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1 – 10 of over 1000Ved Prabha Toshniwal, Rakesh Jain, Gunjan Soni, Sachin Kumar Mangla and Sandeep Narula
This study is centered on the identification of the most appropriate Technology Adoption (TA) model for investigating the adoption of Industry 4.0 technologies within…
Abstract
Purpose
This study is centered on the identification of the most appropriate Technology Adoption (TA) model for investigating the adoption of Industry 4.0 technologies within pharmaceutical and related enterprises. The aim is to facilitate a smooth transition to advanced technologies while concurrently achieving environmental sustainability.
Design/methodology/approach
Selection of a suitable TA theory is carried out using a hybrid multi-criteria decision-making (MCDM) approach incorporating PIvot Pairwise RElative Criteria Importance Assessment (PIPRECIA) and Fuzzy Measurement of alternatives and ranking according to Compromise solution (F-MARCOS) methods. A group of three experts is formulated for the ranking of criteria and alternatives based on those criteria.
Findings
The results indicate that out of all six TA models considered unified theory of acceptance and use of technology (UTAUT) model gets the highest utility function value, followed by the technical adoption model (TAM). Further, sensitivity analysis is conducted to confirm the validity of the MCDM model employed.
Research limitations/implications
Challenging times like COVID-19 pointed out the importance of technology in the pharmaceutical and healthcare sectors. TA studies in this area can help in the identification of critical factors that can assist pharmaceutical firms in their efforts to embrace emerging technologies, enhance their outputs and increase their efficiency.
Originality/value
The novelty of this research lies in the fact that the utilization of a TA theory prior to its implementation has not been witnessed in existing scholarly literature. The utilization of a TA theory, specifically within the pharmaceutical industry, can assist enterprises in directing their attention toward pertinent factors when contemplating the implementation of emerging technologies and achieving sustainable development.
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Fatemeh Fallah, Parham Azimi and Mani Sharifi
The pharmaceutical industry is one of the most essential areas of health in any country. It is defined as a system of processes, operations and organizations involved in…
Abstract
Purpose
The pharmaceutical industry is one of the most essential areas of health in any country. It is defined as a system of processes, operations and organizations involved in discovering, developing and producing drugs. The supply chain in the pharmaceutical field is one of the most important strategic issues in the pharmaceutical and health-care industries. The purpose of this study is to reduce the total cost of the supply chain network and reduce the amount of distribution scheduling.
Design/methodology/approach
In this study, the authors designed a drug supply chain network with uncertainty-related corruption. The optimal number and location of potential facilities, the optimal allocation of flow between facilities, the optimal routing of vehicles and the optimal amount of inventory in production and distribution center warehouses were determined to achieve these two objective functions.
Findings
In evaluating the small sample size problem, it was found that the comprehensive benchmarking method was more efficient than the other methods in obtaining the mean index of the first objective function. The utility function method has also proved its efficiency in obtaining the mean of the second objective function indices, the spacing index and the computational time. Because of the inefficiency of GAMS software in resolving size issues, the modified NSGA II and MOPSO algorithms with modified priority-based encryption have been used. First, using the Taguchi method, the initial parameters of the metaheuristic algorithms are adjusted, and then, 15 sample problems are designed in larger sizes. To avoid generating random data, five problems were equally designed, and the averages of objective functions and metrics of met heuristic algorithms (number of efficient solutions, maximum expansion index, spacing index and computational time) were analyzed as the basis of evaluation and comparison. Therefore, using all the indicators and results of the NSGA II algorithm is recommended.
Originality/value
In this research, a biobjective modeling approach is proposed to minimize the total costs of the supply chain network (construction costs, storage costs and product transportation costs between centers) and advertising costs and to minimize distribution and transportation scheduling across each level of the supply chain network.
