The interaction of elements in a financial system can exhibit complex dynamic behaviours. In this article, we use a system of differential equations to model the evolution of a financial system and study its complexity. Numerical simulations show that the system exhibits a variety of rich dynamic behaviours, including chaos. Bifurcation diagrams show that the system behaves chaotically over a wide range of system parameters.
2 June 2020 in Technological and Economic Development of Economy
In the process of supplier selection for green supply chain management, uncertain information may appear in alternatives’ performances or experts’ preferences. The stochastic multicriteria acceptability analysis (SMAA) is a beneficial technique to tackling the uncertain information in such a problem and the MULTIMOORA is a robust technique to aggregate alternatives’ utilities. This study dedicates to proposing an SMAA-MULTIMOORA method by considering the advantages of both methods. The integrated method can accept uncertain information as inputs. The steps of the SMAA-MULTIMOORA are illustrated. A case study about the selection of green suppliers is given to show the validity and robustness of the SMAA-MULTIMOORA method.
25 April 2016 in Asia Pacific Journal of Management
COVID-19 has exposed the global supply chains to great vulnerability. In such extreme circumstances, product availability becomes a primary concern. This paper studies a basic inventory management strategy—lateral transshipment—under decentralized systems, which may play an important role in dealing with stockouts during unexpected crises. Lateral transshipments not only react quickly to stockout, but are also environmentally friendly due to the significant reduction of production and transportation pollution. This paper studies optimal lateral transshipment and replenishment decisions under a decentralized setting. We construct a multi-stage stochastic model that captures demand uncertainty and customer switching behavior. We demonstrate that, similar to the centralized setting, the optimal transshipment decision follows a double-threshold structure. The optimal replenishment quantities are determined under two pricing mechanisms—individual mechanism (IP) and negotiated mechanism (NP). Numerical examples are provided to demonstrate the impact of lateral transshipment on supply chain cost reduction.