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Book part
Publication date: 23 October 2023

Nathaniel T. Wilcox

The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First…

Abstract

The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First, they are free of functional form assumptions about both utility and weighting functions, and they are entirely based on binary discrete choices and not on matching or valuation tasks, though they depend on assumptions concerning the nature of probabilistic choice under risk. Second, estimated weighting functions contradict widely held priors of an inverse-s shape with fixed point well in the interior of the (0,1) interval: Instead the author usually finds populations dominated by “optimists” who uniformly overweight best outcomes in risky options. The choice pairs used here mostly do not provoke similarity-based simplifications. In a third experiment, the author shows that the presence of choice pairs that provoke similarity-based computational shortcuts does indeed flatten estimated probability weighting functions.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

Keywords

Article
Publication date: 17 November 2023

Behrooz Ariannezhad, Shahram Shahrooi and Mohammad Shishesaz

1) The OE-MLPG penalty meshfree method is developed to solve cracked structure.(2) Smartening the numerical meshfree method by combining the particle swarm optimization (PSO…

Abstract

Purpose

1) The OE-MLPG penalty meshfree method is developed to solve cracked structure.(2) Smartening the numerical meshfree method by combining the particle swarm optimization (PSO) optimization algorithms and Voronoi computational geometric algorithm. (3). Selection of base functions, finding optimal penalty factor and distribution of appropriate nodal points to the accuracy of calculation in the meshless local Petrov–Galekrin (MLPG) meshless method.

Design/methodology/approach

Using appropriate shape functions and distribution of nodal points in local domains and sub-domains and choosing an approximation or interpolation method has an effective role in the application of meshless methods for the analysis of computational fracture mechanics problems, especially problems with geometric discontinuity and cracks. In this research, computational geometry technique, based on the Voronoi diagram (VD) and Delaunay triangulation and PSO algorithm, are used to distribute nodal points in the sub-domain of analysis (crack line and around it on the crack plane).

Findings

By doing this process, the problems caused by too closeness of nodal points in computationally sensitive areas that exist in general methods of nodal point distribution are also solved. Comparing the effect of the number of sentences of basic functions and their order in the definition of shape functions, performing the mono-objective PSO algorithm to find the penalty factor, the coefficient, convergence, arrangement of nodal points during the three stages of VD implementation and the accuracy of the answers found indicates, the efficiency of V-E-MLPG method with Ns = 7 and ß = 0.0037–0.0075 to estimation of 3D-stress intensity factors (3D-SIFs) in computational fracture mechanics.

Originality/value

The present manuscript is a continuation of the studies (Ref. [33]) carried out by the authors, about; feasibility assessment, improvement and solution of challenges, introduction of more capacities and capabilities of the numerical MLPG method have been used. In order to validate the modeling and accuracy of calculations, the results have been compared with the findings of reference article [34] and [35].

Details

Engineering Computations, vol. 40 no. 9/10
Type: Research Article
ISSN: 0264-4401

Keywords

Open Access
Article
Publication date: 26 March 2024

Manuel Rossetti, Juliana Bright, Andrew Freeman, Anna Lee and Anthony Parrish

This paper is motivated by the need to assess the risk profiles associated with the substantial number of items within military supply chains. The scale of supply chain management…

Abstract

Purpose

This paper is motivated by the need to assess the risk profiles associated with the substantial number of items within military supply chains. The scale of supply chain management processes creates difficulties in both the complexity of the analysis and in performing risk assessments that are based on the manual (human analyst) assessment methods. Thus, analysts require methods that can be automated and that can incorporate on-going operational data on a regular basis.

Design/methodology/approach

The approach taken to address the identification of supply chain risk within an operational setting is based on aspects of multiobjective decision analysis (MODA). The approach constructs a risk and importance index for supply chain elements based on operational data. These indices are commensurate in value, leading to interpretable measures for decision-making.

Findings

Risk and importance indices were developed for the analysis of items within an example supply chain. Using the data on items, individual MODA models were formed and demonstrated using a prototype tool.

Originality/value

To better prepare risk mitigation strategies, analysts require the ability to identify potential sources of risk, especially in times of disruption such as natural disasters.