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Sasadhar Bera and Subhajit Bhattacharya
This exploratory study examines and comprehends the relative importance of mobile app attributes from a consumer perspective. Both quantitative and qualitative analysis approaches…
Abstract
Purpose
This exploratory study examines and comprehends the relative importance of mobile app attributes from a consumer perspective. Both quantitative and qualitative analysis approaches explore users' behavior and attitudes toward the priorities of mobile app attributes and preferences, identifying correlations between attributes and aggregating individual attributes into groups.
Design/methodology/approach
Online convenience sampling and snowball sampling resulted in 417 valid responses. The numerical data are analyzed using the relative to an identified distribution (RIDIT) scoring system and gray relational analysis (GRA), and qualitative responses are investigated using text-mining techniques.
Findings
This study finds enhanced nuances of user preferences and provides data-driven insights that might help app developers and marketers create a distinct app that will add value to consumers. The latent semantic analysis indicates relationship structure among the attributes, and text-based cluster analysis determines the subsets of attributes that represent the unique functions of the mobile app.
Practical implications
This study reveals the essential components of mobile apps, paying particular attention to the consumer value component, which boosts user approval and encourages prolonged use. Overall, the results demonstrate that developers must concentrate on its functional, technical and esthetic features to make an app more exciting and practical for potential users.
Originality/value
Most scholarly research on apps has focused on their technological merits, aesthetics and usability from the user's perspective. A post-adoption multi-attribute app analysis using both structured and unstructured data is conducted in this study.
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To study these issues, the authors chose a GFSC with one producer and one material supplier as research object, the supplier will offer green material to the producer and the…
Abstract
Purpose
To study these issues, the authors chose a GFSC with one producer and one material supplier as research object, the supplier will offer green material to the producer and the producer will make green food using green production technology. Then, the authors proposed that consumers' perceived value was determined by the trustworthiness levels of the related green and quality-safety information provided by the supplier and the producer. Then, considering the trustworthiness levels of the green and quality information provided by the supplier and the producer, the authors improved the demand function. Afterwards, we constructed four investment models and their income models are built and then a cost-sharing and revenue-sharing contract (hereafter, CSRS) was adopted to coordinate the GFSC.
Design/methodology/approach
With the growth of consumers environmental awareness and life level, consumers' requirements for green and high quality food are growing. In recently years, to increase consumers' perceived trustworthiness on the product greenness and quality levels, stakeholders in green food supply chain (hereafter, GFSC) start to adopt the blockchain-based traceability system (hereafter, BLTS). For investors, they need to know the investment conditions and how to coordinate the GFSC.
Findings
(1) When the revenue-sharing coefficient is less than three-fourths and higher then a certain vaule, the cost-sharing and revenue-sharing contract can make the GFSC coordinate. (2) The investment cost threshold of the BLTS has a positive relationship with the trustworthiness improvement levels of the green and quality information, the green degree of food products and the quality of food products. (3) In the proposed four investment situations, as the growth of consumers perceived credibility coefficient about the greenness information and the quality information, chain members' revenues will increase. In addition, comparing with co-investing the BLTS, benefits of chain members are lower than them in the sole investment model.
Originality/value
(1) The demand function we proposed can help chain members forecast market demand to support production or ordering decisions. (2) The investment decision policies can offer a theoretical reference for chain members to use the BLTS. (3) The CSRS will offer the theoretical reference for coordinating the supply chain after using the BLTS. Furthermore, our study method can be referenced by other scholars. (4) The study method can offer a method reference for researchers who do a similar discussion in a manufacturing supply chain. Although, our research cannot guide the industrial practices, it can serve as a reference of the similar research in industry.
