Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism
This paper analyses loss aversion mechanism (LAM) of the shipping company’s decision-makers about the risk-based decision (RBD) for slow steaming and generalizes a novel optimization model for the sailing speed through the trade-off between fuel consumption, SOx emissions and delivery delay. The val...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2020-01-01
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| Series: | Journal of Advanced Transportation |
| Online Access: | http://dx.doi.org/10.1155/2020/2157945 |
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| _version_ | 1832561325080838144 |
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| author | Yuzhe Zhao Jingmiao Zhou Yujun Fan Haibo Kuang |
| author_facet | Yuzhe Zhao Jingmiao Zhou Yujun Fan Haibo Kuang |
| author_sort | Yuzhe Zhao |
| collection | DOAJ |
| description | This paper analyses loss aversion mechanism (LAM) of the shipping company’s decision-makers about the risk-based decision (RBD) for slow steaming and generalizes a novel optimization model for the sailing speed through the trade-off between fuel consumption, SOx emissions and delivery delay. The value functions against the benchmark speed were constructed based on physiological expected utility (PEU) to reveal the features of loss aversion, and the objective function was derived from these value functions with the aim to optimize the sailing speed. After that, a Genetic Algorithm (GA) solution with fitness function and special operators was built to solve the proposed model. Finally, the model was applied to pinpoint the PEU for the optimal sailing speed against the benchmark speed, and the sensitivity of the model was discussed with different benchmark speeds, value function weights and input parameters. The analysis shows that the proposed model can assist the slow steaming RBD based on the inner feelings of the shipping company’s decision-makers, offering a novel tool for sailing speed optimization. |
| format | Article |
| id | doaj-art-e3f7fab0c7ab49ac96bc610a7fd01bfc |
| institution | Kabale University |
| issn | 0197-6729 2042-3195 |
| language | English |
| publishDate | 2020-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Journal of Advanced Transportation |
| spelling | doaj-art-e3f7fab0c7ab49ac96bc610a7fd01bfc2025-02-03T01:25:26ZengWileyJournal of Advanced Transportation0197-67292042-31952020-01-01202010.1155/2020/21579452157945Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion MechanismYuzhe Zhao0Jingmiao Zhou1Yujun Fan2Haibo Kuang3Collaborative Innovation Center for Transport Studies, Dalian Maritime University, Dalian, ChinaCollaborative Innovation Center for Transport Studies, Dalian Maritime University, Dalian, ChinaCollaborative Innovation Center for Transport Studies, Dalian Maritime University, Dalian, ChinaCollaborative Innovation Center for Transport Studies, Dalian Maritime University, Dalian, ChinaThis paper analyses loss aversion mechanism (LAM) of the shipping company’s decision-makers about the risk-based decision (RBD) for slow steaming and generalizes a novel optimization model for the sailing speed through the trade-off between fuel consumption, SOx emissions and delivery delay. The value functions against the benchmark speed were constructed based on physiological expected utility (PEU) to reveal the features of loss aversion, and the objective function was derived from these value functions with the aim to optimize the sailing speed. After that, a Genetic Algorithm (GA) solution with fitness function and special operators was built to solve the proposed model. Finally, the model was applied to pinpoint the PEU for the optimal sailing speed against the benchmark speed, and the sensitivity of the model was discussed with different benchmark speeds, value function weights and input parameters. The analysis shows that the proposed model can assist the slow steaming RBD based on the inner feelings of the shipping company’s decision-makers, offering a novel tool for sailing speed optimization.http://dx.doi.org/10.1155/2020/2157945 |
| spellingShingle | Yuzhe Zhao Jingmiao Zhou Yujun Fan Haibo Kuang Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism Journal of Advanced Transportation |
| title | Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism |
| title_full | Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism |
| title_fullStr | Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism |
| title_full_unstemmed | Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism |
| title_short | Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism |
| title_sort | sailing speed optimization model for slow steaming considering loss aversion mechanism |
| url | http://dx.doi.org/10.1155/2020/2157945 |
| work_keys_str_mv | AT yuzhezhao sailingspeedoptimizationmodelforslowsteamingconsideringlossaversionmechanism AT jingmiaozhou sailingspeedoptimizationmodelforslowsteamingconsideringlossaversionmechanism AT yujunfan sailingspeedoptimizationmodelforslowsteamingconsideringlossaversionmechanism AT haibokuang sailingspeedoptimizationmodelforslowsteamingconsideringlossaversionmechanism |