Details

Journal of Defense Analytics and Logistics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2399-6439

Keywords

Article
Publication date: 20 June 2023

Hongyi Mao, Shan Liu and Yeming Gong

To achieve digital transformation, organizations have continued to rely on integrating the capabilities of information technology (IT) to facilitate decision-making and developing…

870

Abstract

Purpose

To achieve digital transformation, organizations have continued to rely on integrating the capabilities of information technology (IT) to facilitate decision-making and developing their reconfiguration capability to enhance agile operations. The pressure imposed by digital transformation necessitates investigations on leveraging different IT capabilities to attain substantial organizational agility in an optimal configuration. This study aims to provide a new perspective on balancing IT structural capabilities and proposes a framework for evaluating their coalignment and complementary returns based on resource orchestration theory.

Design/methodology/approach

A multi-method approach is used to evaluate the research model. This study tests hypotheses and explores the potential coalignment and complementary returns of balance in structural models and response surface analysis. Then, it analyzes the qualitative data and provides complementary findings to corroborate and confirm complex relationships.

Findings

Balanced structural IT capabilities facilitate organizational agility but cooperate differently with internal (e.g. IT proactive stance) and external (e.g. environmental volatility) environmental factors. Balance between IT integration and reconfiguration must be maintained from several approaches during search/selection and configuration/deployment.

Originality/value

This study theorizes and empirically investigates the interactive mechanisms of two IT capabilities in influencing organizational agility under different boundary conditions. It enriches the understanding of balancing capabilities for organizational agility in digital transformation.

Details

International Journal of Operations & Production Management, vol. 44 no. 1
Type: Research Article
ISSN: 0144-3577

Keywords

Open Access
Article
Publication date: 8 June 2023

Tadej Dobravec, Boštjan Mavrič, Rizwan Zahoor and Božidar Šarler

This study aims to simulate the dendritic growth in Stokes flow by iteratively coupling a domain and boundary type meshless method.

Abstract

Purpose

This study aims to simulate the dendritic growth in Stokes flow by iteratively coupling a domain and boundary type meshless method.

Design/methodology/approach

A preconditioned phase-field model for dendritic solidification of a pure supercooled melt is solved by the strong-form space-time adaptive approach based on dynamic quadtree domain decomposition. The domain-type space discretisation relies on monomial augmented polyharmonic splines interpolation. The forward Euler scheme is used for time evolution. The boundary-type meshless method solves the Stokes flow around the dendrite based on the collocation of the moving and fixed flow boundaries with the regularised Stokes flow fundamental solution. Both approaches are iteratively coupled at the moving solid–liquid interface. The solution procedure ensures computationally efficient and accurate calculations. The novel approach is numerically implemented for a 2D case.

Findings

The solution procedure reflects the advantages of both meshless methods. Domain one is not sensitive to the dendrite orientation and boundary one reduces the dimensionality of the flow field solution. The procedure results agree well with the reference results obtained by the classical numerical methods. Directions for selecting the appropriate free parameters which yield the highest accuracy and computational efficiency are presented.

Originality/value

A combination of boundary- and domain-type meshless methods is used to simulate dendritic solidification with the influence of fluid flow efficiently.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 33 no. 8
Type: Research Article
ISSN: 0961-5539

Keywords

Article
Publication date: 10 August 2022

Bingfeng Bai

Despite the importance of demand forecasting in retail industry, its influence on supply chain agility has not been sufficiently examined. From a total information technology (IT…

Abstract

Purpose

Despite the importance of demand forecasting in retail industry, its influence on supply chain agility has not been sufficiently examined. From a total information technology (IT) capability perspective, the purpose of this paper is to examine the antecedent of supply chain agility through retail demand forecasting.

Design/methodology/approach

Combining the literature reviews, the quantitative method of algorithm analysis was targeted at, and the firm data were processed on MATLAB.

Findings

This paper summarizes IT dimensions of demand forecasting in retail industry and distinguishes the relationship of supply chain agility and demand forecasting from an IT capability view.

Practical implications

Managers can derive a better understanding and measurement of operating activities that appropriately balance among supply chain agility, IT capability and demand forecast practice. Demand forecasting should be integrated into the firm operations to determine the agility level of supply chain in marketplace.

Originality/value

This paper constructs new theoretical grounds for research into the relationship of demand forecasting-supply chain agility and provides an empirical assessment of the essential components for the means to prioritize IT-supply chain.

