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The aim of this work is to establish and generalize a relationship between fractional partial differential equations (fPDEs) and stochastic differential equations (SDEs) to a wider class of stochastic processes, including fractional Brownian motions and sub-fractional Brownian motions with Hurst parameter H ∈ (1/2,1). We start by establishing the connection between a fPDE and SDE via the Feynman-Kac Theorem, which provides a stochastic representation of a general Cauchy problem. In hindsight, we extend this connection by assuming SDEs with fractional and sub-fractional Brownian motions and prove the generalized Feynman-Kac formulas under a (sub-)fractional Brownian motion. An application of the theorem demonstrates, as a by-product, the solution of a fractional integral, which has relevance in probability theory.
This study empirically analyzes and compares return data from developed and emerging market data based on the Fama French five-factor model and compares it to previous results from the Fama French three-factor model by Kostin, Runge and Adams (2021). It researches whether the addition of the profitability and investment pattern factors show superior results in the assessment of emerging markets during the COVID-19 pandemic compared to developed markets. We use panel data covering eight indices of developed and emerging countries as well as a selection of eight companies from these markets, covering a period from 2000 to 2020. Our findings suggest that emerging markets do not generally outperform developed markets. The results underscore the need to reconsider the assumption that adding more factors to regression models automatically yields results that are more reliable. Our study contributes to the extant literature by broadening this research area. It is the first study to compare the performance of the Fama French three-factor model and the Fama French five-factor model in the cost of equity calculation for developed and emerging countries during the COVID-19 pandemic and other crisis events of the past two decades.
Supply chains have evolved into dynamic, interconnected supply networks, which increases the complexity of achieving end-to-end traceability of object flows and their experienced events. With its capability of ensuring a secure, transparent, and immutable environment without relying on a trusted third party, the emerging blockchain technology shows strong potential to enable end-to-end traceability in such complex multitiered supply networks. This paper aims to overcome the limitations of existing blockchain-based traceability architectures regarding their object-related event mapping ability, which involves mapping the creation and deletion of objects, their aggregation and disaggregation, transformation, and transaction, in one holistic architecture. Therefore, this paper proposes a novel ‘blueprint-based’ token concept, which allows clients to group tokens into different types, where tokens of the same type are non-fungible. Furthermore, blueprints can include minting conditions, which, for example, are necessary when mapping assembly processes. In addition, the token concept contains logic for reflecting all conducted object-related events in an integrated token history. Finally, for validation purposes, this article implements the architecture’s components in code and proves its applicability based on the Ethereum blockchain. As a result, the proposed blockchain-based traceability architecture covers all object-related supply chain events and proves its general-purpose end-to-end traceability capabilities of object flows.
In the past, plant layouts were regarded as highly static structures. With increasing internal and external factors causing turbulence in operations, it has become more necessary for companies to adapt to new conditions in order to maintain optimal performance. One possible way for such an adaptation is the adjustment of the plant layout by rearranging the individual facilities within the plant. Since the information about the plant layout is considered as master data and changes have a considerable impact on interconnected processes in production, it is essential that this data remains accurate and up-to-date. This paper presents a novel approach to create a digital shadow of the plant layout, which allows the actual state of the physical layout to be continuously represented in virtual space. To capture the spatial positions and orientations of the individual facilities, a pan-tilt-zoom camera in combination with fiducial markers is used. With the help of a prototypically implemented system, the real plant layout was captured and converted into different data formats for further use in exemplary external software systems. This enabled the automatic updating of the plant layout for simulation, analysis and routing tasks in a case study and showed the benefits of using the proposed system for layout capturing in terms of accuracy and effort reduction.
In order to decouple economic growth from global material consumption it is necessary to implement material efficiency strategies at the level of single enterprises and their supply chains, and to implement circular economy aspects. Manufacturing firms face multiple implementation challenges like cost limitations, competition, innovation and stakeholder pressure, and supplier and customer relationships, among others. Taking as an example a case of a medium-sized manufacturing company, opportunities to realise material efficiency improvements within the company borders - on the supply chain and by using circular economy measures - are assessed. Deterministic calculations and simulations, performed for the supply chain of this company, show that measures to increase material efficiency in the supply chain are important. However, they need to be complemented by efforts to return waste and used products to the economic cycle, which requires rethinking the traditional linear economic system.
