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Joint Control of Emissions Permit Pu...

Yuan, Quan.

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Joint Control of Emissions Permit Purchase and Production in Presence of Fixed Purchase Costs.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Joint Control of Emissions Permit Purchase and Production in Presence of Fixed Purchase Costs./
作者:	Yuan, Quan.
面頁冊數:	97 p.
附註:	Source: Dissertation Abstracts International, Volume: 74-06(E), Section: A.
Contained By:	Dissertation Abstracts International74-06A(E).
標題:	Business Administration, Management. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3536389
ISBN:	9781267942173

Joint Control of Emissions Permit Purchase and Production in Presence of Fixed Purchase Costs.
Yuan, Quan.

Joint Control of Emissions Permit Purchase and Production in Presence of Fixed Purchase Costs. - 97 p.

Source: Dissertation Abstracts International, Volume: 74-06(E), Section: A.

Thesis (Ph.D.)--The Chinese University of Hong Kong (Hong Kong), 2012.

The trading of emissions permits, as an effective market-based approach for emissions control, is becoming widespread over the world. Similar to any other production input, the emissions permit is a factor of production much like commodity inputs. However, a firm participating in emissions trading has only to balance its permits at the end of a time horizon, say one year. Another key feature of permit trading is the existence of non-negligible, fixed, transaction costs. This paper attempts to shed light on how such a firm should optimally coordinate its production and permit purchasing decisions in order to minimize its total cost in the long run. In each period, the firm has to decide on its permit purchase quantities and production levels based on its on-hand permit and inventory levels as well as the market-prevalent permit price. The latter evolves as a Markov process and the firm also faces random demand. We characterize the optimal joint policy structure: an optimal purchase policy is of the state-dependent (s, S) type and an optimal production decision nearly follows a state-dependent base-stock form. A heuristic based on decomposition is found to be effective from computational studies. Our enabling technique is the identification of a class of two-dimensional functions that in one dimension it looks like K-convex and in another it is similar to convex.

ISBN: 9781267942173Subjects--Topical Terms:

626628
Business Administration, Management.

Joint Control of Emissions Permit Purchase and Production in Presence of Fixed Purchase Costs.
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245 1 0 $a Joint Control of Emissions Permit Purchase and Production in Presence of Fixed Purchase Costs.
300 $a 97 p.
500 $a Source: Dissertation Abstracts International, Volume: 74-06(E), Section: A.
500 $a Adviser: Frank Youhua Chen.
502 $a Thesis (Ph.D.)--The Chinese University of Hong Kong (Hong Kong), 2012.
520 $a The trading of emissions permits, as an effective market-based approach for emissions control, is becoming widespread over the world. Similar to any other production input, the emissions permit is a factor of production much like commodity inputs. However, a firm participating in emissions trading has only to balance its permits at the end of a time horizon, say one year. Another key feature of permit trading is the existence of non-negligible, fixed, transaction costs. This paper attempts to shed light on how such a firm should optimally coordinate its production and permit purchasing decisions in order to minimize its total cost in the long run. In each period, the firm has to decide on its permit purchase quantities and production levels based on its on-hand permit and inventory levels as well as the market-prevalent permit price. The latter evolves as a Markov process and the firm also faces random demand. We characterize the optimal joint policy structure: an optimal purchase policy is of the state-dependent (s, S) type and an optimal production decision nearly follows a state-dependent base-stock form. A heuristic based on decomposition is found to be effective from computational studies. Our enabling technique is the identification of a class of two-dimensional functions that in one dimension it looks like K-convex and in another it is similar to convex.
520 $a Key words: emissions trading; dynamic programming; C2(K) functions; (s, S) policy; base-stock policy.
590 $a School code: 1307.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, Environmental. $3 1669564
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710 2 $a The Chinese University of Hong Kong (Hong Kong). $b Systems Engineering and Engineering Management. $3 2095850
773 0 $t Dissertation Abstracts International $g 74-06A(E).
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