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This study aims to examine the value of the call option contract in hedging the risks in the supply chain. The decentralized supply chain without call option contract is first studied as the criterion model for evaluations. This paper addresses several questions: What will be the optimal manufacturer’s production quantity, retailer’s ordering and pricing policies in the presence of random demand and random yield by applying the downconversion approach? How will the call option contract influence the optimal decisions for the members of the supply chain? Can the risk from randomness be divided among the members in the supply chain through the call option contract?

This paper considers a two-level decentralized supply chain under random yield and random demand in which the manufacturer takes advantage of the downconversion approach with two scenarios, with and without option contract. To the best of the authors’ knowledge, no article or study uses the downconversion approach in a supply chain regarding random yield and random demand. Furthermore, the paper considers pricing with option contract in the supply chain, which makes this article stands out significantly from other articles in the literature.

This study shows that the downconversion approach would reduce the risk caused by the random yield, which appears to be the appropriate method for the environmental goal of the supply chains. Moreover, adopting a call option contract can increase flexibility and mitigate risks, resulting in more expected members’ profits.

To simplify the model, the authors assume one manufacturer and one retailer, so extending the model to consider multiple retailers instead of one retailer and inventory sharing between them would be interesting. Considering the option and exercise prices as decision variables would be important future research topics. Put option and bidirectional option contracts could be investigated in the future. Another extension is modeling asymmetry of information in supply chain.

This paper provides managerial insights on dealing with both demand and yield risks in a manufacturer–retailer supply chain. The manufacturer has a random yield production and produces two types of vertical products: low-end and high-end. To reduce waste caused by the random yield, the manufacturer uses a downconversion approach in which low-end products are made by converting the defective high-end products. The manufacturer purchased a shortage of high-end products from the secondary market (i.e. emergency sourcing). High-end products are sold through the retailer, and low-end products are sold directly by the manufacturer. The customer demand for high-end products in the end market is random and depends on the selling price, and the customer demand for the low-end products in the secondary market is independent and random. The retailer contracts the manufacturer with the call option to obtain high-end products to meet a random demand; in fact, by using the call option contract, the authors try to balance the risks between two members. Two scenarios of with and without call option contract are proposed. After the high-end product demand is observed, the retailer would exercise the option order quantity in the call option contract scenario and then place an instant order with the manufacturer if necessary. In each scenario, the manufacturer and the retailer make their decisions simultaneously (static game) to determine the retailer’s optimal ordering and pricing policies and the optimal production quantity of the manufacturer (Nash equilibrium) by maximizing their expected profits. Finally, the impact of the model parameters on the supply chain is expressed through numerical examples. The numerical analysis shows that the call option contract provides greater profit than the wholesale price contract.

A variety of phenomena such as world wide web, social or business networks, interactions are modelled by various kinds of networks (such as the scale free or preferential attachment networks). However, due to the model‐specific requirements one may want to rewire the network to optimize the communication among the various nodes while not overloading the number of channels (i.e. preserving the number of edges). The purpose of this paper is to present a formal framework for this problem and to examine a family of local search strategies to cope with it.

This is mostly theoretical work. The authors use rigorous mathematical framework to set‐up the model and then we prove some interesting theorems about it which pertain to various local search algorithms that work by rerouting the network.

This paper proves that in cases when every pair of nodes is sampled with non‐zero probability then the algorithm is ergodic in the sense that it samples every possible network on the specified set of nodes and having a specified number of edges with nonzero probability. Incidentally, the ergodicity result led to the construction of a class of algorithms for sampling graphs with a specified number of edges over a specified set of nodes uniformly at random and opened some other challenging and important questions for future considerations.

The measure‐theoretic framework presented in the current paper is original and rather general. It allows one to obtain new points of view on the problem.

Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic framework, with the result that theoretical discussions did not prevent some degree of mutual support on policy proposals. If a divergence there was, at this stage, this pertained the feasibility of Fisher’s proposals, because Fisher’s enthusiasm for reform could find no match at Cambridge. This notwithstanding, and although in varying degrees, Marshall, Pigou, and Keynes were sympathetic with Fisher’s battle for “stable money.” Indeed, a fragment from the Keynes Papers shows that, at a very early stage of his career, Keynes paid great attention to Fisher’s empirical research on the relationship between “Appreciation and interest,” taking the relation between nominal and real rates of interest as a possible explanation of the trade cycle. For some time at least, this widened the common ground upon which Fisher’s proposals for “stable money” could find some support at Cambridge.