Artificial intelligence is considered to be a significant technology for driving the future evolution of smart manufacturing environments. At the same time, automated guided vehicles (AGVs) play an essential role in manufacturing systems due to their potential to improve internal logistics by increasing production flexibility. Thereby, the productivity of the entire system relies on the quality of the schedule, which can achieve production cost savings by minimizing delays and the total makespan. However, traditional scheduling algorithms often have difficulties in adapting to changing environment conditions, and the performance of a selected algorithm depends on the individual scheduling problem. Therefore, this paper aimed to analyze the scheduling problem classes of AGVs by applying design science research to develop an algorithm selection approach. The designed artifact addressed a catalogue of characteristics that used several machine learning algorithms to find the optimal solution strategy for the intended scheduling problem. The contribution of this paper is the creation of an algorithm selection method that automatically selects a scheduling algorithm, depending on the problem class and the algorithm space. In this way, production efficiency can be increased by dynamically adapting the AGV schedules. A computational study with benchmark literature instances unveiled the successful implementation of constraint programming solvers for solving JSSP and FJSSP scheduling problems and machine learning algorithms for predicting the most promising solver. The performance of the solvers strongly depended on the given problem class and the problem instance. Consequently, the overall production performance increased by selecting the algorithms per instance. A field experiment in the learning factory at Reutlingen University enabled the validation of the approach within a running production scenario.
Production systems are becoming increasingly complex, which means that the main task of industrial maintenance, ensuring the technical availability of a production system, is also becoming increasingly difficult. The previous focus of maintenance efforts on individual machines must give way to a holistic view encompassing the whole production system. Against this background, the technical availability of a production system must be redefined. The aim of this publication is to present different definition approaches of production systems’ availability and to demonstrate the effects of random machine failures on the key figures considering the complexity of the production system using a discrete event simulation.
Omnichannel retailing and sustainability are two important challenges for the fast fashion industry. However, the sustainable behavior of fast fashion consumers in an omnichannel environment has not received much attention from researchers. This paper aims to examine the factors that determine consumers’ willingness to participate in fast fashion brands’ used clothes recycling plans in an omnichannel retail environment. In particular, we examine the impact of individual consumer characteristics (environmental attitudes, consumer satisfaction), organizational arrangements constitutive for omnichannel retailing (channel integration), and their interplay (brand identification, impulsive consumption). A conceptual model was developed based on findings from previous research and tested on data that were collected online from Chinese fast fashion consumers. Findings suggest that consumers’ intentions for clothes recycling are mainly determined by individual factors, such as environmental attitudes and consumer satisfaction. Organizational arrangements (perceived channel integration) showed smaller effects. This study contributes to the literature on omnichannel (clothing) retail, as well as on sustainability in the clothing industry, by elucidating individual and organizational determinants of consumers’ recycling intentions for used clothes in an omnichannel environment. It helps retailers to organize used clothes recycling plans in an omnichannel environment and to motivate consumers to participate in them.
This article explores the determinants of people’s growth prospects in survey data as well as the impact of the European recovery fund to future growth. The focus is on the aftermath of the Corona pandemic, which is a natural limit to the sample size. We use Eurobarometer survey data and macroeconomic variables, such as GDP, unemployment, public deficit, inflation, bond yields, and fiscal spending data. We estimate a variety of panel regression models and develop a new simulation-regression methodology due to limitation of the sample size. We find the major determinant of people’s growth prospect is domestic GDP per capita, while European fiscal aid does not significantly matter. In addition, we exhibit with the simulation-regression method novel scientific insights, significant outcomes, and a policy conclusion alike.
This paper develops a new methodology in order to study the role of dynamic expectations. Neither reference-point theories nor feedback models are sufficient to describe human expectations in a dynamic market environment. We use an interdisciplinary approach and demonstrate that expectations of non-learning agents are time-invariant and isotropic. On the contrary, learning enhances expectations. We uncover the “yardstick of expectations” in order to assess the impact of market developments on expectations. For the first time in the literature, we reveal new insights about the motion of dynamic expectations. Finally, the model is suitable for an AI approach and has major implications on the behaviour of market participants.