Extension of Aspiration Level Model for Optimal Planning of Fast Charging Stations

Electric vehicles will play a dominant role in future transportation due to their friendliness towards the present day environment. The battery which drives the vehicle can be refilled using battery charging and battery swapping techniques. Fast charging stations provide faster service to the customers. Though battery swapping method outperforms battery charging in many ways, the heavy infrastructure requirement of the former requires time in integrating with the real world. Queuing models are used to depict the real-time behavior of service stations. The aspiration level model provides the optimal value of charging piles for the given system capacity in a fast-charging station. The parameters in the aspiration level model can be formulated to an optimization problem. In the present work, the optimal planning for an fast charging station in Beijing is carried out using genetic algorithm. The simulation work is carried out in MATLAB/Simulink.

Happiness or Life Satisfaction?

Life satisfaction is likely to be more (than happiness) liable to be affected by shifts in the aspiration level, reducing the comparability of the resulting indices. Life satisfaction and/or preference may differ from happiness due to a positive valuation on the contribution to or a concern for the happiness of others. In the presence of such a divergence, levels of life satisfaction may be misleading.

From One Empirical Study to 150

Performance feedback research examines how performance relative to the aspiration level on one or more organizational goals influences organizational search and change. It views the organization as solving problems presented by performance shortfalls, consistent with bounded rationality. This chapter examines the start of my research on performance feedback, the growth of this research stream, and how I and other participants in this research stream have sought to stimulate its growth and direct it toward interesting new research questions. In a series of notes on the steps this research stream has taken to advance our knowledge, I outline more general ideas on how research streams can become influential through recruitment of participants and setting of research agendas.

Performance Feedback Theory

Performance Feedback Theory (PFT) is a scholarly field that examines how organizations respond to feedback on their performance. Other keywords used by researchers in this area include “adaptive aspirations,” “attainment discrepancy,” “organizational learning from performance feedback,” “performance aspiration,” or a more generic label like a “behavioral theory/approach/perspective.” The origin of PFT can be found in the Carnegie School approach. PFT explicitly and predominantly positions itself as part of the “Behavioral Theory of the Firm” (BTOF). PFT shares many of the same foundational ideas and continues to be influenced by other strands of BTOF scholarship. The main concepts in this theory are performance feedback, aspiration levels, and responses or responsiveness. Aspiration level refers to the minimum level of performance deemed satisfactory by a decision maker, and, thus, it serves as the benchmark against which to evaluate performance. Two types of aspiration levels are common: historical ones, which are based on the organization’s own prior performance, and social ones, which are based on the performance of comparable peer organizations, usually all other firms active in a focal firm’s industry. The comparison of actual performance with aspiration levels constitutes performance feedback. Depending on whether performance feedback is favorable, i.e., exceeds a particular aspiration level being examined, PFT predicts different responses and levels of responsiveness. Commonly, predictions and findings indicate responses that diverge from previous firm actions and greater responsiveness in any area of firm activity where performance is below the aspiration level. Such responses includes a wide range of strategic and operational choices, such as new market entry, investment in fixed assets, research and development (R&D) spending, innovation adoption, and so on. In fact, as PFT continues to develop and gain in popularity, the range of firm and decision maker behaviors linked to performance feedback has greatly increased. While consensus is widespread on the core of the theory, PFT scholarship is still developing. Discussions are ongoing on the extent to which its main predictions apply universally, irrespective of the type of organization examined, the performance measure used, and the type of aspiration level considered. Specifically, research efforts are examining what boundary conditions limit the applicability of PFT’s predictions and which contingencies modify them and, thus, should be included as moderators in PFT models.

Aspirations or survival: decision modeling and the effect of focus of attention in risky choice

Purpose This research aims to test focus of attention effects in risky choice. Design/methodology/approach As opposed to traditional aspiration-level theory, the shifting-focus concept introduces a second reference point, the survival point, and assumes a shifting focus of attention between the two reference points. In this conceptualization, risk-taking is a function of focus of attention on the survival reference point or the aspiration-level and resources relative to the two reference points. Four randomized controlled studies tested this concept. Findings Study 1 showed that with aspiration focus the probability of choosing a risky option was higher below an aspiration-level than above it. With survival focus, the effect was reversed. Study 2 found that close to the survival reference point, the probability of choosing a risky option was higher with aspiration focus relative to survival focus. Study 3 revealed that with scarce resources the risk taken was higher with aspiration focus than with survival focus, and the scarcer the resources the stronger was the effect. Study 4 demonstrated that with aspiration focus the risk taken was higher below an aspiration-level than above it. With survival focus the effect was reversed. Originality/value In addition to providing support for the validity of the shifting focus concept, this paper elaborates on the theoretical model by providing evidence for moderation effects. Risk-taking was affected by a focus of attention on one of two reference points, and the effect was moderated by resources relative to the two focal points. An advanced model is proposed to capture the effects of focus of attention and resources on risk-taking behavior.

