Table of Content

25 June 2018, Volume 27 Issue 6

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Theory Analysis and Methodology Study

Position Value with the Weight of Marginal Contribution

CHEN Gang, ZHANG Qiang, FENG Jiao

2018, 27(6):  1-5.  DOI: 10.12005/orms.2018.0127

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In this paper,we determine link’s adjacent communication situation by the adjacent relationship between links in communication structure. Then,using Myerson value of the link’s adjacent communication situation and the proportion of the marginal contribution of two vertices in their link,we define the position value with weight of marginal contribution. Furthermore,in some communication situations, the weighted position value is characterized by component efficiency and balanced link contributions.

Multi-attribute Decision Making Model of Manufacturing Enterprise Partner Selection Based on Consistency ——The Perspective of Cooperative Innovation

LI Bai-zhou, YIN Shi

2018, 27(6):  6-13.  DOI: 10.12005/orms.2018.0128

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In order to conduct the choice of the cooperative innovation partners of manufacturing enterprises, this paper integrates the methods of a single evaluation and a combination evaluation and puts forward a combination evaluation methodology of cooperative innovation partner selection based on consistency. After constructing the evaluating indicator system of cooperative innovation partner selection of the manufacturing enterprises, the combination evaluation method based on consistency is applied to an evaluation of cooperative innovation partner selection of some automobile manufacturing enterprise, which comes to a conclusion of consistency and convergence of the evaluation and verifies the scientificity and validity of the proposed method. The combination evaluation method based on consistency figures out the problem of inconsistency preliminarily, and it can not only obtain a reasonable evaluation result, but also fully utilize multi-level information to better describe the evaluation object. The method in this paper provides a new idea for solving the multi-attribute decision making problem.

Evolutionary Game Laws Used by Collaborative Innovation Subjects and the Simulation of Government Intervention

LI Lin, YUAN Ye, LIU Hong

2018, 27(6):  14-20.  DOI: 10.12005/orms.2018.0129

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By using the evolutionary game theory, this paper first studies the evolutionary game laws which are commonly used by collaborative innovation subjects under the non-government intervention. When there exists government intervention, the evolutionary game laws are then studied based on the theory of system dynamics and a corresponding system dynamics model is constructed. Finally, simulations are presented by applying Vensim. The results show that cooperation between collaborative innovation subjects is mainly influenced by the degree of punishment from government, punishment mechanism and the production cost of innovation subjects in speculation. Therefore, by increasing penalties and using dynamic punishment mechanisms, government can impel the innovation subjects to adopt cooperation strategies so as to achieve collaborative innovation.

Research on Evolutionary Game Theory of New Energy Automotive Industry Cooperation and Innovation Driven by Government

CAO Xia, XING Ze-yu, ZHANG Lu-peng

2018, 27(6):  21-30.  DOI: 10.12005/orms.2018.0130

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Since the proposition of strategic emerging industries, strategic emerging industries has been in steady growth. As an important part of strategic emerging industries, new energy automotive industry has drawn increasing attention from the government. Based on evolutionary game theory to establish evolutionary game model of car manufacturers and research institutions to learn, and add the government to the model, this paper shows parameter values change on the evolution of the results with numerical simulation. The study finds that government support for technology research and development, the interests of the partition coefficient, government’s efforts on procurement, penalty that both sides agree to cooperate and the cost of innovation cooperation relations with the additional benefits have great impacts on the cooperative innovation of new energy vehicles.

Solving Cooperative Game Based on the Particle Swarm Optimization

LI Zhuang-kuo, ZHANG Liang

2018, 27(6):  31-36.  DOI: 10.12005/orms.2018.0131

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With the increase of the number of people in a game, it is very difficult to use the traditional “dominant” methods and “valuation” methods to solve the cooperative game whether in logic or calculation. To solve this problem, the solution of cooperative game is regarded as an interactive and convergent process. According to the effectiveness and individual rationality, the game players put forward the allocation scheme and adjust them to be consistent. On the basis of this viewpoint, the cooperative game model based on particle swarm optimization(PSO)is constructed, all players are equal to particle swarm, the interactive strategy of the players are mapped into fitness function, meanwhile the interaction and convergence of the players are mapped into the calculation process of the particle swarm optimization algorithm, and the parameters in the velocity formula are set. Through the analysis of an example, the particle swarm optimization algorithm has the characteristics of fast convergence, high precision and easy realization, and players can quickly and easily get the unique solution of the cooperative game by using this method. This paper can be used as a reference for solving cooperative games, and will provide a new method and a tool for decision makers to use the cooperative game theory.

