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Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary
A model of a multi-reservoir resource exchange intermediary also defined as a commercial engine is proposed according to analogies and similarities between thermodynamics and economics. The optimal configuration of a multi-reservoir commercial engine with a maximum profit output objective is determi...
Autores principales: | , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
MDPI
2022
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9601723/ https://www.ncbi.nlm.nih.gov/pubmed/37420471 http://dx.doi.org/10.3390/e24101451 |
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author | Chen, Lingen Xia, Shaojun |
author_facet | Chen, Lingen Xia, Shaojun |
author_sort | Chen, Lingen |
collection | PubMed |
description | A model of a multi-reservoir resource exchange intermediary also defined as a commercial engine is proposed according to analogies and similarities between thermodynamics and economics. The optimal configuration of a multi-reservoir commercial engine with a maximum profit output objective is determined by applying optimal control theory. The optimal configuration consists of two instantaneous constant commodity flux processes and two constant price processes, and the configuration is independent of a number of economic subsystems and commodity transfer law qualitatively. The maximum profit output needs some economic subsystems to never contact with the commercial engine during commodity transfer processes. Numerical examples are provided for a three-economic-subsystem commercial engine with linear commodity transfer law. The effects of price changes of an intermediate economic subsystem on the optimal configuration of a three-economic-subsystem and the performance of optimal configuration are discussed. The research object is general, and the results can provide some theoretical guidelines for operations of actual economic processes and systems. |
format | Online Article Text |
id | pubmed-9601723 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | MDPI |
record_format | MEDLINE/PubMed |
spelling | pubmed-96017232022-10-27 Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary Chen, Lingen Xia, Shaojun Entropy (Basel) Article A model of a multi-reservoir resource exchange intermediary also defined as a commercial engine is proposed according to analogies and similarities between thermodynamics and economics. The optimal configuration of a multi-reservoir commercial engine with a maximum profit output objective is determined by applying optimal control theory. The optimal configuration consists of two instantaneous constant commodity flux processes and two constant price processes, and the configuration is independent of a number of economic subsystems and commodity transfer law qualitatively. The maximum profit output needs some economic subsystems to never contact with the commercial engine during commodity transfer processes. Numerical examples are provided for a three-economic-subsystem commercial engine with linear commodity transfer law. The effects of price changes of an intermediate economic subsystem on the optimal configuration of a three-economic-subsystem and the performance of optimal configuration are discussed. The research object is general, and the results can provide some theoretical guidelines for operations of actual economic processes and systems. MDPI 2022-10-11 /pmc/articles/PMC9601723/ /pubmed/37420471 http://dx.doi.org/10.3390/e24101451 Text en © 2022 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). |
spellingShingle | Article Chen, Lingen Xia, Shaojun Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
title | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
title_full | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
title_fullStr | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
title_full_unstemmed | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
title_short | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
title_sort | maximum profit output configuration of multi-reservoir resource exchange intermediary |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9601723/ https://www.ncbi.nlm.nih.gov/pubmed/37420471 http://dx.doi.org/10.3390/e24101451 |
work_keys_str_mv | AT chenlingen maximumprofitoutputconfigurationofmultireservoirresourceexchangeintermediary AT xiashaojun maximumprofitoutputconfigurationofmultireservoirresourceexchangeintermediary |