Abstract:Transaction cost and market power affect the cost effectiveness of carbon markets． Will different carbon emission permit allocation methods result in different efficiency losses? This paper explores whether the choice of emission permit allocation method affects the cost effectiveness of ETS when transaction cost and market power exist in the carbon market． Our theoretical model shows that transaction cost leads to the efficiency loss of ETS and that the efficiency loss from benchmarking and grandfathering are less than auctioning． When there is only market power in the carbon market，the efficiency loss is proportional to the gap between the market power firm’s carbon emissions and its free emission permits． If both transaction cost and market power exist in the carbon market，market power further exacerbates the efficiency loss caused by transaction cost． The additional efficiency loss caused by grandfathering and benchmarking are less than that by auctioning． Policy makers are suggested to apply grandfathering or benchmarking to allocating emission permits to firms with market power and to cancel transaction-based fee in the carbon market．

Abstract:A new multi-response optimization method，combining seemingly unrelated regression (SUＲ) models with factorial effect principles，is proposed to solve the quality design problem with multiple correlated responses． The proposed method not only identifies significant variables for each response model with factorial effect principles，but also measures the quality level of all responses whose process capabilities meet the corresponding requirements by using multivariate process capability index． In addition，the proposed method considers the influence of the model parameter uncertainty and the predicted response variability on the optimization results through Bayesian sampling technique． Firstly，a binary variable indicator is set for each variable in the SUＲ model to account for the factorial effect principles． After that，mixed binary variable indicators are constructed to improve the functional relationship between process responses and experimental factors． Thirdly，significant variables are identified by calculating the posterior probabilities of mixed binary variable indicators and different model forms． And the optimal model form is determined based on the above results． Fourthly，based on the previous steps，the optimal parameter settings are found by using multivariate process capability index． Finally，the results of two practical examples demonstrate that the proposed method can not only effectively identify significant variables for multiple related responses，but also provide the optimal parameter settings．

Abstract:Traditional unconstrained demand estimation methods in airline industry only address the spillover and recapture problem of customer demand in parallel nonstop flights，and fail to consider the substitution effects in airline networks between direct and connecting flights． Based on the ranking list of customer preferences，customer type set in airline network is defined． Meanwhile，a network nonparametric discrete choice model considering strategic customer behavior is developed． In light of the incompleteness of the historical booking data in network environment，from the perspective of online and offline trading platforms，the complete data log-likelihood functions under the conditions of uncensored and censored demand are established respectively． The EM algorithm is applied to jointly estimating customer arrival rate and the probability mass function． After that，the unconstrained estimation calculation methods of primary demand，recapture demand as well as spillover demand of customers in airline network are proposed． The feasibility and effectiveness of the proposed methods are verified by numerical simulations． Compared with the existing methods，our methods can accurately reflect the impact of substitution effects in networks between products on customer choice behavior，and thereby more effectively avoid overestimating the primary demand of historical customers．

Abstract:This paper studies the optimal " price-speed" strategy in customer-intensive service systems which are represented by medical care，personal care and consultation industries． In the traditional service systems， customers will be more satisfied when the service speed increases． By contrast，in customer-intensive service systems，a higher service speed will make customers feel less satisfied． Thus，firms in customer-intensive service industries face the dilemma between service speed and service quality． In this paper，first，a monopoly firm’s optimal price-speed strategy is analyzed，and then the firms’optimal price-speed strategies are considered in a competitive environment． Ｒesults show that competition would not necessarily lead to lower service prices． Specifically，when the market size is in the middle range，competition can induce a higher service price． Meanwhile，market competition will drive down the service speed but increase social welfare． In addition，the impacts of service time sensitivity on the firm’s optimal service price and service speed are different when market size varies． Some counter-intuitive conclusions are helpful to guide the practices of firms in customer-intensive service system．

Abstract:This paper aims to give a new perspective and further discussion of the pull-to-center effect in the newsvendor model，using the mathematical model and the management experiment method． Firstly，from the viewpoint of the level behavior of the order quantity，the dual-balance strategy where the total overage cost is equal to the total underage cost can well explain the pull-to-center effect． What’s more，operations cost induced by the dual balance strategy is no more than twice that induced by the optimal strategy． Secondly，from the viewpoint of the adjustment behavior of the order quantity，two findings are derived． One is that the overage has less ( more) effect on the order quantity than the underage order in the high- ( low-) marginal profit situation． Hence，enterprises can nudge decision makers to pay more attention to the loss of underage ( overage) order in high-( low-) marginal profit settings to ease the pull-to-center effect． The other is that compared with women，males’order quantities are less affected by underage ( overage) order，which shows males’self-definition and decision-making behavior are not sensitive to external factors ． Therefore，enterprises are advised to pay attention to gender differences in order behaviors．

Abstract:In a two-level supply chain with one supplier who has ability to launch a direct channel and one risk-averse retailer who has private demand forecast information，the optimal decisions and expected utility under four different strategies are derived，and the impact of demand forecast accuracy and risk aversion is explored． The influence of supplier encroachment on channel members’utilities is examined both with and without information sharing． The equilibrium strategies are investigated under different conditions． The results indicate that both the channel members are better off when improving forecast accuracy or reducing risk aversion． Supplier encroachment may lead to four possible outcomes，namely，“lose-win”，“lose-lose”，“win-lose”and“win-win”． The optimal information sharing strategy for the retailer is closely related to the basic demand，his cost advantage and his risk aversion． Only when the basic demand is not too high and the cost advantage is sufficiently pronounced，may the retailer share demand information to induce the supplier to launch a direct channel． The higher the risk aversion is，the more likely the retailer is to share demand information． Even if the intrusion cost is very high，the supplier may launch a direct channel strategically． Finally， numerical studies show that only when the retailer’s sales cost is not too high can he initiate to share information．

Abstract:This paper constructs a portfolio choice model to depict the portfolio selection decisions in fixed investments and financial investments made by real sector firms under financing constraints． The theoretical model shows that the relative risk of fixed investment，the difference between the adjusted rate of return of financial assets and the interest rate on liabilities，the difference between the adjusted rate of return of fixed assets and the interest rate on liabilities all affect the portfolio choice decisions of firms with financing constraints． The former two factors promote the financial investment，while the third one suppresses the financial investment． The influence of the second factor is larger than the third one． Moreover，the difference between the rate of return on financial assets and the rate of interest on liabilities has a greater impact than the difference between the rate of return on fixed assets and the rate of interest on liabilities． The paper uses firm-level panel data of non-listed real sector firms from 1998 to 2009 for the empirical research，and finds that the influencing factors of the financial assets’ratio in the portfolio of non-listed real sector firms are consistent with the factors proposed by the theoretical model． Through the theoretical model and the empirical results，this paper shows that the rise of the rate of return on financial assets can promote the financialization of financial-con-strained firms to a greater extent than the decline of the rate of return on fixed assets．

Abstract:Production planning and scheduling play essential roles in production management in manufacturing enterprises． Scholars have conducted comprehensive studies on the logic，technologies，and mathematical models and algorithms for enterprise production planning and scheduling，and have made significant progresses． However，when confronting high uncertainty and complexity，there are still no satisfactory solutions to the problems． In fact，production planning and scheduling in enterprises are influenced by human，organization， technologies，and their interactions，thus form coupled socio-technical systems． Therefore，it is worth studying production planning and scheduling from the perspective of the socio-technical system，which is certainly an important starting point for exploring the problems． Through a systematic literature review，the paper summarizes the related literature，proposes a theoretical framework for studying production planning and scheduling problems and discusses several important future research directions．