Supply Chain’s Emission Reduction and Lowcarbon Promotion Policies in Cap-and-trade System: The View of Information Asymmetry

XIA Liang-jie, Bai Yong-wan, Qin Juan-juan, Li You-dong

2018, 27(6):  37-45.  DOI: 10.12005/orms.2018.0132

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Asymmetric information Stackelberg game is proposed for one manufacturer-two retailers supply chain. The emission reduction and low carbon promotion decisions under the cap-and-trade system are explored. The paper investigates the condition under which the retailers will share their low-carbon promotion efficiency information with the manufacturer. Also, the paper analyzes the impacts of consumers’ low-carbon awareness, carbon trade price, retailer competition intensity, low-carbon promotion efficiency and its uncertainty on the supply chain members’ optimal decisions profits. It shows that the retailers’ promotion decisions are only affected by parameters of themselves. A retailer shares its cost information with the manufacturer only if its low-carbon promotion is efficiently enough. The manufacturer’s optimal emission reduction increases with the carbon trade price, consumers’ low-carbon awareness, the retailers’ low-carbon promotion efficiency and uncertainty, and decreases with the retailer competition intensity. The optimal profits of the supply chain members increase with the carbon trade price, consumers’ low-carbon awareness, and decrease with intensity of retailer competition. As the low-carbon promotion efficiency uncertainty of the industry increases, the optimal profit of the manufacturer decreases while that of the retailer increases. When only one retailer is willing to disclose it cost information, the manufacturer can’t afford to pay another retailer to obtain its private cost information.

Quality Defect Compensation Analysis Based on Service Quality Guarantees Policy

WANG Wen-long, LIU Xin-mei

2018, 27(6):  46-54.  DOI: 10.12005/orms.2018.0133

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With increasingly fierce competition, service providers adopt quality guarantee policy as a competitive tool to attract consumers. However, existing studies ignore the systematic analysis of the quality defect compensation under the policy, which is the main research topic of this article. Firstly, the optimal quality defect compensation is analyzed when the service price is exogenous. Secondly, the impact of endogenous price and service supply on optimal decision is made respectively. Thirdly, the combined influence of endogenous price and service supply is explored through numerical analysis. This article extends the research of service quality, which is meaningful for service-oriented enterprises to develop quality defect compensation.

Research on a Method of Uncertain Linguistic Information Group Decision-making Based on the Steiner Point

LI Lei, ZONG Meng-ting, LI jing

2018, 27(6):  55-62.  DOI: 10.12005/orms.2018.0134

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To solve the decision-making problem of uncertain linguistic information, a method is presented through gathering uncertain multi-granularity two-tuple linguistic information. Firstly, according to the uncertain linguistic phrase of experts, we quantify the linguistic information into corresponding two-tuple interval numbers through related transformation rules, and map their endpoints to planar reference frame. Secondly, by using the plant growth simulation algorithm(PGSA), we calculate the weighted Steiner point (the optimal rally point of multi-expert, i.e. the consensus point). Then, the expert optimal aggregation judgment matrix is given by the optimal set node. Thus, the decision scheme can be sorted and the optimal group decision scheme is given. In order to verify the rationality and effectiveness of this method, this paper selects two other scholars’ research examples and carries out a parallel case study. Finally, the same results are obtained.

