136 research outputs found
Green electricity investments: Environmental target and the optimal subsidy
No full textBigerna S, Wen X, Hagspiel V, Kort PM. Green electricity investments: Environmental target and the optimal subsidy. European Journal of Operational Research. 2019;279(2):635-644.We investigate the optimal investment decision in renewables under market demand uncertainty, in the context of the Italian strategy for renewable deployment under the EU policy. The firm has to decide about the time and size of the investment. We find that a higher subsidy level induces the firm to invest earlier with a smaller investment capacity. This implies that a given environmental target cannot be reached by a too high (too low) subsidy level since this will cause the investment level to be too low (too late). We show that there exists an optimal (intermediate) subsidy level. Due to uncertain demand, in some cases ensuring to reach the environmental target in time requires an additional (conditional) subsidy. We propose a heuristic for policy makers stating when and how much subsidy to provide. Furthermore, we find that in a more uncertain economic environment the subsidy adjustment to maintain the target level of investment results in the firm investing earlier, which is opposite to the standard real options result. (C) 2019 Elsevier B.V. All rights reserved
[[alternative]]A Study on the Influence of Festival Cultural and Creative Marketing on Regional Industries: A Case Study of Xingang Township Chiayi County
No full text[[abstract]] 嘉義縣新港鄉主要以農業及宗教文化為主的鄉鎮，每年辦理的節慶活動並融入當地農產品及行銷策略的成功，創造來訪新港鄉的遊客的到訪的佳績。 本研究採用文獻探討、訪談法，其中並針對產、官等六位實施訪談。成果如下：1. 新港鄉節慶文化創意行銷活動透過商圈協調、專案規劃及特色活動，成功行銷參與活動的在地產業；對於目前產業發展結合創意趨勢、融入文宗教元素，發展出新港鄉在地文化觀光特色。2. 新港鄉節慶文化創意行銷活動對於遊客旅遊意願到訪頗高，其採用廣告投放視覺效果吸引遊客達成議題促銷；另藉由行銷策略對於新港鄉公所與日本飛驒市締結友好城市意義非凡造就國際接軌的佳績。[[abstract]] Xingang Township, Chiayi County is mainly based on agricultural and religious cultures. The success of the festival activities held every year by integrating of local agricultural products and marketing strategies have created an excellent record of tourists visiting Xingang Township. This study adopts literature review and interview methods, and interviews are conducted with six experts from industry and public officials. The results are as follows:1. The cultural and creative marketing activities for festivals of Xingang Township have successfully marketed the participating local industries through business district coordination, special activities, and special project planning; for the current industrial development, combining creative trends and incorporating cultural and religious elements, the local cultural and tourism characteristics of Xingang Township have been developed.2. Xingang township festival cultural and creative marketing activities have created a high willingness of tourists’ visiting. It uses advertising visual effects to attract tourists to achieve issue marketing; in addition, the marketing strategy of establishing the sister city between Xingang Township and Hida City, Japan creates the significant success on international conventions gearing
[[alternative]]The Study of Festivals Activities and Local Industries--An Example from Mazu Cultural Festival in Fengtian Temple, Xingang
No full text[[abstract]] 新港奉天宮媽祖文化季自國曆1月1日起跑，直到5月底結束，活動期間歷經5個月，節慶活動對媽祖信仰文化的延續十分重要，它所帶來的人潮雖然對提升帶動地方發展有正向的助益，相對的也有其缺點可以改進，本研究透過文獻回顧及資料蒐集，整理出節慶活動、文化創意及文創產業、地方產業、體驗行銷等相關文獻，設計出訪談大綱，藉由質性研究方法中的訪談法，探討奉天宮舉辦媽祖文化季對地方產業之影響，並針對訪談資料及蒐集文獻進行整理與分析。 研究結果顯示新港奉天宮舉辦媽祖文化季帶來大量的人潮，對地方產業很有幫助，地方產業也必須與時俱進，從店面、包裝及產品口味上做改變，來迎合新世代的遊客，而舉辦節慶活動常伴隨著噪音及空氣汙染，期盼爆竹煙火施放量能逐年降低，降低對環境產生的衝擊。 最後研究提出具體的建議，希望能減少節慶活動所產生噪音及爆竹煙火施放量，降低對活動對環境衝擊，地方產業能全面革新，跟著時代一起進步演進，還有節慶活動能結合在地教育，讓奉天宮媽祖信仰文化能夠向下扎根，供新港奉天宮及地方產業進行節慶活動準備工作及後續研究者研究參考。