Details

Kybernetes, vol. 52 no. 10
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 21 December 2022

Hamzeh Hosseinpour, Ahmad Khodamipour and Omid Pourheidari

This study aims to investigate the relationship between return and liquidity risk and the impact of the prospect theory value (PTV) as a moderator variable on this relationship.

Abstract

Purpose

This study aims to investigate the relationship between return and liquidity risk and the impact of the prospect theory value (PTV) as a moderator variable on this relationship.

Design/methodology/approach

The statistical population of this study is the companies listed on the Tehran Stock Exchange during the years 2006–2019. In this research, the portfolio construction method and alpha analysis of the factor models and the cross-sectional regression of Fama and Macbeth have been used to analyze the data.

Findings

The results obtained through the portfolio construction method and the cross-sectional regression of Fama and Macbeth show that there is no significant relationship between return and Amihud (2002) criterion (ILLIQ) as liquidity risk. The PTV also does not affect this relationship, but there is a positive and significant relationship between returns and the turnover ratio (TOR) as liquidity risk. In other words, the lower the TOR (higher liquidity risk), the lower the return. On the other hand, the results showed that the PTV affects this relationship.

Originality/value

To the best of the authors’ knowledge, this study is the first to examine the effect of the PTV on the relationship between return and liquidity risk. It is expected that the results of this study can help investors explain returns better through a deeper understanding of the behavior of investors and their decision-making methods. In other words, by examining the PTV as a proxy for behavioral dimension, we can understand that the relationship between return and liquidity risk can be affected by other dimensions like PTV, so when evaluating risk and return, other influential factors should also be considered.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 16 no. 4
Type: Research Article
ISSN: 1753-8394

Keywords

Article
Publication date: 2 August 2023

Aurojyoti Prusty and Amirtham Rajagopal

This study implements the fourth-order phase field method (PFM) for modeling fracture in brittle materials. The weak form of the fourth-order PFM requires C1 basis functions for…

Abstract

Purpose

This study implements the fourth-order phase field method (PFM) for modeling fracture in brittle materials. The weak form of the fourth-order PFM requires C1 basis functions for the crack evolution scalar field in a finite element framework. To address this, non-Sibsonian type shape functions that are nonpolynomial types based on distance measures, are used in the context of natural neighbor shape functions. The capability and efficiency of this method are studied for modeling cracks.

Design/methodology/approach

The weak form of the fourth-order PFM is derived from two governing equations for finite element modeling. C0 non-Sibsonian shape functions are derived using distance measures on a generalized quad element. Then these shape functions are degree elevated with Bernstein-Bezier (BB) patch to get higher-order continuity (C1) in the shape function. The quad element is divided into several background triangular elements to apply the Gauss-quadrature rule for numerical integration. Both fourth-order and second-order PFMs are implemented in a finite element framework. The efficiency of the interpolation function is studied in terms of convergence and accuracy for capturing crack topology in the fourth-order PFM.

Findings

It is observed that fourth-order PFM has higher accuracy and convergence than second-order PFM using non-Sibsonian type interpolants. The former predicts higher failure loads and failure displacements compared to the second-order model due to the addition of higher-order terms in the energy equation. The fracture pattern is realistic when only the tensile part of the strain energy is taken for fracture evolution. The fracture pattern is also observed in the compressive region when both tensile and compressive energy for crack evolution are taken into account, which is unrealistic. Length scale has a certain specific effect on the failure load of the specimen.

Originality/value

Fourth-order PFM is implemented using C1 non-Sibsonian type of shape functions. The derivation and implementation are carried out for both the second-order and fourth-order PFM. The length scale effect on both models is shown. The better accuracy and convergence rate of the fourth-order PFM over second-order PFM are studied using the current approach. The critical difference between the isotropic phase field and the hybrid phase field approach is also presented to showcase the importance of strain energy decomposition in PFM.

Details

Engineering Computations, vol. 40 no. 6
Type: Research Article
ISSN: 0264-4401

Keywords

Article
Publication date: 18 April 2023

Hsuan-Hsuan Ku and Yun-Hsuan Hsu

Capturing consumers’ notice by differentiating a product from competing brands in attaching an affixed label featuring product claims, as an alternative front-of-package (FOP…

Abstract

Purpose

Capturing consumers’ notice by differentiating a product from competing brands in attaching an affixed label featuring product claims, as an alternative front-of-package (FOP) cue, has been widely used in fast-moving consumer goods retailing. This paper aims to apply perceived product newness as the basis for examining how affixed labeling, manipulated in terms of design features and message claims, can impact consumer evaluation.