Research on Pricing Decisions of Dual-Channel Supply Chain with Multiple Competitive Retailers under Different Game Frameworks

WEI Cai-min, LI Zhong-ping, FAN Zhun

2018, 27(6):  63-74.  DOI: 10.12005/orms.2018.0135

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This paper studies the pricing decisions problem of dual-channel supply chain consisting of a manufacturer and multiple competitive retailers under Bertrand competition, Stackelberg competition and centralized decision-making. In this case, where manufacturer and multiple retailers compete with each other over price, we obtain the gaming equilibrium of the supply chain members using two-stage optimization technique, game theory and matrix theory under different competitive patterns and centralized decision-making case, respectively. We compare the pricing decisions of the supply chain members under different game frameworks and centralized decision-making case, and by making a numerical experiment we analyze the influence of price sensitivity and the number of retailers on the optimal retailer price, and the maximum profits of channel members. In addition, we get some managerial implications and provide a theoretical support for dual-channel managers to develop the optimal decisions.

Research on E-commerce Content-based Recommendation Based on Extension Theory

CUI Chun-sheng, WANG Meng-ran, WANG Guo-cheng

2018, 27(6):  75-81.  DOI: 10.12005/orms.2018.0136

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In order to study e-commerce content recommendation algorithm, the research begins with the bottleneck problem of e-commerce recommendation system——the calculation of similarity,and studies it with the help of extenics method. The method introduces the representation of the basic element in the extenics into the recommendation algorithm. It uses the idea of correlation function and the extension distance to realize the representation of product and the calculation of similarity, and then gets a new content recommendation algorithm. After that, the research uses the data of the actual cause to validate the algorithm, and confirms the reliability and validity of the method. The extension theory is introduced into the recommendation algorithm in the study of this research, which plays an important role in the application of extension theory and the implementation of the recommendation algorithm.

Optimization Model and Algorithm for Multi-objective Sequence-dependent Disassembly Line Balancing

LIU Jia, WANG Shu-wei

2018, 27(6):  82-90.  DOI: 10.12005/orms.2018.0137

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Disassembly is one of the major activities performed in product recovery. The disassembly efficiency directly affects the remanufacturing cost. Taking into account the total disassembly time, we construct an optimization model for multi-objective sequence-dependent disassembly line balancing problem (SDDLBP). Then an adaptive evolutionary variable neighborhood search algorithm is proposed to solve this model. In the proposed algorithm, the initial population is generated by a combination strategy of a GNIS heuristic algorithm and one point right operator, and the individual is selected for evolution by the tournament selection method. In local search process, an adaptive selection strategy is designed for neighborhoods, and a global learning mechanism based on crossing operator is proposed to accelerate the algorithm to jump out of the local optimum. Finally, the performance of the proposed model and algorithm is evaluated by a set of benchmark instances.

Multi-objective Optimization Model on Unloading Scheduling Problem of Coal Terminal and Its Genetic Algorith

TAI Shi-wen, SHANG Jian-ping

2018, 27(6):  91-99.  DOI: 10.12005/orms.2018.0138

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This paper puts forward a multi-objective constrained optimization model on unloading scheduling problem of coal terminal and the design of the genetic algorithm in which a simulation strategy is used to decode. First, the optimization model on unloading job scheduling problem is established with the multi-objective concerning maximizing the rate of unloading and minimizing the total time of train in port and some constraints including trains, coals, stocks, equipment, dumping lines and unloading processes. On the basis of summing up operations research, genetic algorithm and simulation, the genetic algorithm is designed including the improved coding and decoding with the simulation and deduction method, the way of chromosome generation, the design of fitness, genetic operation and correction using multiple strategies. Besides, the paper lists the steps of the genetic algorithm. Finally, the actual numerical experiment and the successful application have shown that the solution has a high execution efficiency and satisfactory effect.

Research on Bi-Objective Model and Its Algorithm in Cellular Manufacturing Facility Layout Problem

YU Wu-yang, FANG Jun-jun

2018, 27(6):  100-106.  DOI: 10.12005/orms.2018.0139

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Layout has a significant role in the efficiency of cellular manufacturing systems. In this paper, a bi-objective optimization model for facility layout of production cells in a cellular manufacturing system is proposed that minimizes both material turnover and floor space of facilities. The intra-cell facility layout, inter-cell facility sort and segment position in production cell, and orientation of facility can be optimized simultaneously. By designing variable metric implement mechanism of neighborhood solution and bi-objective sampling criteria, a bi-objective simulated annealing algorithm(BOSA)is developed to solve the model. The example of cellular layout problem demonstrates that, compared with the classical NSGA-Ⅱ, the BOSA can give better Pareto solution set.

