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Recently, many countries have been pushing for a higher share of renewable energy sources, especially wind, in their generation mix. However, the intermittent and uncertain nature of wind power imposes a limit on the extent it can replace the conventional generation resources. In a high wind penetration scenario, the Battery Energy Storage System (BESS) offers a solution to the grid operation problems. The purpose of this paper is to evaluate the merits of price‐based operation of BESS in a real‐time market with high wind penetration using frequency‐linked pricing.

The authors propose a real‐time market in which real‐time prices are based on the grid frequency. A model for real‐time price‐based operation of a conventional generator and a BESS is presented. Simulations for different wind penetration scenarios are carried out on an isolated area test system. Wind speed sequence is generated using composite wind speed model. A simplified model of wind speed to power conversion is adopted to observe the impact of increase in wind power generation on the grid frequency and the real‐time prices.

The result of simulations show that BESS not only helps in dealing with uncertainty in wind power forecasts, but also reduces the fluctuations in frequency due to wind power's intermittency. Price‐based operation of BESS results in higher operating revenues by discharging it at peak prices and reduces operating costs by charging it at minimum prices.

The study helps in achieving the societal goal of replacing fossil fuel generation by environment friendly generation and reducing green house gas emissions.

The novelty of this paper lies in the use of frequency‐linked pricing in real‐time market and proposing a control algorithm for operating BESS using these price signals.

The quality and efficiency of design and design services is declining. The authors propose that the problem is a systems delivery problem and not a technical competence issue. The purpose of this paper is to use a recently developed best value delivery methodology originally created for contractors to deliver design services. The authors have tested the process resulting in increased performance.

A deductive approach is used. Well documented, published and logical industry structure and the best value delivery model concepts are discussed. The methodology is to identify the deductive logic, and confirm it with test results. The methodology is to take a well‐proven delivery system that worked on construction, modify the existing design delivery model to match the construction model, and test the new model. Owing to the deductive nature of the methodology, the normal reliance on literature of existing practices and inductive exploratory research are not required.

Results confirm that design inefficiencies may be a systems problem. More research and testing is required to further substantiate the findings presented in this paper.

A system solution that creates a win‐win result will have a tremendous potential in the designer industry.

The purpose of this paper is to propose a novel demand response method for real‐time (RT) balancing markets, which relies on dynamic demand control (DDC) based on frequency linked RT prices.

A RT balancing market, where the RT price varies inversely with the system frequency, is described. In such a market, producers and consumers can get the RT price, simply by monitoring the frequency deviations themselves. Air conditioning load, the main contributor of summer peaks, is selected for DDC. A physically based model of air conditioner load is taken to simulate the load control. A smart load controller is proposed that changes the thermostat setting with deviations in grid frequency/RT price. Simple examples are simulated to show the load reductions achieved by DDC in a single air conditioner, a group of large number of air conditioners and a RT market consisting of four generation companies and four distribution companies.

The result of simulation on a single air conditioner shows that significant reduction in energy consumption can be achieved during severe frequency dips in a RT market. The results of simulation in an example of a RT market show that such load control not only results in better frequency control but also lowers the RT price of power.

The demand control mechanism suggested in this paper can be applied to Indian market setting but its applicability to other markets might be limited due to differing, reliability standards, market rules, and regulatory framework.

This paper finds that DDC by distribution companies based on RT price/frequency signal not only results in a significant benefit to these companies and consumers but also helps the system operator in frequency regulation. By making the demand‐side participate in frequency regulation, such control can potentially facilitate an increase in renewable energy portfolio.

This paper aims to investigate how construction clients currently deal with procurement and to analyse how the choices made during the buying process stages affect the combination of governance mechanisms and control types in client‐contractor relationships.

Empirical data were collected through a survey of 87 Swedish construction clients.

