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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...

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Autores principales: Chen, Lingen, Xia, Shaojun
Formato: Online Artículo Texto
Lenguaje:English
Publicado: MDPI 2022
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.
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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
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