Based on the Jones (1971) model, we construct two dynamic models of international trade in which the rate of time preference is either constant or time-varying. The main purpose is to study whether and under what conditions the results derived in the Jones model still hold in the dynamic framework. It is shown that the results of dynamic models may be similar or different to those obtained in the static model. For example, it is possible that, in both static and dynamic models, an increase in the commodity price raises this commodity's output and the return to the specific factor in this sector. However, the effects on the wage rate may be different due to the factor accumulation impact in the dynamic framework.

The purpose of this paper is to examine the crowding-in or crowding-out relationship between public and private investment in India.

The autoregressive distributed lag (ARDL) bounds testing approach is used to estimate the long run relationship between public and private investment using annual data from 1971-1972 to 2009-2010.

Based on the empirical findings, it is observed that aggregate public investment has a positive effect on private investment both in the long run and the short run. In contrast to the findings of previous studies, no significant impact of public infrastructure investment on private investments is found in the long run, while non-infrastructure investment has a positive impact on private investment in the short run. Among the various categories of infrastructure sector, a positive and significant impact in the case of electricity, gas and water supply is observed. Similarly, the result indicates that public investment in machinery and equipment and construction have substantially influenced the private sector machinery and equipment in the long run and the short run. In the case of the role of macroeconomic uncertainty, the results find a negative and significant impact on private investment and the impact is higher in the short run than in the long run.

The present study extends the literature in three important ways: First, the study attempts to capture heterogeneity of public investment as well as disaggregate effects of two different categories of public infrastructure on private investment. The extent to which two different types of public assets impact the private investment in machinery and equipment investment is also examined. Second, ARDL model is used to examine the long-run relationship between public and private investment. Third, the study incorporates macroeconomic uncertainty into the empirical analysis to examine the role of macroeconomic volatility in determining private investment decision.

This study aims to promote the anti-disturbance and tracking accuracy of optoelectronic stabilized platforms, which ensure that optical detectors accurately track targets and acquire high-quality images.

An improved active disturbance rejection control (ADRC) strategy based on model-assisted double extended state observers (MDESOs) is proposed in this paper. First, by establishing an auxiliary model, the total disturbances are separated into two parts: inner and external disturbances. Then, MDESOs are designed to estimate the two parts by separately using two parallel ESOs, by which the controlled plant is adjusted to the ideal pure integral series. Simultaneously, combined with the nonlinear state error feedback, an overall control strategy is established.

Compared with the conventional ADRC and proportional derivative, the improved ADRC (IADRC) has stronger robustness and adaptability and effectively reduces the requirements for model accuracy and the gain of the ESO. The error of the auxiliary model is tolerated to exceed 50%, and the parameter values of the MDESOs are reduced by 90%.

The total disturbance rejection rate of the proposed strategy is only 3.11% under multiple disturbances, which indicates that the IADRC strategy significantly promotes anti-disturbance performance.

Computer simulations were done extensively in order to study non‐linear dynamics of laser‐plasma interaction in InSb semiconductor. We constructed the modified Duffing kind of non‐linear semiconductor plasma oscillator equation. Collision frequency is found to be dominant parameter to influence the bifurcation, chaos, hysteresis and bistable effects of plasma wave. Small windows of higher period cascade above the critical value of laser parameter (α₁α₂) in the chaos region are observed. Laser‐plasma exhibits too much chaotic regime at lower value of laser driving frequency (δ). Hysteresis and bistable regions of plasma wave are presented and the conditions for their occurence are identified. The unstable regions completely merge at higher value of effective collision frequency (γ).

The purpose of this paper is to propose a two-degrees-of-freedom wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism based on spring, in order to improve the robot’s athletic ability, load capacity and rigidity, and to ensure the coordination of multi-modal motion.