Current procurement procedures establish governance forms facilitating a focus on price, through output control, and authority, through process control. Since construction transactions are mostly characterized by high complexity and customisation and long duration, the theoretical framework prescribes a focus on trust and a somewhat lower focus on price and authority. Hence, from a transaction cost perspective, construction clients focus too much on price and authority and too little on trust. Since current procedures may cause problems in all stages of the buying process, the result suggests that partnering arrangements, entailing completely different choices during the buying process, may be a suitable way to facilitate trust and cooperation through informal social control.

Since the empirical results are based on data collected from only Swedish clients, international generalizations should be made cautiously.

Clients wishing to implement trust‐based collaborative relationships need to reconsider their procurement procedures entirely; joint objectives, teambuilding and other “fuzzy” techniques are not enough to transform adversarial relationships into cooperative ones.

Earlier research has focused on one or a few aspects of procurement and governance, while this paper adopts an overall process perspective, taking into account clients' procurement procedures in their entirety.

Freight carriers operating in a spot-market environment are faced with uncertain future capacity demand, actual revenues, and properties of freight items. They require information about the expected future consumption of limited capacity to derive suitable request acceptance decisions. The purpose of this paper is to present a new idea to improve the handling of inaccurate information on the weight and volume of upcoming requests.

The authors start with the definition of a new mathematical optimization model as the backbone of a capacity control system. This model is embedded within a rolling-horizon decision-making process involving consecutively arriving requests. Computational simulation experiments are carried out to evaluate the applicability and efficiency of the proposed decision support system. The authors investigate how the new model contributes towards keeping the negative impacts of inadequate forecasts of the expected volume of future requests as low as possible.

In traditional application fields of capacity control (airline ticketing or hotel reservations) the physical extent of a request is always 1 (set/bed/room). In road-based freight transportation the variety of the physical extent of requests is much more complicated and complex. The major finding is that existing capacity control approaches are unable to meet the special requirements of road-haulage. Innovative capacity control features are necessary in order to cope with the higher request portfolio complexity.

This paper addresses the requirements of a capacity control system for road-based freight transportation. An innovative decision support system is evaluated. For the first time, the authors present a comprehensive quantitative simulation study dedicated to this complicated decision-making situation.

This paper discusses the American debate over price controls and economic stabilization after World War II, when the transition from a war economy to a peace economy was characterized by bottlenecks in the productive system and shortages of food and other basic consumer goods, directly affecting the living standard of the population, the public opinion, and political discourse. Specifically, we will focus on the economist Franco Modigliani and his proposal for a “Plan to meet the problem of rising meat and other food prices without bureaucratic controls.” The plan prepared by Modigliani in October 1947 was based on a system of taxes and subsidies to foster a proper distribution of disposable income and warrant a minimum meat consumption for each individual without encroaching market mechanisms and consumers’ freedom. We will discuss the contents of the plan and its further refinements, and the reactions it prompted from fellow economists, the public opinion, and the political world. Although the Plan was not eventually implemented, it was an important initiative for several reasons: first, it showed the increasing importance of fiscal policy among postwar government tools of intervention in the economic sphere; second, it showed a third way between direct government intervention and full-fledged laissez faire, in tune with the postwar political climate; third, it proposed a Keynesian macroeconomic approach to price and income stabilization, strongly based on econometric and microeconomic foundations. The Meat Plan was thus a fundamental step in Modigliani’s effort to build the “neoclassical synthesis” between Keynesian and Neoclassical economics, which would deeply influence his own career and the evolution of academic studies and government practices in the United States.

The purpose of the paper is to analyze the development needs and opportunities in the distribution system operators’ (DSO) tariff structures in the smart-grid environment.

The impacts of the distribution pricing schemes for the stakeholders and their requirements for the tariff structures are evaluated by qualitative analyses. Furthermore, there is a case analysis concerning the practical development possibilities of the DSO tariff structures in Finland.

Major finding of the paper is that the demand-based power band tariff is the optimal solution for the DSO pricing structure, when taking into account the real-life limitations and the requirements of the stakeholders.

Outcomes of the paper can be applied in practice in design of the pricing schemes in the electricity distribution. Incentive provision impacts and cost reflectivity of the DSO tariffs can be improved by implementing the suggested pricing structure.

