Modeling demand response based on utility function considering wind profit maximization in the day-ahead market

2020 ◽  
Vol 251 ◽  
pp. 119317 ◽  
Author(s):  
Amir Niromandfam ◽  
Ahmad Sadeghi Yazdankhah ◽  
Rasool Kazemzadeh
Keyword(s):  
Utility Function ◽  
Demand Response ◽  
Profit Maximization

Profit maximization in hybrid microgrid system incorporating demand response and plug in EV

2021 ◽  
Vol 31 (12) ◽  
Author(s):  
Prasanthini Senthilkumar ◽  
Sivasankari Samidurai ◽  
Vijithra Nedunchezian ◽  
Narayanan Krishnan ◽  
Gulshan Sharma ◽  
...  
Keyword(s):  
Demand Response ◽  
Profit Maximization ◽  
Hybrid Microgrid

Supply Chain Contracting with Linear Utility Function

2017 ◽  
Vol 10 (2) ◽  
pp. 1-20 ◽  
Author(s):  
Ningning Wang ◽  
Jibao Gu ◽  
Qinglong Gou ◽  
Jinfeng Yue
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Utility Function ◽  
Wholesale Price ◽  
Profit Maximization ◽  
Newsvendor Model ◽  
Supply Chain Contracting ◽  
Linear Utility ◽  
Linear Utility Function ◽  
Linear Setting

The supply chain contracting has traditionally been based on the profit maximization assumption. Recent research has shown that some behavior factors may influence the decision making of supply chain members. The authors utilize a linear utility function to depict such behavior factors and incorporate these into the newsvendor model. The linear utility function provides sufficient flexibility to better capture people's various behavior factors. By supposing the agents are concerned with behavior factors, the authors first investigate how the factors affect the supply chain under wholesale price contract, and find that they do not influence coordination condition, but can adjust the distribution of profits. Then they extend their study to other four common contracts with a similar method and systematically demonstrate that the behavior of agents in such a linear setting has no effect on the conditions of coordinating supply chain.

scholarly journals Indirect Evolution and Aggregate-Taking Behavior in a Football League: Utility Maximization, Profit Maximization, and Success

Games ◽  
2019 ◽  
Vol 10 (2) ◽  
pp. 22 ◽  
Author(s):  
Aloys L. Prinz
Keyword(s):  
Utility Function ◽  
Evolutionarily Stable Strategy ◽  
Profit Maximization ◽  
Evolutionary Model ◽  
For Profit ◽  
Second Stage ◽  
Indirect Evolution ◽  
European Football ◽  
Sports Leagues ◽  
Open Question

An evolutionary model of European football was applied to analyze a two-stage indirect evolution game in which teams choose their utility function in the first stage, and their optimal talent investments in the second stage. Given the second-stage optimal aggregate-taking strategy (ATS) of talent investment, it was shown that teams may choose a mix of profit or win maximization as their objective, where the former is of considerably higher relevance with linear weights for profits, and is more successful in the utility function. With linear weights for profit and win maximization, maximizing profits is the only evolutionarily stable strategy (ESS) of teams. The results change if quadratic weights for profits and wins are employed. With increasing talent productivity, win maximization dominates in the static and in the dynamic versions of the model. As a consequence, it is an open question whether the commercialization of football (and other sports) leagues will lead to more profit or win maximization.

scholarly journals On Comparing between Two Nonlinear Cournot Duopoly Models

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-15
Author(s):  
S. S. Askar
Keyword(s):  
Utility Function ◽  
Fixed Points ◽  
Bounded Rationality ◽  
Profit Maximization ◽  
Flip Bifurcation ◽  
Cournot Duopoly ◽  
Trade Off ◽  
Trade Offs ◽  
Gradient Based ◽  
Conditions Of Stability

The comparison between two nonlinear duopoly models constructed based on symmetric utility function that is derived from Cobb–Douglas is investigated in this paper. The first model consists of two firms which update their outputs using gradient-based mechanism called bounded rationality. The second model contains a bounded rational firm that is competing with a firm whose outputs depend on a trade-off between market share maximization and profit maximization. For the two models, the fixed points are calculated and their conditions of stability are analyzed. The obtained results show that the second model is more stabilizing provided that the second firm adopts low weights of trade-offs. We show that the two models can be destabilized via flip bifurcation only. Furthermore, the noninvertibility of the two models that can give rise to several stable attractors is discussed.

Supply Chain Contracting with Linear Utility Function

2020 ◽  
pp. 750-769
Author(s):  
Ningning Wang ◽  
Jibao Gu ◽  
Qinglong Gou ◽  
Jinfeng Yue
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Utility Function ◽  
Wholesale Price ◽  
Profit Maximization ◽  
Newsvendor Model ◽  
Supply Chain Contracting ◽  
Linear Utility ◽  
Linear Utility Function ◽  
Linear Setting

The supply chain contracting has traditionally been based on the profit maximization assumption. Recent research has shown that some behavior factors may influence the decision making of supply chain members. The authors utilize a linear utility function to depict such behavior factors and incorporate these into the newsvendor model. The linear utility function provides sufficient flexibility to better capture people's various behavior factors. By supposing the agents are concerned with behavior factors, the authors first investigate how the factors affect the supply chain under wholesale price contract, and find that they do not influence coordination condition, but can adjust the distribution of profits. Then they extend their study to other four common contracts with a similar method and systematically demonstrate that the behavior of agents in such a linear setting has no effect on the conditions of coordinating supply chain.

scholarly journals The win/profit maximization debate: strategic adaptation as the answer?

2017 ◽  
Vol 7 (2) ◽  
pp. 121-140 ◽  
Author(s):  
Mickael Terrien ◽  
Nicolas Scelles ◽  
Stephen Morrow ◽  
Lionel Maltese ◽  
Christophe Durand
Keyword(s):  
Utility Function ◽  
Profit Maximization ◽  
Annual Reports ◽  
Data Envelopment ◽  
Soft Budget Constraint ◽  
Actual Performance ◽  
Content Type ◽  
Sports Industry ◽  
Strategic Adaptation ◽  
Measure Of Performance

Purpose The purpose of this paper is twofold. First, to highlight the heterogeneity of the organizational aims within the professional football teams in Ligue 1. Second, to understand why some teams swing from a win orientation towards a soft budget constraint from year to year, and vice versa. Design/methodology/approach Financial data from annual reports for the period 2005/2015 was collected for the 35 Ligue 1 clubs. To define the degree of compliance with the intended strategy for those clubs, an efficiency analysis was conducted thanks to the data envelopment analysis method. This measure of performance was supplemented with the identification of productivity and demand shocks to identify whether clubs suffered from such shock or changed their strategy. It enables to precise the nature of the evolution in the utility function, with regards to the gap between expectation and actual performance. Findings The paper suggests that a team can switch from one orientation to another from year to year due to the uncertain nature of the sports industry. The club director’s utility function could also be maximized under inter temporal budget function in order to adjust the weight between win and profit according to the opportunities in the environment. Originality/value The paper sheds new light on the win/profit maximization. The theoretical model provides an assessment of the weight between win and profit in Ligue 1 and then identifies a new explanation for persistent losses in the sports industry.

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