suffering caused by this and future catastrophes

    Operational Research: Methods and Applications

    Get PDF
    Throughout its history, Operational Research has evolved to include a variety of methods, models and algorithms that have been applied to a diverse and wide range of contexts. This encyclopedic article consists of two main sections: methods and applications. The first aims to summarise the up-to-date knowledge and provide an overview of the state-of-the-art methods and key developments in the various subdomains of the field. The second offers a wide-ranging list of areas where Operational Research has been applied. The article is meant to be read in a nonlinear fashion. It should be used as a point of reference or first-port-of-call for a diverse pool of readers: academics, researchers, students, and practitioners. The entries within the methods and applications sections are presented in alphabetical order

    The (long) road towards smart management and maintenance: Organising the digital transformation of critical infrastructures

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    The digital transformation of organisations, triggered by various digital technologies such as smart sensors, smart meters and IoT devices, provides large amounts of data that make it possible to make smarter decisions. For (Dutch) infrastructure organisations this provides opportunities to smarten the management and maintenance of their assets. But why are these technologies not used on a large scale yet? Two important hurdles for infrastructure managers here are 1) accessing the right data and the expertise needed to transform data into information and 2) the need to collaborate closely with partners in their respective supply networks. This doctoral thesis investigates these hurdles, thereby adding to the emerging literature regarding the impact of digital transformation on collaborating organisations and providing Dutch infrastructure with practical ways to overcome these hurdles. The three empirical studies in this doctoral thesis each investigate a specific aspect of the impact of digital transformations on collaborating supply network partners. Specifically, the study in Chapter 2 focuses on how the two main data processing activities (i.e. gathering data and transforming data) can be managed in dyadic relationships through contractual and relational governance mechanisms. The study in Chapter 3 focuses on how post formation adjustments to contractual and relational governance mechanisms in dyadic relationships are made to cope with uncertainty caused by the digitalisation of collaborative processes. Finally, the study in Chapter 4 focuses on the governance of supply networks (i.e. networks with three or more partners) and how these can be motivated to start sharing and using data coming from digital technologies

    ECOS 2012

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    The 8-volume set contains the Proceedings of the 25th ECOS 2012 International Conference, Perugia, Italy, June 26th to June 29th, 2012. ECOS is an acronym for Efficiency, Cost, Optimization and Simulation (of energy conversion systems and processes), summarizing the topics covered in ECOS: Thermodynamics, Heat and Mass Transfer, Exergy and Second Law Analysis, Process Integration and Heat Exchanger Networks, Fluid Dynamics and Power Plant Components, Fuel Cells, Simulation of Energy Conversion Systems, Renewable Energies, Thermo-Economic Analysis and Optimisation, Combustion, Chemical Reactors, Carbon Capture and Sequestration, Building/Urban/Complex Energy Systems, Water Desalination and Use of Water Resources, Energy Systems- Environmental and Sustainability Issues, System Operation/ Control/Diagnosis and Prognosis, Industrial Ecology

    The Rise of Social Sentiment and Payment for Order Flow: New Implications for Non-Fundamental Information in Financial Markets

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    The global boom in retail investing of 2020 and 2021 significantly fostered the role of non-fundamental information in financial markets and led to high popularity of social sentiment indicators (SSI) and payment for order flow (PFOF) among professional investors. This thesis derives new implications for non-fundamental information by exploring the impact of SSI and PFOF within the noisy rational expectations equilibrium framework pioneered by Grossman and Stiglitz (1980). We show that professional investors trading on SSI potentially move prices away from fundamentals, thereby challenging the conventional wisdom that the use of non-fundamental information is unequivocally conducive to price efficiency. Moreover, we demonstrate that PFOF induces complementarities in trading among professional investors and can aggravate adverse selection when market concentration is high

    The Palgrave Handbook of International Energy Economics

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    This open access handbook is distinguished by its emphasis on international energy, rather than domestic energy policies or international geopolitic aspects. Addressing key topics such as energy production and distribution, renewables and corporate energy structures, alongside global energy trends, regional case studies and emerging areas such as the digitalization of energy and energy transition, this handbook provides a major new contribution to the field of international energy economics. Written by academics, practitioners and policy-makers, this handbook is a valuable and timely addition to the literature on international energy economics. This book was published open access with the support of Eni

    Economic Factors of the Development of Agricultural Markets and Rural Areas

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    The agri-market is one of the core sectors of the economy, responsible for producing goods and the fulfilment of nutritional needs. It includes agriculture, which produces food, and the food industry, which involves processing agricultural products. Therefore, it is crucial to analyze the development of agri-markets on both local and international scales. International trade is an important factor affecting the availability of agri-food products. Consequently, it is also important to evaluate economic factors and their roles in the development of a region. This Special Issue aims to solicit original contributions from academics, practitioners and other stakeholders, providing theoretical and empirical analyses focusing on agricultural markets and rural development. The editor encourages submissions that present applications of statistical analysis, case studies, and novel methodologies from parametric and non-parametric related to the topic of the Special Issue. The scope of submission includes original research and review articles on the theme
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