scholarly journals Elimination of Excess Capacity in Monopolistic Competition: An Alternative Approach

2019 ◽  
Vol 3 (1) ◽  
pp. 1
Author(s):  
Mohammed Saiful Islam
Keyword(s):  
Monopolistic Competition ◽  
Real Life ◽  
Perfect Competition ◽  
Excess Capacity ◽  
Output Level ◽  
Economic Framework ◽  
Proposed Model ◽  
Desirable Output ◽  
The Difference ◽  
Islamic Economic

Monopolistic competition is a real life market structure in which the elements of both perfect competition and monopoly exist. The paper examines the properties of perfect competition and monopoly under the purview of both conventional and Islamic economics. It finds that perfect competition is permissible in Islamic economic framework but monopoly is not. Monopolistic competition, however, cannot be fully abolished because of its real life relevance. The main problem lying with the monopolistic competition is that each firm preserves the capacity of producing more than what they produce in equilibrium- this is generally known as excess capacity. The current paper proposes a model that eliminates excess capacity and shows how the monopolistically competitive firms may remain at an output level that is socially optimum. The proposed model is a modification of Chamberlin (1933) model. According to the proposed model, the firms will produce socially desirable output if they are given some incentives. Amount of required incentive is the difference between the cost of producing additional units of output and the profit foregone due to the deviation from profit maximizing output level.

PROFIT ESTIMATION FOR A PRODUCT UNDER WARRANTY: AN EVALUATION BASED ON CUSTOMER'S EXPECTATION AND SATISFACTION

2014 ◽  
Vol 21 (06) ◽  
pp. 1450029 ◽  
Author(s):  
P. K. KAPUR ◽  
ADARSH ANAND ◽  
NITIN SACHDEVA
Keyword(s):  
Real Life ◽  
Fixed Cost ◽  
Inventory Cost ◽  
Data Set ◽  
Customer Complaints ◽  
Customer Expectation ◽  
Real Life Data ◽  
Proposed Model ◽  
The Difference ◽  
Warranty Claims

Performance of a product not as expected by the customer brings warranty expenditure into the picture. In other words, the deviation of the product performance (PP) from the customer expectation (CE) is the reason for customer complaints and warranty expenses. When this conflicting scenario occurs in market, warranty comes into existence and fulfilling warranty claims of customers adds to product's overall cost. In this paper, based on the difference between PP and CE about the product we estimate profit for the firm. Furthermore, factors like fixed cost, production cost and inventory cost have also been considered in framing the optimization problem. In the proposed model, a two-dimensional innovation diffusion model (TD-IDM) which combines the adoption time of technological diffusion and price of the product has been used. Classical Cobb–Douglas function that takes into account the technological adoptions and other dimensions explicitly has been used to structure the production function. The proposed model has been validated on real life data set.

scholarly journals Optimal Returns in Indian Stock Market during Global Pandemic: A Comparative Study

2021 ◽  
Vol 14 (12) ◽  
pp. 592
Author(s):  
Pradip Debnath ◽  
Hari Mohan Srivastava
Keyword(s):  
Stock Exchange ◽  
Real Life ◽  
Stock Selection ◽  
Data Set ◽  
Global Pandemic ◽  
Proposed Model ◽  
Real Life Situation ◽  
The Difference ◽  
And Performance ◽  
Selection Methodology

This research is an extension of our previous work [Debnath and Srivastava (2021)]. In that paper, we designed a portfolio based on data taken from National Stock Exchange (NSE), India, during 1 January 2020 to 31 December 2020 and performance of that portfolio in real-life situation was examined during 1 January 2021 to 21 May 2021 assuming investments were made according to the proposed model. We observed that our proposed portfolio was efficient enough in that period to beat the performance of most of the in-demand mutual funds. It was also conjectured that this portfolio would be sustainable post the second wave of COVID-19 in India. In the present paper, our aim is to validate this conjecture. Here, we examine the performance of this portfolio during the period 1 January 2021 to 18 October 2021 using the same previous data set. We also investigate the performance of this portfolio if it was blindly adopted without applying the stock selection methodology during 1 January 2019 to 31 December 2019. Using paired t-test between the difference of means of the performances in the year 2019 and the year 2021, we show that the performance in 2021 was significantly enhanced because of selecting the stocks applying our proposed model.