[[abstract]] Xingang Fengtian Temple Mazu Cultural Season starts from January 1st of the national calendar and ends at the end of May. The event lasts for 5 months. The festival activities are very important to the continuation of Mazu belief and culture. Although the crowds it brings are positive for promoting local development This research has its own advantages and disadvantages, which can be improved. Through literature review and data collection, this study sorted out relevant literature on festival activities, cultural creativity and cultural and creative industries, local industries, and experience marketing, and designed interview outlines. The interview method in the qualitative research method explores the influence of the Mazu cultural season held in Fengtian Palace on the local industry, and organizes and analyzes the interview data and collected literature. The results of the research show that the Mazu Cultural Festival held at Fengtian Temple in Xingang has brought a large number of people, which is very helpful to the local industry. However, the local industry must also keep pace with the times and make changes in storefronts, packaging and product tastes to cater to the new generation of tourists. , and the holding of festivals is often accompanied by noise and air pollution. It is expected that the amount of firecrackers and pyrotechnics will be reduced year by year, reducing the impact on the environment. Finally, the research puts forward specific suggestions, hoping to reduce the noise generated by festival activities and the amount of firecrackers and fireworks released, reduce the impact on the environment of activities, local industries can be comprehensively innovated, progress and evolve with the times, and festival activities can be combined with local education, Let Fengtian Temple's Mazu belief culture take root downwards, which can be used as a reference for Xingang Fengtian Temple and local industries to prepare for festival activities and follow-up researchers
Strategic Capacity Investment under Uncertainty with Volume Flexibility
No full textThis article considers investment decisions in an uncertain and competitive framework, with a first investor, the leader, always producing up to full capacity and a second investor, the follower, capable of adjusting output levels within the constraint of installed capacity. Both firms need to decide on the investment timing and the investment capacity levels. The main findings are as follows. Compared to a situation where the follower always produces up to full capacity, the leader has a larger incentive to accommodate a flexible follower. This is because the leader also benefits from the follower's volume flexibility. Due to the first mover advantage, the leader's value is higher than the follower's value, despite the follower's technological advantage in flexibility
Strategic investment under uncertainty: why multi-option firms lose the preemption run
No full textYu W, Wen X, Huberts NFD, Kort PM. Strategic investment under uncertainty: why multi-option firms lose the preemption run. Journal of the Operational Research Society. 2023:1-18
Investment under uncertainty: Timing and capacity optimization
No full textThis thesis consists of three chapters on analyzing the optimal investment timing and investment capacity for the firm(s) undertaking irreversible investment in an uncertain environment. Chapter 2 studies the investment decision of a monopoly firm when it can adjust output quantity in a market with uncertain demand. Chapter 3 investigates the strategic interactions of investment decisions between a first investor that always produces up to capacity and a second investor that can adjust the output quantity. Chapter 4 considers the regulator’s optimal subsidy policy to align the firm’s optimal investment decision to the social optimal decision
Product Innovation Investment under Bankruptcy Threat
No full textDawid H, Ippoliti R, Wen X. Product Innovation Investment under Bankruptcy Threat. Universität Bielefeld Working Papers in Economics and Management. Vol 04-2023. Bielefeld: Bielefeld University, Department of Business Administration and Economics; 2023.We analyze the effect of external financing and associated bankruptcy threat on the
speed of product innovation in a market characterized by technological and demand uncertainty.