Design/methodology/approach

Four between-subjects experiments examined the persuasive impact of the use of affixed labels. In particular, how product evaluation, in response to affixed labeling, varied as a function of its shape (Study 1a), location (Study 1b), the combination of shape and location cues (Study 1c) and the strength of message claims conveyed by such labels (Study 2). Perceived product newness is assessed as a mediator for all studies.

Findings

The results show the power of affixed labels in persuasion. Specifically, consumers tend to perceive the item as newer, achieving persuasion, when the affixed label has a distinctive shape or location. Yet, incorporating several unusual design components fails to trigger an elevated result if a singular visual stimulus serves as a cue for an item’s newness. Further, the strength of claims highlighted in an affixed label correlates to positive impact on evaluations.

Research limitations/implications

This study offers an empirically based examination of consumers’ responses to affixed labeling and identifies perceived product newness as a mediator of the observed effect.

Practical implications

A salient, affixed label enables a credible cue for product newness, therefore, driving evaluation.

Originality/value

This paper contributes to understanding the influence on the persuasion of FOP labeling, with salience to retail promotional and sales messaging tactics.

Details

European Journal of Marketing, vol. 57 no. 8
Type: Research Article
ISSN: 0309-0566

Keywords

Article
Publication date: 9 June 2023

Yuming Liu, Yong Zhao, Qingyuan Lin, Sheng Liu, Ende Ge and Wei Wang

This paper aims to propose a framework for optimizing the pose in the assembly process of the non-ideal parts considering the manufacturing deviations and contact deformations…

Abstract

Purpose

This paper aims to propose a framework for optimizing the pose in the assembly process of the non-ideal parts considering the manufacturing deviations and contact deformations. Furthermore, the accuracy of the method would be verified by comparing it with the other conventional methods for calculating the optimal assembly pose.

Design/methodology/approach

First, the surface morphology of the parts with manufacturing deviations would be modeled to obtain the skin model shapes that can characterize the specific geometric features of the part. The model can provide the basis for the subsequent contact deformation analysis. Second, the simulated non-nominal components are discretized into point cloud data, and the spatial position of the feature points is corrected. Furthermore, the evaluation index to measure the assembly quality has been established, which integrates the contact deformations and the spatial relationship of the non-nominal parts’ key feature points. Third, the improved particle swarm optimization (PSO) algorithm combined with the finite element method is applied to the process of solving the optimal pose of the assembly, and further deformation calculations are conducted based on interference detection. Finally, the feasibility of the optimal pose prediction method is verified by a case.

Findings

The proposed method has been well suited to solve the problem of the assembly process for the non-ideal parts with complex geometric deviations. It can obtain the reasonable assembly optimal pose considering the constraints of the surface morphological features and contact deformations. This paper has verified the effectiveness of the method with an example of the shaft-hole assembly.

Research limitations/implications

The method proposed in this paper has been well suited to the problem of the assembly process for the non-ideal parts with complex geometric deviations. It can obtain the reasonable assembly optimal pose considering the constraints of the surface morphological features and contact deformations. This paper has verified the method with an example of the shaft-hole assembly.

Originality/value

The different surface morphology influenced by manufacturing deviations will lead to the various contact behaviors of the mating surfaces. The assembly problem for the components with complex geometry is usually accompanied by deformation due to the loading during the contact process, which may further affect the accuracy of the assembly. Traditional approaches often use worst-case methods such as tolerance offsets to analyze and optimize the assembly pose. In this paper, it is able to characterize the specific parts in detail by introducing the skin model shapes represented with the point cloud data. The dynamic changes in the parts' contact during the fitting process are also considered. Using the PSO method that takes into account the contact deformations improve the accuracy by 60.7% over the original method that uses geometric alignment alone. Moreover, it can optimize the range control of the contact to the maximum extent to prevent excessive deformations.

Details

Robotic Intelligence and Automation, vol. 43 no. 3
Type: Research Article
ISSN: 2754-6969

Keywords

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