Risk-Based Robust Bidding Strategies for EVs’ Aggregators in Day-ahead Markets with Uncertainty

2020 ◽  
Author(s):  
Ahmed Abdelmoaty ◽  
Wessam Mesbah ◽  
Mohammad A. M. Abdel-Aal ◽  
Ali T. Alawami
Keyword(s):  
Robust Optimization ◽  
Electricity Market ◽  
Real Life ◽  
Optimization Approach ◽  
Case Scenario ◽  
Worst Case ◽  
Bidding Strategies ◽  
Wind Generators ◽  
Proposed Model ◽  
Optimal Bidding

In the recent electricity market framework, the profit of the generation companies depends on the decision of the operator on the schedule of its units, the energy price, and the optimal bidding strategies. Due to the expanded integration of uncertain renewable generators which is highly intermittent such as wind plants, the coordination with other facilities to mitigate the risks of imbalances is mandatory. Accordingly, coordination of wind generators with the evolutionary Electric Vehicles (EVs) is expected to boost the performance of the grid. In this paper, we propose a robust optimization approach for the coordination between the wind-thermal generators and the EVs in a virtual<br>power plant (VPP) environment. The objective of maximizing the profit of the VPP Operator (VPPO) is studied. The optimal bidding strategy of the VPPO in the day-ahead market under uncertainties of wind power, energy<br>prices, imbalance prices, and demand is obtained for the worst case scenario. A case study is conducted to assess the e?effectiveness of the proposed model in terms of the VPPO's profit. A comparison between the proposed model and the scenario-based optimization was introduced. Our results confirmed that, although the conservative behavior of the worst-case robust optimization model, it helps the decision maker from the fluctuations of the uncertain parameters involved in the production and bidding processes. In addition, robust optimization is a more tractable problem and does not suffer from<br>the high computation burden associated with scenario-based stochastic programming. This makes it more practical for real-life scenarios.<br>

Relation-Based Governance and Competition

2017 ◽  
Author(s):  
Avinash Dixit
Keyword(s):  
Spatial Model ◽  
Monopolistic Competition ◽  
Perfect Competition ◽  
Alternative Methods ◽  
Fixed Costs ◽  
Relational Governance ◽  
Dead Weight ◽  
Small Communities ◽  
Information And Communication ◽  
Size Of Firms

If formal institutions of contract governance are absent or ineffective, traders try to substitute relational governance based on norms and sanctions. However, these alternatives need good information and communication concerning members’ actions; that works well only in relatively small communities. If there are fixed costs, the market has too few firms for perfect competition. The optimum must be a second best, balancing the effectiveness of contract governance and dead-weight loss of monopoly. This chapter explores this idea using a spatial model with monopolistic competition. It is found that relational governance constrains the size of firms and can cause inefficiently excessive entry, beyond the excess that already occurs in a spatial model without governance problems. Effects of alternative methods of improving governance to ameliorate this inefficiency are explored.

Modeling and simulation of saturated double rotor induction machine

2018 ◽  
Vol 37 (3) ◽  
pp. 1139-1165
Author(s):  
Koosha Choobdari Omran ◽  
Ali Mosallanejad
Keyword(s):  
Temperature Effects ◽  
Power Efficiency ◽  
Reactive Power ◽  
Induction Machine ◽  
Transient Behavior ◽  
State Equations ◽  
Content Type ◽  
Proposed Model ◽  
The Difference ◽  
Park Transformation