Robust Optimization Model for Staffing Call Centers with Uncertain Arrival Rates

YU Miao, LI Dan-dan, GONG Jun

2018, 27(6):  107-114.  DOI: 10.12005/orms.2018.0140

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Aimed at uncertain arrival of customers in real call centers, the robust model of staffing call centers is developed by using robust discrete optimization approach. Then this robust model is transformed into a tractable and linear robust counterpart by duality principle. The trade-off between conservation and optimality of robust solutions is controlled by adjusting robustness parameters, and this paper shows the reliability of robust solutions through calculating upper bounds on the constraint of violation probability. The effectiveness of this model is illustrated on data example taken from real call centers, the rule of staffing is analyzed under different levels of robustness, and the trade-off between system cost and violation probability is provided. Finally, sensitivity analysis is discussed on the coefficient of arrival disturbance.

The Optimization Based on Priority for a Mixed Arrival-Departure Aircraft Sequencing Problem

ZHANG Jian-tong, YANG Wen-juan

2018, 27(6):  115-121.  DOI: 10.12005/orms.2018.0141

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The aircraft sequencing problem is a salient problem in air traffic control, which proves to be nondeterministic polynomial(NP)hard. The reasonable methods for this problem will greatly improve the capacity of the runway and reduce the aircraft delay cost. In this paper, we address the static aircraft sequencing problem over a mixed-mode single runway, which commonly constitutes a critical bottleneck at airports. Firstly, the aircraft delay cost is related to operation mode (landing or taking off), the type of aircraft (heavy, large or small) and the importance of flight (consecutive or not). We design a priority table to reflect priority of scheduling based on consideration mentioned above, and convert the priority to delay cost coefficient. Secondly, to reduce the workload of controllers and to maintain some level of fairness among different aircrafts, we set several constraints, including the number of aircrafts which are allowed to deviate from their target arrival times or departure times, the adjacent aircraft constraint and the maximum position shifting constraint. Thirdly, in order to reduce the total delay cost of aircrafts, an improved ant colony algorithm based on priority (GJAC) is proposed. Lastly, the numerical study is conducted to verify the efficiency of GJAC algorithm. It proves that this algorithm is effective in reducing the total delay cost of sequence and has good solution quality.

Supply Chain Coordination under Inventory Financing

WANG Zhan-hai, LIANG Gong-qian

2018, 27(6):  122-130.  DOI: 10.12005/orms.2018.0142

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This paper studies inventory financing system composed of a supplier, a retailer and a commercial bank, and investigates the supply chain coordination under inventory financing mode. As medium-sized and small enterprises, retailers face lack of funds and need to apply for loan in the bank. However, due to lower credit level, it is difficult for retailers to get financed. As the core of supply chain, suppliers can provide guaranty for retailers and help them obtain financing by offering buy-back policies. The optimal decisions for supply chain finance system, supply chain and the retailer are analyzed under demand uncertainty. And then the condition of supply chain coordination under inventory financing is proposed. In the case of supply chain coordination, the wholesale price and the buy-back policy affect profit divisions between supplier and retailer. We also point out that the buy-back policy helps retailer obtain bank financing, and contributes to supply chain coordination. In addition, we find that the load-to-value ratio, loan interest rate and the retailer’s own fund influence the optimal decisions. Finally, numerical examples are illustrated to verify the results of theoretical analysis.