In a dynamic market setting we characterize the optimal R&D investment strategy
of a monopolistic incumbent firm that can invest to develop a new product with uncertain
demand. The size of the R&D investment flow determines the distribution of the stochastic
innovation time and at the same time influences the dynamic evolution of firm’s liquidity.
If liquidity is negative the firm faces bankruptcy risk. We show that the optimal investment
is a U-shaped function of liquidity and characterize under which circumstances it is optimal
for the firm to go into debt in order to speed up innovation. Furthermore, we show that,
due to the existence of financial frictions, the relationship between the incumbent’s profit on
the existing market and the expected innovation time for the new product is non-monotone
and follows a titled-z shape. We empirically verify the theoretically derived prediction of
a U-shaped relationship between liquidity and investment using a dataset consisting of a
sample of 400.000 Italian manufacturing companies
Double Marginalization Because of External Financing: Capacity Investment under Uncertainty
No full textHuberts N, Wen X, Dawid H, Huisman K, Kort PM. Double Marginalization Because of External Financing: Capacity Investment under Uncertainty. Management Science. 2025;71(5):3749-3767
Using existing LMS technology and learning analytics data to support student learning
No full textThis presentation is about a teaching staff’s journey of incremental use of technologies to support students’ learning.
Graduate School of Management offers several master degrees through the Business Masters programme for students who do not necessarily have a business background. The programme is designed for a cohort to work through the courses together, the cohorts come from diverse backgrounds. English is a second language for most of the students. The author teaches in one of the core courses in the programme (Economics for Managers), the course has a team-based learning session where lectures are held, then students have a two-hour tutorial with the author. The students are supposed to be prepared by completing their worksheet before the tutorials. Yet students rarely do, so they come to the tutorials unprepared, unable to answer many of the questions, and often still confused over the new concepts introduced to them that week. The author wanted to use some of the techniques from the flipped classroom approach to help students prepare for the tutorial. After consulting with a learning designer, the teaching staff and the learning designer turned the paper-based tutorial worksheet into online quizzes using the quiz function in the LMS.
These quizzes are set up with 0% weighting and they close off before the tutorial starts. Students can work through the questions and get hints and additional resources on the topic for them to work through, but they don’t get the answers until the tutorial time.
After the first quiz closed, author noticed a big improvement in the classroom, students were more engaged and they felt comfortable answering questions in class. The quiz statistics also allowed author to focus his energy in class on topics and areas where students were more confused and skip the topics students understood well. Student feedback to these preparation quizzes were positive.
After the success of utilizing existing technology to change how the author supports students, the author was introduced to another tool, OnTask. The author obtained student data from these online quizzes, as well as other learning analytics data from LMS (e.g., participation, page view, test results). Through further analysis, the author was able to use the OnTask tool to provide detailed and individualized feedback to the students on the topic areas that they may be weaker on and provide guidance to these students. The individualised feedback is expected to help students to improve their academic performance and attainment. Students could potentially feel more valued, as the feedback they receive is generated according to their own personal assessments and so is likely to enhance their engagement.
During the presentation, the author will share the journey of how both tools were used, data sources and analysis, as well as the results and feedback from the students, plus the teachers’ reflection. These “experiments” with using technology to support student learning has changed how the author’s teaching practices. The author has shared experience with other colleagues. The author’s experience will also be beneficial to others who are seeking to use technology to enhance their teaching practices and to better support their students
Numerical approximation of a system of Hamilton-Jacobi-Bellman equations arising in innovation dynamics
No full textBanas L, Dawid H, Randrianasolo TA, Storn J, Wen X. Numerical approximation of a system of Hamilton-Jacobi-Bellman equations arising in innovation dynamics. Journal of Scientific Computing. 2022;92: 54.We consider a system of fully nonlinear partial differential equations that corresponds to the Hamilton–Jacobi–Bellman equations for the value functions of an optimal innovation investment problem of a monopoly firm facing bankruptcy risk. We compare several algorithms for the numerical solution of the considered problem: the collocation method, the finite difference method, WENO method and the adaptive finite element method. We discuss implementation issues for the considered schemes and perform numerical studies for different model parameters to assess their performance
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