First, based on the rotation transformation matrix and closed-loop constraint equation of the parallel trunk joint mechanism, the mathematical model of its inverse position solution is constructed. Then, the Jacobian matrix of velocity and acceleration is derived by time derivative method. On this basis, the stiffness matrix of the parallel trunk joint mechanism is derived on the basis of the principle of virtual work and combined with the deformation effect of the rope driving pair and the spring elastic restraint pair. Then, the eigenvalue distribution of the stiffness matrix and the global stiffness performance index are used as the stiffness evaluation index of the mechanism. In addition, the performance index of athletic dexterity is analyzed. Finally, the distribution map of kinematic dexterity and stiffness is drawn in the workspace by numerical simulation, and the influence of the introduced spring on the stiffness distribution of the parallel trunk joint mechanism is compared and analyzed. It is concluded that the stiffness in the specific direction of the parallel trunk joint mechanism can be improved, and the stiffness distribution can be improved by adjusting the spring elastic structure parameters of the rope-driven branch chain.

Studies have shown that the wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism based on spring has a great kinematic dexterity, load-carrying capacity and stiffness performance.

The soft-mixed structure is not mature, and there are few new materials for the soft-mixed mixture; the rope and the rigid structure are driven together with a large amount of friction and hindrance factors, etc.

It ensures that the multi-motion mode hexapod mobile robot can meet the requirement of sufficient different stiffness for different motion postures through the parallel trunk joint mechanism, and it ensures that the multi-motion mode hexapod mobile robot in multi-motion mode can meet the performance requirement of global stiffness change at different pose points of different motion postures through the parallel trunk joint mechanism.

The trunk structure is a very critical mechanism for animals. Animals in the movement to achieve smooth climbing, overturning and other different postures, such as centipede, starfish, giant salamander and other multi-legged animals, not only rely on the unique leg mechanism, but also must have a unique trunk joint mechanism. Based on the cooperation of these two mechanisms, the animal can achieve a stable, flexible and flexible variety of motion characteristics. Therefore, the trunk joint mechanism has an important significance for the coordinated movement of the whole body of the multi-sport mode mobile robot (Huang Hu-lin, 2016).

In this paper, based on the idea of combining rigid parallel mechanism with wire-driven mechanism, a trunk mechanism is designed, which is composed of four spring-based wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism in series. Its spring-based wire-driven 4SPS/U rigid‒flexible parallel trunk joint mechanism can make the multi-motion mode mobile robot have better load capacity, mobility and stiffness performance (Qi-zhi et al., 2018; Cong-hao et al., 2018), thus improving the environmental adaptability and reliability of the multi-motion mode mobile robot.

The aim of this paper is to develop a detailed descriptive model for kitting operations, allowing resources sizing and computation of systems’ economic performances.

A mathematical model allows to size resources, given product characteristics and production mix, and determines total system costs by assessing relevant cost items including investment costs (vehicles, containers, storage racks), direct operating costs (transport and kitting workforce, vehicles energy consumption and maintenance, quality costs), indirect operating costs (space requirements, work in process (WIP) and safety stock holding costs, administration and control).

The choice of parts delivery supply to assembly lines requires a thorough economic comparison of alternatives. However, existing models are often simplistic and neglect many critical factors which affect the systems’ performances. As a consequence, industries are unsure about which system is best for their environment. This model allows assessment of the cost and suitability of kitting in any specific industrial setting. Results of the model application are case-specific and cannot be generalized, but the major impact of labour and error correction cost has been highlighted.

The model at present focusses on the in-house kitting systems based on travelling kits concept only. Although all quantitative cost drivers are included, some context-related qualitative decision factors are not yet included. The model assumes that the information about product structure and part requirements is known and that a preliminary design of the assembly system (i.e. line balancing) has been carried out.

Production managers are given a quantitative decision tool to properly assess the implementation of kitting policies at an early decision stage. This allows exploring the trade-offs between the alternatives and properly planning the adoption of kitting systems, as well as comparing kitting with alternative material supply methods.

With respect to previous simplified literature models, this new approach allows quantification of a number of additional factors which are critical for successful implementation of cost-effective kitting systems, including kitting errors. An exhaustive cost estimation of kitting systems in multiple, mixed-model assembly lines is thus permitted.