The paper provides a novel viewpoint on the study of the DSO tariff design by considering the impacts of the pricing for the stakeholders and their requirements for tariff structure. Furthermore, the real-life limitations in the tariff design have been taken into account by analyzing the development options in Finland. Results are useful, especially for the DSOs, regulators and academics, who are working with the tariff development issues.

Airlines use various analytical techniques to optimally control seats in its various fare classes. Most literature on inventory control does not discuss policies for group arrivals. This study aims to address the literature gap in determining an optimal booking policy which considers the dynamics of group behaviour with respect to cancellations and refunds.

An analytical model by which bid price control mechanism can be applied to group bookings is developed through this study.

Numerical experiments are performed to demonstrate the analytical model under various scenarios. A comparison of the model with the traditional model indicates an increase in the total revenue generated.

The novelty of this work is in modelling the dynamics of group behaviour in a network of flights, and it contributes to the literature on revenue management.

The purpose of this paper is to analyze the variables improving the business model and provide a theoretical basis for the scientific implementation of the current financial strategy.

According to the principle of testability, availability and correlation, the annual data are uses to measure the interaction level of business system in order to accurately reflect the evolution of the financial decision, and explore the main factors restricting the multiple strategies coordination.

The promotion of business growth relies mainly on the coordinated development of innovation, industries, consumption, investment and export. Further transformation and upgrading is one of the paths to achieve the coordinated development of financial strategy multiple objectives. The irrational business structure is the main obstacle to that coordination.

In future research, it may be possible to identify “a financial broader strategy impact discussion for impact on Basel, IMF/World Bank and Capital Foundations or other regulatory strategies to avert future economic crises.” If so, it should be possible for financial institutions to use the results of research examining antecedents to better manage their experiences so as to foster the development of the desired strategies.

The initiatives taken to try to clarify the variables improving the business model and provide a theoretical basis for the scientific implementation of the current financial strategy show how complex it seems to identify practices and those to be developed as a priority. Institutions tend to adopt an increasingly wide range of commonly accepted strategical practices, such as coordinated-determining practices, without really knowing the effect of their interaction on efficient Management processes. In this regard, this paper provides practical advice that may assist successful adaptation for institutions leaders. The study provides new insights into the understanding of the coordinated strategy mechanisms that can influence the optimization of the interaction level of decision control and promote the effectiveness of managerial practices in determining the business model. Always in terms of practical implications, the findings from this paper may be particularly pertinent for managers in public administration and institutional decision makers in many countries across the world where traditionally, the administrators may be more business-intelligence-averse than their counterparts in the private sectors. The specificities of such business model as regarding their constraints concerning the coordinated strategy may reflect at both structural as well as individual levels, considering the predominantly rigid nature of the planning in many configuration.

The conclusion provides a theoretical basis for the scientific implementation of the current monetary strategy.

This research aims to examine the smelter industry’s investment competitiveness in Indonesia as well as to find solutions to improve its competitive advantage for the nation.

This research applies a sequential mixed-methods approach with a second quantitative phase building on an initial first qualitative phase. The qualitative phase is conducted by interviews to find the root causes of problems as well as solutions to gain smelter industries’ competitiveness. The quantitative phase is conducted by a system dynamics model. A descriptive causal loop diagram is created based on interviews and focus group discussions to describe the problems. The concept of competitive advantage of a nation from Porter’s diamond model is applied in this research.

The results reveal the complexity of smelter industries in Indonesia. The paper also addresses the causes of problems and interaction of variables using a causal loop diagram. To gain the smelter industry’s competitiveness, this paper suggests the potential policy development to increase competitiveness of the smelter industry such as policy for different fiscal incentives to each different mineral, effective export duty and exploration obligation.

The result of this study provides a good basis for government in making policy to improve the competitive advantage of the smelter industry investment in Indonesia.

This is the first research on smelter industry competitiveness that applies Porter’s diamond model and system dynamics model to find solutions in designing appropriate policy to gain competitiveness.