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Hong Mao and Krzysztof Ostaszewski
The authors consider the mutual benefits of the ceding company and reinsurance company in the design of reinsurance contracts. Two objective functions to maximize social expected…
Abstract
Purpose
The authors consider the mutual benefits of the ceding company and reinsurance company in the design of reinsurance contracts. Two objective functions to maximize social expected utilities are established, which are to maximize the sum of the expected utilities of both the ceding company and reinsurance company, and to maximize their products. The first objective function, additive, emphasizes the total gains of both parties, while the second, multiplicative, accounts for the degree of substitution of gains of one party through the loss of the other party. The optimal price and retention of reinsurance are found by a grid search method, and numerical analysis is conducted. The results indicate that the optimal solutions for two objective functions are quite different. However, optimal solutions are sensitive to the change of the means and volatilities of the claim loss for both objective functions. The results are potentially valuable to insurance regulators and government entities acting as reinsurers of last resort.
Design/methodology/approach
In this paper, the authors apply relatively simple, but in the view significant, methods and models to discuss the optimization of excess loss reinsurance strategy. The authors only consider the influence of loss distribution on optimal retention and reinsurance price but neglect the investment factor. The authors also consider the benefits of both ceding company and reinsurance company to determine optimal premium and retention of reinsurance jointly based on maximizing social utility: the sum (or the product) of expected utilities of reinsurance company and ceding company. The authors solve for optimal solutions numerically, applying simulation.
Findings
This paper establishes two optimization models of excess-of-loss reinsurance contract against catastrophic losses to determine optimal premium and retention. One model considers the sum of the expected utilities of a ceding company and a reinsurance company's expected utility; another considers the product of them. With an example, the authors find the optimal solutions of premium and retention of excess loss reinsurance. Finally, the authors carry out the sensitivity analysis. The results show that increasing the means and the volatilities of claim loss will increase the optimal retention and premium. For objective function I, increasing the coefficients of risk aversion of or reducing the coefficients of risk aversion of will make the optimal retention reduced but the optimal premium increased, and vice versa. However, for objective function 2, the change of coefficient of risk aversion has no effect on optimal solutions.
Research limitations/implications
Utility of the two partners: The ceding company and the reinsurance company, may have different weights and different significance. The authors have not studied their relative significance. The simulation approach in numerical methods limits us to the probability distributions and stochastic processes the authors use, based on, generally speaking, lognormal models of rates of return. This may need to be generalized to other returns, including possible models of shocks through jump processes.
Practical implications
In the recent two decades, reinsurance companies have played a great role in hedging mega-catastrophic losses. For example, reinsurance companies (and special loss sharing arrangements) paid as much as two-thirds of the insured losses for the September 11, 2001 tragedy. Furthermore, large catastrophic events have increased the role of governments and regulators as reinsurers of last resort. The authors hope that the authors provide guidance for possible balancing of the needs of two counterparties to reinsurance contracts.
Social implications
Nearly all governments around the world are engaged in regulation of insurance and reinsurance, and some are reinsurers themselves. The authors provide guidance for them in these activities.
Originality/value
The authors believe this paper to be a completely new and original contribution in the area, by providing models for balancing the utility to the ceding insurance company and the reinsurance company.
