On an otherwise symmetric oligopoly market with stochastic demands for heterogeneous products firms can either hire an employee or partner or buy the required labor input on the labor market. Whereas the wage of hired labor does not depend on the realization of stochastic demand, the price of bought labor input reacts positively to product demand. We first solve the market by deriving the equil...

We study a maritime fleet renewal and deployment problem under demand and charter cost uncertainty. A decision-maker for an industrial bulk shipping company must determine a suitable fleet size, mix, and deployment strategy to satisfy stochastic demand over a given planning horizon. She may acquire vessels in two ways: time chartering and voyage chartering. Time charter vessels may be acquired ...

The study focuses on the dynamic multi-site capacity planning problem in the thin film transistor liquid crystal display (TFT-LCD) industry under stochastic demand. Capacity planning refers to the process of simultaneously implementing a robust capacity allocation plan and capacity expansion policy across multiple sites against stochastic demand. In addition, the demand situation in TFT-LCD man...

In this article, we propose a distributed demand-side management (DSM) approach for smart grids taking into account uncertainty in wind power forecasting. The grid model comprehends traditional users as well active (prosumers). Through rolling-horizon approach, prosumers participate DSM program, aiming at minimizing their cost the presence of uncertain generation by game theory approach. We ass...

Motivated by the challenges encountered in sawmill production planning, we study a multi-product, multi-period production planning problem with uncertainty in the quality of raw materials and consequently in processes yields, as well as uncertainty in products demands. As demand and yield own different uncertain natures, they are modeled separately and then integrated. Demand uncertainty is con...

Determining the optimum number of suppliers and the optimum quantities to order from each of them is a critical problem for any supply chain. This paper has mathematically arrived at conditions to identify the appropriate sourcing strategy in a multi-period scenario for a stochastic supply and a stochastic demand environment. It has also obtained the total order quantity, optimum number of supp...

The impact of different energy storages on power systems has become more important due to the development of energy storage technologies. This paper optimizes the stochastic scheduling of a wind-based multiple energy system (MES) and evaluates the operation of the proposed system in combination with electrical and thermal demand-response programs and the three-mode CAES (TM-CAES) unit. The prop...