Purpose Double rotor induction machine (DRIM) is a particular type of induction machine (IM) that has been introduced to improve the parameters of the conventional IM. The purpose of this study is to propose a dynamic model of the DRIM under saturated and unsaturated conditions by using the equations obtained in this paper. Also, skin and temperature effects are considered in this model. Design/methodology/approach First, the DRIM structure and its performance will be briefly reviewed. Then, to realize the DRIM model, the mathematical equations of the electrical and mechanical part of the DRIM will be presented by state equations in the q-d axis by using the Park transformation. In this paper, the magnetizing fluxes saturation is included in the DRIM model by considering the difference between the amplitudes of the unsaturated and saturated magnetizing fluxes. The skin and temperature effects are also considered in this model by correcting the rotor and stator resistances values during operation. Findings To evaluate the effects of the saturation and skin effects on DRIM performance and validate the model, the machine is simulated with/without consideration of saturation and skin effects by the proposed model. Then, the results, including torque, speed, stator and rotor currents, active and reactive power, efficiency, power factor and torque-speed characteristic, are compared. In addition, the performance of the DRIM has been investigated at different speed conditions and load variations. The proposed model is developed in Matlab/Simulink for the sake of validation. Originality/value This paper presents an understandable model of DRIM with and without saturation, which can be used to analyze the steady-state and transient behavior of the motor in different situations.

scholarly journals Investigating the Temporal Effect of User Preferences with Application in Movie Recommendation

2017 ◽  
Vol 2017 ◽  
pp. 1-10 ◽  
Author(s):  
Wen-Jun Li ◽  
Qiang Dong ◽  
Yan Fu
Keyword(s):  
Rapid Development ◽  
User Preferences ◽  
Mobile Internet ◽  
Smart Devices ◽  
Data Sets ◽  
Rating Data ◽  
Temporal Effect ◽  
Proposed Model ◽  
Target User ◽  
The Difference

As the rapid development of mobile Internet and smart devices, more and more online content providers begin to collect the preferences of their customers through various apps on mobile devices. These preferences could be largely reflected by the ratings on the online items with explicit scores. Both of positive and negative ratings are helpful for recommender systems to provide relevant items to a target user. Based on the empirical analysis of three real-world movie-rating data sets, we observe that users’ rating criterions change over time, and past positive and negative ratings have different influences on users’ future preferences. Given this, we propose a recommendation model on a session-based temporal graph, considering the difference of long- and short-term preferences, and the different temporal effect of positive and negative ratings. The extensive experiment results validate the significant accuracy improvement of our proposed model compared with the state-of-the-art methods.

An Order Fulfillment Model for the LED Chip Manufacturing Plant

2013 ◽  
Vol 694-697 ◽  
pp. 3446-3452 ◽  
Author(s):  
Horng Huei Wu ◽  
Ming Feng Li ◽  
Tzu Fang Hsu
Keyword(s):  
Inventory Control ◽  
Real Life ◽  
Production Model ◽  
Order Fulfillment ◽  
Due Date ◽  
Make To Order ◽  
Proposed Model ◽  
General Production ◽  
Production Strategy ◽  
Production Output

The LED chip manufacturing (LED-CM) is an important process in the LED supply chain. The make-to-order production strategy is a general production model for the LED-CM plants to satisfy the variety requirement of their customers. However, the special features of the unstable production output and a product composed of the chips of different feasible Bins exist in the LED-CM plant. The production planner will confront the issue of effective inventory control and exact due-date performance under the severely competitive pressure. Therefore an effective order fulfillment procedure for production planners is a required key issue to accomplish the inventory control and exact due-date performance. An order fulfillment model for production planner is thus proposed in this paper to meet the requirement of the LED-CM plants. A real-life LED-CM case is also utilized to demonstrate and evaluate the application and effectiveness of the proposed model.

A robust possibilistic programming model for production-routing problem in a three-echelon supply chain

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Ali Beheshtinia ◽  
Narjes Salmabadi ◽  
Somaye Rahimi
Keyword(s):  
Supply Chain ◽  
Real Life ◽  
Model Parameters ◽  
Pickup And Delivery ◽  
Distribution Centers ◽  
Routing Problem ◽  
Remarkable Feature ◽  
Content Type ◽  
Proposed Model ◽  
Production Routing