研究目的
我們探討分出公司和再保險公司在再保險合約的設計上、如何能達至互利互惠。研究確立了兩個目標函數,分別為把分出公司和再保險公司兩者之預期效用的總和最大化,以及把它們的產品最佳化。第一個目標函數是加法的,強調兩個參與方的總增益;而第二個目標函數則是乘法的,這個目標函數,闡釋參與方因另一方虧損而有所收益之取代度。再保險的最佳價格和自留額是利用網格搜索法找出的,數值分析也予以進行。研究結果顯示,兩個目標函數的最佳解決方案甚為不同。唯最佳解決方案會對就這兩個目標函數而言的追討損失的波動、以及其平均值之改變產生敏感反應。研究結果將會見其價值於作為在萬不得已的時候的再保險人的保險業規管機構和政府實體。
研究設計/方法/理念
在這學術論文裡,我們採用了相對簡單、但我們認為是重要的方法和模型,來探討超額賠款再保險策略的優化課題。我們只考慮虧損分佈對最佳自留額和再保險價格的影響,而不去檢視投資因素。我們亦考慮對分出公司和再保險公司兩者的利益,來釐定最佳保費和再保險的自留額,而這兩者則共同建基於把社會效益最大化之上:再保險公司和分出公司的預期效益的總和 (或其積數) 。 我們採用類比模仿方法、來解決尋求在數字上最佳解決方案的問題。
研究結果
本研究建立了就應對嚴重虧損而設的兩個超額賠款再保險合約的優化模型,來釐定最佳的保費和自留額。其中一個模型考慮了分出公司和再保險公司兩者各自的預期效益的總和。另外的一個模型則考慮了兩者的預期效益的積數。透過例子,我們找到了保費和超額虧損再保險自留額的最佳解決方案。最後,我們進行了敏感度分析。研究結果顯示、若增加追討損失的平均值和波動,則最佳自留額和保費也會隨之而增加。就第一個目標函數而言,若增加風險規避係數、或減少這個係數,則最佳自留額會隨之而減少,但最佳保費卻會隨之而增加,反之亦然。唯就第二個目標函數而言,風險規避係數的改變,對最佳解決方案是沒有影響的。
研究的局限/啟示
– 有關的兩個夥伴之效用性:分出公司和再保險公司或有不同的份量和重要性。我們沒有探討兩者的相對重要性。
– 我們以數值方法為核心的類比模仿研究法、使我們局限於機率分配和一般而言建基於投資報酬率對數常態模型之隨機過程的使用。我們或許需要調節研究法。以能概括其它回報收益,包括透過跳躍過程而可能達至之沖擊模型。
– 有關的兩個夥伴之效用性:分出公司和再保險公司或有不同的份量和重要性。我們沒有探討兩者的相對重要性。
– 我們以數值方法為核心的類比模仿研究法、使我們局限於機率分配和一般而言建基於投資報酬率對數常態模型之隨機過程的使用。我們或許需要調節研究法。以能概括其它回報收益,包括透過跳躍過程而可能達至之沖擊模型。
實務方面的啟示
在過去20年裡,再保險公司在控制極嚴重災難性的損失上曾扮演重要的角色。例如、再保險公司 (以及特殊的損失分擔安排) 為了2001年9月11日的災難事件而支付多至保險損失的三分之二的費用。而且,重大的災難性事件使政府及作為最後出路再保險人的調控者得扮演更重要的角色。我們希望研究結果能為再保險合約兩對手提供指導,以平衡雙方的需要。
社會方面的啟示
全球差不多每個政府都參與保險和再保險的管理工作,有部份更加本身就是再保險人。研究結果為他們的管理工作提供了指導。
研究的原創性/價值
我們相信本學術論文、提供了平衡分出保險公司和再保險公司效用性的模型,就此而言,本論文在相關的領域上作出了全新和獨創性的貢獻。
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Jizi Li, Yue Yu, Chunling Liu and Xudong Deng
This paper aims to examine the optimal promotion strategy of an e-retailer, who may advertise, or launch rebates initiative to encourage consumers' disseminating electronic…
Abstract
Purpose
This paper aims to examine the optimal promotion strategy of an e-retailer, who may advertise, or launch rebates initiative to encourage consumers' disseminating electronic word-of-mouth (eWOM) messages, with an aim to boost product sales.
Design/methodology/approach
This paper analyzes the decisions of the e-retailer in a two-period model, using utility function approach and backward induction method, and obtains the optimal solutions in four promotion strategies.
Findings
The study finds that rebate scheme greatly impacts the timing of advertising, and neither lower nor higher consumers' eWOM effort invariably benefits the retailer, rather, a medium level is the best choice for the retailer. When eWOM impact power is at a relatively high level, it can supplement advertising effect to attract more consumers' purchase. Otherwise, eWOM may counteract the role of advertising.