Application Research

Payment Contracts Considering the Moral Hazard and Capital Restrictions of Service Providers in R & D Outsourcing

SONG Han, SHAO Yun-fei, DAI Ying, ZHU Jing

2018, 27(6):  131-139.  DOI: 10.12005/orms.2018.0143

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Aiming at solving the problems of prevention and incentive of service providers’ moral hazard in R & D outsourcing, the paper designs R & D outsourcing payment contract and analyzes the characteristics of the contract considering the service provider’s own capital restrictions. The research shows that how much their own funds the service providers have will affect the incentive effect of the payment contract. When service providers rarely have their own funds, the payment contract has a poor effect on the prevention and incentive for moral hazard. When the service providers’ own capital reaches a certain amount, with the increase of their own funds, the incentive effect of the payment contract is stronger, and especially when the service providers’ own funds reaches a large amount, the payment contract can encourage the service providers to make their effort to achieve the optimal system.

Design of The Profit Share Contract of Syndication in Venture Capital Based on Motivation

PU Yi, FANG Si-hai

2018, 27(6):  140-147.  DOI: 10.12005/orms.2018.0144

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The leaders of the venture capital syndication need to consider whether it can achieve the purpose of introducing the followers. In order to solve this problem, based on the leader's motivation of syndication in venture capital, considering whether the rules for profits sharing can achieve the leader's goals, using optimization theory we establish a model of profits sharing between the leader and the follower, and then propose a new method of profits share contract designing in venture capital syndication. Furthermore, the application of the method is illustrated by two examples. The study indicates that the potential marketing competition is likely to cause a greater loss on the part of the leader, and the leader will be more willing to give the follower more profit share; if the uncertainty degree of the project quality is much higher then investment alone there will be a greater risk, and it also makes the leader willing to give the follower more profit share in order to get the project quality information from the follower for complements.

Pricing of Loan Insurance Based on Barrier Option

ZHANG Yao-jie, SHI Ben-shan

2018, 27(6):  148-155.  DOI: 10.12005/orms.2018.0145

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The existing loan insurance pricing models commonly ignore the impact of default threshold and early default on loan losses. Based on the down-and-in put option, which is one kind of barrier options, this paper introduces the two key factors into the new pricing model of loan insurance. Furthermore, this study provides the estimation of knock-in probability and knock-in time of loan insurance by Monte Carlo simulation. In addition, this paper applies the new loan insurance pricing model to the practice by the method of KMV model and makes an empirical analysis. The results show that an increase in default threshold would lead to an increase in loan insurance premium and knock-in probability, and also results in an earlier knock-in time. Therefore, the accurate estimate of default threshold is of critical importance for our model. Furthermore, a higher observation frequency of corporate defaults would result in a higher loan insurance premium. In other words, that banks reduce the observation frequency of corporate defaults would lead to the loss of loan insurance.

Asset Liability Management Based on Heston Stochastic Volatility Model and Risk Preference

XIE Chao-qiang, LV Wen-yuan, CHEN Jin

2018, 27(6):  156-161.  DOI: 10.12005/orms.2018.0146

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In this paper, we study an asset liability management problem under the Heston stochastic volatility market. We assume that the market is composed of a risk-free asset and a risky asset whose price process satisfies the Heston model, while the investor's goal is to maximize the expected utility of the terminal wealth. By using the stochastic control method, we obtain closed-form solutions to the optimal asset allocation strategy and the corresponding value function. Moreover, we present numerical examples to show the effects of model parameters and liabilities on the optimal asset allocation strategy. It is shown that: (1) The proportion to the risk asset is very sensitive to the parameters in the Heston model; (2) To hedge the risk of liability, the introduction of liability makes the proportion of investment in the risk asset much higher than the corresponding case without liability; (3) As the risk aversion coefficient becomes larger, the proportion of investment in the risk asset is much lower, no matter whether the investor has liabilities.