Purpose This paper aims to provide an integrated production-routing model in a three-echelon supply chain containing a two-layer transportation system to minimize the total costs of production, transportation, inventory holding and expired drugs treatment. In the proposed problem, some specifications such as multisite manufacturing, simultaneous pickup and delivery and uncertainty in parameters are considered. Design/methodology/approach At first, a mathematical model has been proposed for the problem. Then, one possibilistic model and one robust possibilistic model equivalent to the initial model are provided regarding the uncertain nature of the model parameters and the inaccessibility of their probability function. Finally, the performance of the proposed model is evaluated using the real data collected from a pharmaceutical production center in Iran. The results reveal the proper performance of the proposed models. Findings The results obtained from applying the proposed model to a real-life production center indicated that the number of expired drugs has decreased because of using this model, also the costs of the system were reduced owing to integrating simultaneous drug pickup and delivery operations. Moreover, regarding the results of simulations, the robust possibilistic model had the best performance among the proposed models. Originality/value This research considers a two-layer vehicle routing in a production-routing problem with inventory planning. Moreover, multisite manufacturing, simultaneous pickup of the expired drugs and delivery of the drugs to the distribution centers are considered. Providing a robust possibilistic model for tackling the uncertainty in demand, costs, production capacity and drug expiration costs is considered as another remarkable feature of the proposed model.

Diagnosis of infertility from adenomyosis and endometriosis through entroxon based intelligent water drop back propagation neural networks

2022 ◽  
pp. 1-9
Author(s):  
P. Vijayalakshmi ◽  
K. Muthumanickam ◽  
G. Karthik ◽  
S. Sakthivel
Keyword(s):  
Clustering Algorithm ◽  
Water Drop ◽  
Back Propagation ◽  
Back Propagation Neural Network ◽  
Uterine Wall ◽  
Health Issues ◽  
Testing Dataset ◽  
Proposed Model ◽  
Fuzzy C Means Clustering ◽  
The Difference

Adenomyosis is an abnormality in the uterine wall of women that adversely affects their normal life style. If not treated properly, it may lead to severe health issues. The symptoms of adenomyosis are identified from MRI images. It is a gynaecological disease that may lead to infertility. The presence of red dots in the uterus is the major symptom of adenomyosis. The difference in the extent of these red dots extracted from MRI images shows how significant the deviation from normality is. Thus, we proposed an entroxon-based bio-inspired intelligent water drop back-propagation neural network (BIWDNN) model to discover the probability of infertility being caused by adenomyosis and endometriosis. First, vital features from the images are extracted and segmented, and then they are classified using the fuzzy C-means clustering algorithm. The extracted features are then attributed and compared with a normal person’s extracted attributes. The proposed BIWDNN model is evaluated using training and testing datasets and the predictions are estimated using the testing dataset. The proposed model produces an improved diagnostic precision rate on infertility.

Fuzzy preference programming formulation in data envelopment analysis for university department evaluation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dyanne Brendalyn Mirasol-Cavero ◽  
Lanndon Ocampo
Keyword(s):  
Data Envelopment Analysis ◽  
Real Life ◽  
The Philippines ◽  
Data Envelopment ◽  
Data Accessibility ◽  
Content Type ◽  
Proposed Model ◽  
University Department ◽  
Fuzzy Dea ◽  
Fuzzy Preference

Purpose University department efficiency evaluation is a performance assessment on how departments use their resources to attain their goals. The most widely used tool in measuring the efficiency of academic departments in data envelopment analysis (DEA) deals with crisp data, which may be, often, imprecise, vague, missing or predicted. Current literature offers various approaches to addressing these uncertainties by introducing fuzzy set theory within the basic DEA framework. However, current fuzzy DEA approaches fail to handle missing data, particularly in output values, which are prevalent in real-life evaluation. Thus, this study aims to augment these limitations by offering a fuzzy DEA variation. Design/methodology/approach This paper proposes a more flexible approach by introducing the fuzzy preference programming – DEA (FPP-DEA), where the outputs are expressed as fuzzy numbers and the inputs are conveyed in their actual crisp values. A case study in one of the top higher education institutions in the Philippines was conducted to elucidate the proposed FPP-DEA with fuzzy outputs. Findings Due to its high discriminating power, the proposed model is more constricted in reporting the efficiency scores such that there are lesser reported efficient departments. Although the proposed model can still calculate efficiency no matter how much missing and unavailable, and uncertain data, more comprehensive data accessibility would return an accurate and precise efficiency score. Originality/value This study offers a fuzzy DEA formulation via FPP, which can handle missing, unavailable and imprecise data for output values.

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