Originality/value
Different from the extant literature focusing on advertising or eWOM without rebates, the paper studies the issue of advertising and eWOM with rebates in two- period model which seldom addresses before the authors examine the optimal timing of advertising and eWOM with/without rebates in four promotion strategies i.e. the A-NE model the NE-A model the A-ER model and the ER-A model.
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Cotton fibre lots are graded and selected for yarn spinning based on their quality value which is a function of certain fibre properties. Cotton grading and selection has created…
Abstract
Purpose
Cotton fibre lots are graded and selected for yarn spinning based on their quality value which is a function of certain fibre properties. Cotton grading and selection has created a domain of emerging interest among the researchers. Several researchers have addressed the said issue using a few exponents of multi-criteria decision-making (MCDM) technique. The purpose of this study is to demonstrate a cotton selection problem using a recently developed measurement of alternatives and ranking according to compromise solution (MARCOS) method which can handle almost any decision problem involving a finite number of alternatives and multiple conflicting decision criteria.
Design/methodology/approach
The MARCOS method of the MCDM technique was deployed in this study to rank 17 cotton fibre lots based on their quality values. Six apposite fibre properties, namely, fibre bundle strength, elongation, fineness, upper half mean length, uniformity index and short fibre content are considered as the six decision criteria assigning weights previously determined by an earlier researcher using analytic hierarchy process.
Findings
Among the 17 alternatives, C9 secured rank 1 (the best lot) with the highest utility function (0.704) and C7 occupied rank 17 (the worst lot) with the lowest utility function (0.596). Ranking given by MARCOS method showed high degree of congruence with the earlier approaches, as evidenced by high rank correlation coefficients (Rs > 0.814). During sensitivity analyses, no occurrence of rank reversal is observed. The correlations between the quality value-based ranking and the yarn tenacity-based rankings are better than many of the traditional methods. The results can be improved further by adopting other efficient method of weighting the criteria.
Practical implications
The properties of raw cotton have significant impact on the quality of final yarn. Compared to the traditional methods, MCDM is reported as the most viable solution in which fibre parameters are given their due importance while formulating a single index known as quality value. The present study demonstrates the application of a recently developed exponent of MCDM in the name of MARCOS for the first time to address a cotton fibre selection problem for textile spinning mills. The same approach can also be extended to solve other decision problems of the textile industry, in general.
Originality/value
Novelty of the present study lies in the fact that the MARCOS is a very recently developed MCDM method, and this is a maiden application of the MARCOS method in the domain of textile, in general, and cotton industry, in particular. The approach is very simple, highly effective and quite flexible in terms of number of alternatives and decision criteria, although highly robust and stable.
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Leilei Shi, Xinshuai Guo, Andrea Fenu and Bing-Hong Wang
This paper applies a volume-price probability wave differential equation to propose a conceptual theory and has innovative behavioral interpretations of intraday dynamic market…
Abstract
Purpose
This paper applies a volume-price probability wave differential equation to propose a conceptual theory and has innovative behavioral interpretations of intraday dynamic market equilibrium price, in which traders' momentum, reversal and interactive behaviors play roles.
Design/methodology/approach
The authors select intraday cumulative trading volume distribution over price as revealed preferences. An equilibrium price is a price at which the corresponding cumulative trading volume achieves the maximum value. Based on the existence of the equilibrium in social finance, the authors propose a testable interacting traders' preference hypothesis without imposing the invariance criterion of rational choices. Interactively coherent preferences signify the choices subject to interactive invariance over price.
Findings
The authors find that interactive trading choices generate a constant frequency over price and intraday dynamic market equilibrium in a tug-of-war between momentum and reversal traders. The authors explain the market equilibrium through interactive, momentum and reversal traders. The intelligent interactive trading preferences are coherent and account for local dynamic market equilibrium, holistic dynamic market disequilibrium and the nonlinear and non-monotone V-shaped probability of selling over profit (BH curves).