Price Discovery on Chinese Rebar Futures Market

SHI Bao-feng, LI Ai-wen, WANG Jing

2018, 27(6):  162-171.  DOI: 10.12005/orms.2018.0147

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The study of Chinese rebar futures market price discovery plays an important role in improving competitiveness of iron and steel industry, striving for the pricing power of iron and steel products, and guiding the development of the rebar futures market. In order to measure the price discovery ability of futures market, this paper creates a permanent transitory common factor model (PT model) and an information share common factor model (IS model) by introducing the least squares algorithm of eliminating residual correlation into the Vector Error Correction Model (VEC). Thus, the right time to make up the existing VEC model cannot effectively reflect the difference between PT common factor and IS common factor, because the residual sequence of the spot market has the larger correlation with the residual sequence of the futures market. And then, the proposed model has been verified by utilizing the data of 933 Chinese rebar futures prices and spot prices from January 4, 2011 to November 28, 2014. The empirical results are as follows. Firstly, in the long term, the weight of rebar spot market common factors is equal to 67.35%, the weight of rebar futures market common factors is equal to 32.65%. It means that the rebar spot market has more rapid, effective and sufficient reaction than the rebar futures market when there is a permanent impact new information on the market. The rebar spot market plays a leading role in price discovery. Secondly, the relative contribution of rebar futures markets for new information on the common factors of variance is equal to 60.34%. It is greater than the relative contribution of the rebar spot market. It indicates that the rebar futures market plays a leading role in price discovery when there is a instantaneous impact new information on the market.

Coordination Research of the Option Contract under Advance Payment Financing

LIN Qiang, XU Qing

2018, 27(6):  172-183.  DOI: 10.12005/orms.2018.0148

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This paper researches how to coordinate the two-stage supply chain through a contract, when the retailer is a leader and the supplier‘s initial capital is limited. By combination of advance payment financing and option contract, this paper forms a new model, the option contract model under advance payment financing. Then we design the contract parameters which can coordinate the supply chain and find out the optimal decision system under the contract. It is shown that when the initial capital of the supplier is greater than or equal to one critical value, the supply chain coordination can be achieved through the contract. If less, supply chain cannot be coordinated through one contract. And with the reduction of the initial capital, the retailer’s optimal preorder quantity increases monotonously, supplier’s optimal production quantity decreases monotonously, and the profit of the retailer, supplier and the whole supply chain decreases monotonously. In addition, compared to the no financing mode, the advance payment mode can improve the profit of the.retailer, supplier and the whole supply chain.

Management Science

GA based scheduling algorithm for job-shop with processing flexibility

HUANG Xue-wen, ZHANG Xiao-tong, SUN Rong, LI Guan-xiong

2018, 27(6):  184-193.  DOI: 10.12005/orms.2018.0149

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For job-shop scheduling problem with processing flexibility, a new method based on OR-subgraph and sub-routine is proposed to describe processing flexibility. The proposed method is simple in form and permits OR-subgraph to be embedded into one another. Based on this describing method, a genetic algorithm based approach for job-shop scheduling with processing flexibility is presented, which employs a code strategy of combining OR codes, machine codes and schedule codes, and OR codes generate randomly by the maximum quantity of sub-routines and machine codes randomly by the maximum quantity of machines. These code strategies are more conductive to the operations of the crossover and mutation operators which can avoid the unreasonable solution. Several experiments have been used to test the effectiveness of the proposed approach which can provide promising results for this problem.

Research on the Effect of Managerial Overconfidence on the Choice for the Modes of External Technology Sourcing of the High-Tech firms

LI Xing-hua

2018, 27(6):  194-199.  DOI: 10.12005/orms.2018.0150

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The performance prediction bias of managers is an important reflection of whether managers are overconfident, which deserves attention and research.Based on the data on the high-tech listed firms during the period from 2004 to 2013, this paper empirically analyzes the influence of managerial overconfidence which is measured by the differences for the performance forecasting from the managers on the choice of the modes of external technology sourcing for the high-tech listed firms. The results show that Chinese high-tech listed firms give the first priority to non-equity alliances, with corporate venture capital investments in the last place for the choice of the modes of external technology sourcing. Simultaneously, compared to joint ventures and minority holdings alliances, the high-tech listed firms whose managers are overconfident give the priority to mergers and acquisitions; and compared to mergers and acquisitions and joint ventures, the high-tech listed firms whose managers are non-overconfident give the priority to minority holdings alliances.The research method is simple, efficient and reasonable,which is a new method for executives to improve the management level and acquire the technology external.