Suchergebnisse

AbstractCharacteristically, a small subset of operational problems admit risk neutrality when contingent claims methodology were used in their analysis. That is, for the majority of manufacturing and production problems, operating cash flows are not directly linked to prices of traded assets. However, to the extent that correlations can be estimated, the methodology's applicability to a broader set of operational problems is supported. Our article addresses this issue with the objective of extending the use of contingent claims techniques to a larger set of operational problems. In broad terms, this objective entails a partial equilibrium approach to the problem of valuing uncertain cash flows. To this end, we assume risk aversion and cast our approach within Merton's intertemporal capital asset pricing model. In this context, we formulate a "generic" production valuation model that is framed as an exercise in stochastic optimal control. The model is versatile in its characterization and can easily be adapted to accommodate a wide‐ranging set of risk‐based operational problems where the underlying sources of uncertainty are not traded. To obtain results, the model is recast as a stochastic dynamic program to be solved numerically. The article addresses a number of fundamental issues in the analysis risk based decision problems in operations. First, in the approach provided, decisions are analyzed under a properly defined risk structure. Second, the process of analysis leads to suitably adjusted probability distributions through which, appropriately discounted expectations are derived. Third, through consolidating existing concepts into a standard and adaptable framework, we extend the applicability of contingent claims methodology to a broader set of operational problems. The approach is advantageous as it obviates the need for exogenously specifying utility functions or discount rates.© 2011 Wiley Periodicals, Inc. Naval Research Logistics, 2011

The COVID-19 outbreak that emerged in December 2019 has had a dramatic impact on the global economy in which consumption, trade, and service activities have been greatly disrupted. Businesses across many sectors have experienced a severe decline in sales and jobs. But the magnitude and distribution of the pandemic greatly affected small firms, due to them being more financially constrained. This article provides a comprehensive assessment of the short-term impact of the COVID-19 pandemic on Algerian businesses. Based on a novel data set, the article shows how, beyond adjusting their labor costs and enforcing government-mandated lockdowns and social distancing, businesses could respond to the shock of COVID-19 thanks to the use of communication tools, such as the Internet and digital technologies, as well as the cooperation between companies. The article concludes that those firms that used Internet-based communication tools and those that built new ways of business cooperation and provided help to community during the lockdown showed higher survival rates after the lockdown.

[Aims]: Climate and human impacts are changing the nitrogen (N) inputs and losses in terrestrial ecosystems. However, it is largely unknown how these two major drivers of global change will simultaneously influence the N cycle in drylands, the largest terrestrial biome on the planet. We conducted a global observational study to evaluate how aridity and human impacts, together with biotic and abiotic factors, affect key soil variables of the N cycle. ; [Location]: Two hundred and twenty-four dryland sites from all continents except Antarctica widely differing in their environmental conditions and human influence. ; [Methods]: Using a standardized field survey, we measured aridity, human impacts (i.e. proxies of land uses and air pollution), key biophysical variables (i.e. soil pH and texture and total plant cover) and six important variables related to N cycling in soils: total N, organic N, ammonium, nitrate, dissolved organic:inorganic N and N mineralization rates. We used structural equation modelling to assess the direct and indirect effects of aridity, human impacts and key biophysical variables on the N cycle. ; [Results]: Human impacts increased the concentration of total N, while aridity reduced it. The effects of aridity and human impacts on the N cycle were spatially disconnected, which may favour scarcity of N in the most arid areas and promote its accumulation in the least arid areas. ; [Main conclusions]: We found that increasing aridity and anthropogenic pressure are spatially disconnected in drylands. This implies that while places with low aridity and high human impact accumulate N, most arid sites with the lowest human impacts lose N. Our analyses also provide evidence that both increasing aridity and human impacts may enhance the relative dominance of inorganic N in dryland soils, having a negative impact on key functions and services provided by these ecosystems. ; This research is supported by the European Research Council (ERC) under the European Community's Seventh Framework Programme (FP7/2007‐2013)/ERC grant agreement no. 242658 (BIOCOM), and by the Ministry of Science and Innovation of the Spanish Government, grant no. CGL2010‐21381. CYTED funded networking activities (EPES, Acción 407AC0323). S.G. was funded by CONICYT/FONDAP/15110009. ; Peer Reviewed