Mean-Variance Portfolio Selection with Dynamic Targets for Expected Terminal Wealth

In a market that consists of multiple stocks and one risk-free asset whose mean return rates and volatility are deterministic, we study a continuous-time mean-variance portfolio selection problem in which an agent is subject to a constraint that the expectation of the agent’s terminal wealth must exceed a target and minimize the variance of the agent’s terminal wealth. The agent can revise the expected terminal wealth target dynamically to adapt to the change of the agent’s current wealth, and we consider the following three targets: (i) the agent’s current wealth multiplied by a target expected gross return rate, (ii) the risk-free payoff of the agent’s current wealth plus a premium, and (iii) a weighted average of the risk-free payoff of the agent’s current wealth and a preset aspiration level. We derive the so-called equilibrium strategy in closed form for each of the three targets and find that the agent effectively minimizes the variance of the instantaneous change of the agent’s wealth subject to a certain constraint on the expectation of the instantaneous change of the agent’s wealth.

Performance Aspirations and Corporate Tax Avoidance

The current study examines whether performance discrepancy from the aspiration level affects corporate tax avoidance. Prior studies show that performance discrepancies from the aspiration level significantly affect firms' behavior; thus, it is important to examine whether such discrepancies affect corporate tax avoidance. Based on the behavioral theory of the firm (BTOF), this study posits that firms performing below the aspiration levels avoid more taxes in the subsequent period than other firms. Empirical findings using data from a sample of U.S. firms for the period covering 1993-2016 support the hypothesis. The findings also show that, while there is a difference among firms meeting or beating the aspiration level, there is no statistically significant difference in tax avoidance level among firms performing short of their aspiration level. The study contributes to the existing literature by providing additional evidence extending the scope of literature in BTOF and tax avoidance areas.

Imitation and aspiration dynamics bring different evolutionary outcomes in feedback-evolving games

Feedback-evolving games characterize the interplay between the evolution of strategies and environments. Rich dynamics have been derived for such games under the premise of the replicator equation, which unveils persistent oscillations between cooperation and defection. Besides replicator dynamics, here we have employed aspiration dynamics, in which individuals, instead of comparing payoffs with opposite strategies, assess their payoffs by self-evaluation to update strategies. We start with a brief review of feedback-evolving games with replicator dynamics and then comprehensively discuss such games with aspiration dynamics. Interestingly, the tenacious cycles, as perceived in replicator dynamics, cannot be observed in aspiration dynamics. Our analysis reveals that a parameter θ —which depicts the strength of cooperation in enhancing the environment—plays a pivotal role in comprehending the dynamics. In particular, with the symmetric aspiration level, if replete and depleted states, respectively, experience Prisoner's Dilemma and Trivial games, the rich environment is achievable only when θ > 1. The case θ < 1 never allows us to reach the replete state, even with a higher cooperation level. Furthermore, if cooperators aspire less than defectors, then the enhanced state can be achieved with a relatively lower θ value compared with the opposite scenario because too much expectation from cooperation can be less beneficial.

Sustainable Sports Tourism Performance Assessment Using Grey-Based Hybrid Model

The development of sports tourism is gaining momentum around the world, with many tourism industries combining sports events and programs to attract more domestic and overseas customers to promote economic and culture. Sustainability awareness has been gaining attention from many international organizations, resulting in the rise of sports tourism that incorporates sustainability. Therefore, the development of a valid and applicable sustainable sports tourism (SST) assessment model is an important task. In this study, a hybrid Multiple Attribute Decision-Making (MADM) model is proposed to measure the development performance of SST. The aims of this study include developing a SST assessment framework, identifying the mutual influential relationships among attributes, generating attribute influence weights, and calculating the performance of the evaluated items. The proposed model is divided into three stages. First, a cause-and-effect diagram is generated using the Grey Decision-Making Trial and Evaluation Laboratory (GDEMATEL) to describe the interactions and feedback among the attributes. Then, the GDEMATEL-based Analytic Network Process (GDANP) is applied to generate the influence weights of the attributes and their rankings. Finally, the expanded Probability-based Grey Relational Analysis (expanded PGRA) was applied to calculate the performance of the evaluated items and to determine the gap between evaluated items and the aspiration level. This study improves the original PGRA technique by introducing the concept of aspiration level into the PGRA calculation process, thereby replacing the traditional concept of “relative satisfaction” with “aspiration level”. In addition, the expanded PGRA can assess a single rated item without being limited to at least two items. We used the Sun Moon Lake Scenic Area in Taiwan as a model demonstration. The results show that the top three attributes that need to be strengthened are disease prevention and treatment, local social welfare and protection, and sports diversity. In the Sun Moon Lake, intersection control should be set up to ensure the health status of visitors and local residents. In addition to epidemic prevention, more measures and behaviors should be developed to deal with tourism diseases. We suggested that subsidies be provided to local residents to rebuild the fences around their homes to avoid disturbances caused by the influx of tourists. Moreover, the local government can create more sports events with special characteristics that can attract tourists to come again and again.