Traditional expected utility theory suggests that decision-makers are completely rational,but a large number of experiments and empirical studies have shown that decision-makers will be influenced by their perception ...Traditional expected utility theory suggests that decision-makers are completely rational,but a large number of experiments and empirical studies have shown that decision-makers will be influenced by their perception of psychological and other factors,is bounded rationality when making decisions.This paper will be based on regret theory,considering the influence of retailer’regret factor on their order quantity in a single cycle,and providing corresponding measures which supplier can take to weaken the influence of retail regret.展开更多
In this paper, considering a scenario in which there are two quality levels of fresh products and introduction of consumer utility function, we studied the optimal ordering and pricing strategies under certain quantit...In this paper, considering a scenario in which there are two quality levels of fresh products and introduction of consumer utility function, we studied the optimal ordering and pricing strategies under certain quantity. Our results showed that, facing the two quality levels of fresh products, retailers would not benefit from sales of lower quality of fresh products with the deterministic demand. In the pursuit of profit maximization, the initial order quantity is smaller than the potential demand for market.展开更多
The Multi Year Tariff Order (MYTO) is the Nigerian Electricity Regulatory Commission (NERC) pricing framework for determining the Nigerian Electricity Supply Industry (NESI) pricing model. One of the objectives of the...The Multi Year Tariff Order (MYTO) is the Nigerian Electricity Regulatory Commission (NERC) pricing framework for determining the Nigerian Electricity Supply Industry (NESI) pricing model. One of the objectives of the NERC’s MYTO pricing model is to ensure regulated electricity end user tariff without compromising return on investment. Achieving this objective is imperative to attract investors in the growing Nigerian electricity market. However, NESI has hitherto been faced with challenges ranging from its inability to provide sufficient power to its customers to not being viable enough to provide return on capital invested. In this paper, sensitivity analysis of power plant operation and performance parameters on the cost of electricity (CoE) generation using MYTO (power generation) pricing model were evaluated. Thermodynamic modeling and simulation of an open cycle gas turbine (OCGT) was carried out to augment scarce data on power plant performance and operation in Nigeria. Sensitivity analysis was carried out using probabilistic method based on Monte Carlo simulation (MCS) implemented in commercial software (@ Risk®). The result highlighted sensitivity of the model input parameters to cost of electricity generation based on technical and financial assumptions of MYTO model. Seven most influential parameters affecting generation cost were identified. These parameters and their correlation coefficients are given as: 1) foreign exchange rate, 0.76;2) cost of fuel, 0.51;3) thermal efficiency, -0.23;4) variable operation and maintenance cost, 0.22;5) fixed operating and maintenance cost, -0.03;6) capacity factor, -0.02;and 7) average capacity degradation, 0.01. Based on the gas turbine engine and input parameter distributions statistics for this study, the generation cost lies between 9.84 to 15.45 N/kWh and the probabilities of CoE within these values were established.展开更多
文摘Traditional expected utility theory suggests that decision-makers are completely rational,but a large number of experiments and empirical studies have shown that decision-makers will be influenced by their perception of psychological and other factors,is bounded rationality when making decisions.This paper will be based on regret theory,considering the influence of retailer’regret factor on their order quantity in a single cycle,and providing corresponding measures which supplier can take to weaken the influence of retail regret.
文摘In this paper, considering a scenario in which there are two quality levels of fresh products and introduction of consumer utility function, we studied the optimal ordering and pricing strategies under certain quantity. Our results showed that, facing the two quality levels of fresh products, retailers would not benefit from sales of lower quality of fresh products with the deterministic demand. In the pursuit of profit maximization, the initial order quantity is smaller than the potential demand for market.
文摘The Multi Year Tariff Order (MYTO) is the Nigerian Electricity Regulatory Commission (NERC) pricing framework for determining the Nigerian Electricity Supply Industry (NESI) pricing model. One of the objectives of the NERC’s MYTO pricing model is to ensure regulated electricity end user tariff without compromising return on investment. Achieving this objective is imperative to attract investors in the growing Nigerian electricity market. However, NESI has hitherto been faced with challenges ranging from its inability to provide sufficient power to its customers to not being viable enough to provide return on capital invested. In this paper, sensitivity analysis of power plant operation and performance parameters on the cost of electricity (CoE) generation using MYTO (power generation) pricing model were evaluated. Thermodynamic modeling and simulation of an open cycle gas turbine (OCGT) was carried out to augment scarce data on power plant performance and operation in Nigeria. Sensitivity analysis was carried out using probabilistic method based on Monte Carlo simulation (MCS) implemented in commercial software (@ Risk®). The result highlighted sensitivity of the model input parameters to cost of electricity generation based on technical and financial assumptions of MYTO model. Seven most influential parameters affecting generation cost were identified. These parameters and their correlation coefficients are given as: 1) foreign exchange rate, 0.76;2) cost of fuel, 0.51;3) thermal efficiency, -0.23;4) variable operation and maintenance cost, 0.22;5) fixed operating and maintenance cost, -0.03;6) capacity factor, -0.02;and 7) average capacity degradation, 0.01. Based on the gas turbine engine and input parameter distributions statistics for this study, the generation cost lies between 9.84 to 15.45 N/kWh and the probabilities of CoE within these values were established.