Research limitations/implications
The authors will understand investors' behaviors and dynamic markets through more empirical execution in the future, suggesting a unified theory available in social finance.
Practical implications
The authors can apply the subjects' intelligent behaviors to artificial intelligence (AI), deep learning and financial technology.
Social implications
Understanding the behavior of interacting individuals or units will help social risk management beyond the frontiers of the financial market, such as governance in an organization, social violence in a country and COVID-19 pandemics worldwide.
Originality/value
It uncovers subjects' intelligent interactively trading behaviors.
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Yuhong Wang, Xiaoqi Sheng and Yudie Xie
This study aims to establish a centralized decision-making game model and manufacturer-led Stackelberg game model based on factors of risk aversion of supply chain members and…
Abstract
Purpose
This study aims to establish a centralized decision-making game model and manufacturer-led Stackelberg game model based on factors of risk aversion of supply chain members and product greenness. The research aims to study whether the introduction of the “cost + risk sharing” contract affects coordination of this type of green supply by calculating the optimal decision of each mode.
Design/methodology/approach
This research designs a supply chain model under centralized and decentralized decision-making. This model uses the Stackelberg game to calculate the optimal decision under decentralized decision-making to evaluate the effect of a green supply chain and then analyze the “cost + risk sharing” contract and the degree of coordination of the supply chain. A sensitivity analysis is conducted on the centralized mode for the impact of variables on the supply chain.
Findings
This research finds a double marginalization effect in decentralized decision-making, and the risk aversion coefficient plays a decisive role in the utility of supply chain members. The specific range of risk- and cost-sharing factors allows supply chain members to achieve Pareto improvements and provides decision-making based on the corresponding management strategies according to each other’s risk preference degree.
Research limitations/implications
The influence of each variable on the green supply chain in the centralized mode is studied by MATLAB numerical simulation. It provides reference for green supply chain members to formulate corresponding management strategies according to each other's risk preference degree.
Originality/value
This research innovatively considers manufacturers and retailers to explore the market demand for product greenness. It introduces a novel “cost + risk sharing” contract to coordinate the green supply chain.
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Despite being a flexible tool that can address several macroeconomic issues, Dynamic Stochastic General Equilibrium (DSGE) models have been rarely used to analyse the interaction…
Abstract
Purpose
Despite being a flexible tool that can address several macroeconomic issues, Dynamic Stochastic General Equilibrium (DSGE) models have been rarely used to analyse the interaction between monetary and fiscal policy until the post-financial crisis, leaving a gap in the analysis of how government consumption affects the transmission mechanism of monetary policy. This motivates this paper to analyse how government consumption affects the dynamics of a small open economy, once the former is included in a non-separable form to the utility function. To the best of the authors' knowledge, this issue has not been addressed by the literature, and the authors aim to do so in this paper.
Design/methodology/approach
A standard New Keynesian model for a small open economy is used to allow for the presence of non-separable government consumption in the utility function. The model is supported by panel regressions.
Findings
The inclusion of Government consumption dampens the transmission mechanism of monetary policy. The degree of openness dampens the crowding out effect of fiscal policy to monetary policy, as the exchange rate channel empowers it. Empirical estimates for 35 OECD countries support the theoretical findings of the model.
Originality/value
The effect of government consumption on the transmission mechanism of MP has not been addressed in the literature. This paper contributes to the literature by addressing this issue.
Highlights:
• The inclusion of Government consumption dampens the transmission mechanism of monetary policy.
• The degree of openness alleviates the crowding out effect of fiscal policy to monetary policy, as the exchange rate channel empowers it.
• Empirical estimates for 35 OECD countries support the theoretical findings of the model.
• The inclusion of Government consumption dampens the transmission mechanism of monetary policy.
• The degree of openness alleviates the crowding out effect of fiscal policy to monetary policy, as the exchange rate channel empowers it.
• Empirical estimates for 35 OECD countries support the theoretical findings of the model.
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