New physical constraints emerged in the 20th century and are changing the decision criteria used until now. Two optimisation problems are equivalent: (1) maximising discounted utility with a long-run survival constraint and (2) maximising a new type of utility that treats the present and future equally. The latter originates in normative axioms introduced by the author in Chichilnisky (1996a), ...

While the concepts of remanufacturing and reverse logistics are gaining popularity in practice, the available literature and theory on strategic decision making in these areas are limited. This paper is designed to address this gap, in particular, for the automotive industry aftermarket. In doing so, the authors reviewed literature pertaining to: customer demand(s), product design and developme...

Over 380000 tons of vegetable waste is produced annually in the “Campo de Dalías” zone (Almería, Spain), deriving from the diverse existing crops grown under plastic cover). Landfills containing this vegetable waste are a potential breeding ground for diseases and pests, they can also be the subject of uncontrolled burning, cause a riverbed blockage and, at the same time, they are an unsightly ...

For most companies, it is a reality to face uncertainties when conducting complex projects focused on the implementation of Information Systems (IS) and, as a consequence, costbenefit evaluation of this kind of projects has become a difficult task. In this context, Real Options Theory (ROT) has proved to be a viable alternative to provide methods to evaluate complex projects, not only in Inform...

Recognizing the benefit that one can get by exploiting the Micro-Grid (MG) concept, as an active part of the Low Voltage (LV) network comprising several micro-generation (μG) sources, controllable loads and storage devices, is a key issue towards the MG concept deployment. Furthermore, the MG concept is extended into Multi-Micro Grid (MMG) concept, identifying the benefits that can be obtained ...

This paper presents a flow control protocol for multi-sender multi-group multicast and unicast in wide area overlay networks. The protocol is analytically grounded and achieves real world goals, such as simplicity, fairness and minimal resource usage. Flows are regulated based on the “opportunity” costs of network resources used and the benefit provided by the flow. In contrast to existing wind...

Energy Storage Systems (ESSs) have recently been highlighted because of their many benefits such as load-shifting, frequency regulation, price arbitrage, renewables, and so on. Among those benefits, we aim at evaluating their economic value in frequency regulation application. However, unlike previous literature focusing on profits obtained from participating in the ancillary service market, ou...

This paper estimates risk reductions for each layer of security designed to prevent commercial passenger airliners from being commandeered by terrorists, kept under control for some time, and then crashed into specific targets. Probabilistic methods are used to characterize the uncertainty of rates of deterrence, detection, and disruption, as well as losses. Since homeland security decisionmake...

The Kaldor-Hicks criterion (potential Pareto improvement) and the careful treatment of consumer and seller surpluses have fostered a modern revival of an older Marshall-Pigou tradition of welfare economics. That tradition was based on the parsing of a potential change into a change in the size of some "social pie" measured in money (e.g., Pigou's "national dividend") and a change in the distrib...