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Bai Yang published an academic paper in international SSCI journals

Recently, Bai Yang, the lecturer of Department of Technology Economics & Management in Business School, published an academic paper in”Computers & Operations Research” (an international SSCI journal).

 

The title of his paper is “Desirable policies of a strategic petroleum reserve in coping with disruption risk: A Markov decision process approach”. A Markov decision process model is proposed to examine the desirable sizes and policies of a strategic petroleum reserve (SPR) for oil consumption countries. Oil consumers operate SPRs to cope with various market states. Market uncertainties include oil supply, oil price and disruption situations in which oil supply is highly stochastic. The decision criterion is to minimize total disruption losses and SPR costs. The output of the proposed model finds optimal SPR acquisition, drawdown and refill policies in response to different market states. In a representative numerical case, we examine desirable SPR size and how China should absorb into or release from its SPR in special scenarios. In a new scenario of long-duration disruption risk in particular, we find that high disruption duration risk may increase the optimal SPR size significantly, i.e., 9% greater in this case. Meanwhile, the result shows variation in the SPR drawdown policy when considering various disruption durations. Finally, a United States case has been studied with the developed model. We find interesting results by comparing the results of China and the U.S. Under the scenario of 20% disruption, although with different SPR capacities, both countries should release all SPRs to reduce GDP loss as much as possible. (c) 2015 Elsevier Ltd. All rights reserved.

Computers & Operations Research meet in a large number of scientific fields, many of which are of vital current concern to our troubled society. These include, among others, ecology, transportation, safety, reliability, urban planning, economics, inventory control, investment strategy and military analysis. This journal provides an international forum for the application of computers and operations research techniques to problems in these and related fields. The common element in all these scientific areas which this journal addresses is the methodology for determining viable solutions to problems using computers and the techniques of operations research. However, it is not only the mathematical methodology which is of interest. The applications are of equal importance and the two are mutually supportive since understanding the application helps one greatly to comprehend the mathematical methods used and vice versa. The journal will therefore concern itself with these scientific fields of application and will be accordingly broad in scope of subject matter. The form, content and language of the articles will take cognizance of this breadth of applications and of the consequent fact that many readers may not be expert in the particular scientific field to which the computer and operations research techniques are applied by the author. This journal will also publish articles containing interesting applications even though there may be no new techniques involved. These should be labeled as case studies. It is important that they be actual cases of interest and significance which the authors were asked to analyze.The content and presentation of this international journal is such as to provide maximum utility to researchers, teachers and practitioners who have an interest in operations research, computers and the subject matter of the fields of application served by these. Tutorial and state-of-the-art papers will be presented from time to time as deemed suitable and emphasis will be given to those science areas of public importance in which significant advances are being made by means of computers and operations research. When appropriate, the journal will also include comments from its readers on the journal articles, and discussions of significant work in progress or papers presented or published elsewhere. Special features to be included from time to time include descriptions of computer programs which may be of immediate value to researchers.