Drones are increasingly being utilized to deliver medical supplies, and the COVID-19 pandemic has accelerated this trend. arrive quickly by taking more direct paths avoiding ground-based obstructions. However, drones not completely reliable may also experience failures delays. For consumer products, delivery delays an inconvenience, but for some be fatal. This research focused on drone reliabil...

In this paper, a single-product, single-machine system under Markovian deterioration of machine condition and demand uncertainty is studied.  The objective is to find the optimal intervals for inspection and preventive maintenance activities in a condition-based maintenance planning with discrete monitoring framework. At first, a stochastic dynamic programming model whose state variable is the ...

A formulation for the commitment of electric power generators under a deregulated electricity market is proposed. The problem is expressed as a stochastic optimization problem in which the expected profits are maximized while meeting demand and standard operating constraints. First, we show that when an electric power producer has the option of trading electricity at market prices, an optimal u...

<p style='text-indent:20px;'>Perishable products like dairy products, vegetables, fruits, pharmaceuticals, etc. lose their freshness over time and become completely obsolete after a certain period. Customers generally prefer the fresh aged ones, leading perishable to have decreasing demand function with respect age. We analyze inventory management pricing decisions for these considering a...

This paper focuses on formulating capacity-price trade off problem in Yield Management for manufactur-ing industry by drawing motivation from the remarkable success of Yield Management (YM) implementation in airlines. In the current practice, there is no alternative and procedure for the manufacturer, as well as cus-tomers to take advantage of using the unfulfilled capacity in discounted offers...

this paper presents an economic evaluation of gas to liquids (gtl) project using “south-pars” gas field of iran based on the latest actual performing gtl projects. iran has the world’s largest reserves of natural gas and can satisfy the projected long-term market demand of gtl products which have lower pollution and higher quality than refinery products. the results of cost-benefit analysis sho...

Revenue Management (RM) helped increase profitability for many travel industries. Selling perishable products with a fixed event date, the Sports and Entertainment (S&E) ticket industry can potentially benefit from RM ideas but has received less attention in the literature. In this study we develop dynamic pricing models for stochastic S&E demand in a discrete finite time setting, where demand ...

We present two systems of differential equations implied by two different models of price discovery. One is the basic Walrasian model, where prices adjust to a security’s own excess demand. The basic Walrasian model does not feature cross-security effects (the price of one security reacts to excess demand in another). The alternative is a model where demand adjusts autonomously to perceived exc...