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Related Experiment Video

Updated: May 15, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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A sampling-based winner determination model and algorithm for logistics service procurement auctions under double

Mingqiang Yin1, Hao Wang1, Qiang Liu2

  • 1School of Information and Control Engineering, Liaoning Petrochemical University, Fushun, 113001, Liaoning, China.

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|April 8, 2025
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Summary
This summary is machine-generated.

This study develops a hybrid strategy for fourth-party logistics platforms to manage risks from demand and disruption uncertainty. The proposed model and heuristic algorithm effectively minimize costs and outperform existing solvers.

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Area of Science:

  • Logistics and Supply Chain Management
  • Operations Research
  • Risk Management

Background:

  • Fourth-party logistics (4PL) platforms face significant risks from demand and disruption uncertainty.
  • Traditional winner determination models struggle to account for these dual uncertainties.
  • Effective risk mitigation strategies are crucial for 4PL operational efficiency.

Purpose of the Study:

  • To develop a robust winner determination model for 4PL platforms under demand and disruption uncertainty.
  • To propose a hybrid risk mitigation strategy integrating temporary outsourcing and fortification.
  • To minimize total operational costs while hedging against identified risks.

Main Methods:

  • Constructed a two-stage stochastic winner determination model.
  • Transformed the model into a mixed-integer linear programming problem using an improved sample average approximation (SAA) algorithm.
  • Developed a sampling-based heuristic algorithm combining dual decomposition, Lagrangian relaxation, and scenario reduction.

Main Results:

  • The proposed heuristic algorithm demonstrated superior performance compared to CPLEX in solving complex scenarios.
  • Numerical examples and a real-world case validated the model's and algorithm's effectiveness.
  • Sensitivity analysis confirmed the significant impact of demand fluctuations and disruption probability on strategy selection.

Conclusions:

  • The hybrid mitigation strategy effectively hedges against double uncertainty in 4PL winner determination.
  • The developed SAA and heuristic algorithms provide efficient solutions for complex stochastic optimization problems.
  • Findings offer valuable insights for 4PL platforms in optimizing risk management and operational costs.