Search results for "Turin"
showing 10 items of 2664 documents
The Case for Contingent Convertible Debt for Sovereigns
2015
We make the case for sovereigns to issue contingent convertible bonds as a means to forestall debt crises. These instruments contractually stipulate payment standstill, contingent on a sovereign’s credit default swap spread breaching a distress threshold. This is a financial innovation solution to the lack of sovereign debt restructuring mechanisms, limiting ex ante the likelihood of debt crises and imposing ex post risk sharing between creditors and the debtor. The new instruments are contingent contracts addressing neglected risks in sovereign debt. Building on literature for contingent convertible debt for banks we address the design of sovereign contingent debt, including market discipl…
Automated Valuation Methods in Atypical Real Estate Markets Using the Mono-parametric Approach
2017
The appraisal objectivity depends on the possibility to quickly and easily access to reliable real estate data in order to apply appropriate appraisal approaches. In order to ensure the objectivity of the real estate appraisals, in recent years Automated Valuation Methods (AVM) have been developed, integrating computerized real estate databases and programming languages. The Automated Valuation Methods proposed at international level usually recur to regression models, aimed to return appraisal equations based on reliable real estate databases. This approach is not applicable in some markets where lack of data does not allow the implementation of regression models. This paper proposes to im…
The industry effect and the decision to integrate vertically in a crisis context
2019
The objective of this work is twofold: firstly, to study if the characteristics of the industry affect certain financial and strategic decisions of manufacturing firms and, secondly, to determine i...
Some personal views on the current state and the future of locational analysis
1998
In this paper a group of participants of the 12th European Summer Institute which took place in Tenerife, Spain in June 1995 present their views on the state of the art and the future trends in Locational Analysis. The issues discussed include modeling aspects in discrete Location Theory, the influence of the distance function, the relation between discrete, network and continuous location, heuristic techniques, the state of technology and undesirable facility location. Some general questions are stated regarding the applicability of location models, promising research directions and the way technology affects the development of solution techniques.
Exact solution of the soft-clustered vehicle-routing problem
2020
Abstract The soft-clustered vehicle-routing problem (SoftCluVRP) extends the classical capacitated vehicle-routing problem by one additional constraint: The customers are partitioned into clusters and feasible routes must respect the soft-cluster constraint, that is, all customers of the same cluster must be served by the same vehicle. In this article, we design and analyze different branch-and-price algorithms for the exact solution of the SoftCluVRP. The algorithms differ in the way the column-generation subproblem, a variant of the shortest-path problem with resource constraints (SPPRC), is solved. The standard approach for SPPRCs is based on dynamic-programming labeling algorithms. We s…
Branch-price-and-cut algorithms for the pickup and delivery problem with time windows and multiple stacks
2016
Abstract This paper proposes models and algorithms for the pickup and delivery vehicle routing problem with time windows and multiple stacks. Each stack is rear-loaded and is operated in a last-in-first-out (LIFO) fashion, meaning that when an item is picked up, it is positioned at the rear of a stack. An item can only be delivered if it is in that position. This problem arises in the transportation of heavy or dangerous material where unnecessary handling should be avoided, such as in the transportation of cars between car dealers and the transportation of livestock from farms to slaughterhouses. To solve this problem, we propose two different branch-price-and-cut algorithms. The first sol…
Solving a large cutting problem in the glass manufacturing industry
2020
Abstract The glass cutting problem proposed by Saint Gobain for the 2018 ROADEF challenge includes some specific constraints that prevent the direct application of procedures developed for the standard cutting problem. On the one hand, the sheets to be cut have defects that make them unique and they must be used in a given order. On the other hand, pieces are grouped in stacks and the pieces in each stack must be cut in order. There are also some additional characteristics due to the technology being used, especially the requirement for a three-stage guillotine cutting process. Taking into account the sequencing constraints on sheets and pieces, we have developed a beam search algorithm, us…
Nested branch-and-price-and-cut for vehicle routing problems with multiple resource interdependencies
2019
Abstract This paper considers vehicle routing problems (VRPs) with multiple resource interdependencies and addresses the development and computational evaluation of an exact branch-and-price-and-cut algorithm for their solution. An interdependency between two resources means that the two resource consumptions influence one another in such a way that a tradeoff exists between them. This impacts the feasibility and/or the cost of a solution. The subproblem in branch-and-price-and-cut procedures for VRPs is very often a variant of the shortest-path problem with resource constraints (SPPRC). For the exact solution of many SPPRC variants, dynamic-programming based labeling algorithms are predomi…
Stabilized branch-price-and-cut for the commodity-constrained split delivery vehicle routing problem
2019
Abstract In the commodity-constrained split delivery vehicle routing problem (C-SDVRP), customer demands are composed of sets of different commodities. The C-SDVRP asks for a minimum-distance set of routes such that all customer demands are met and vehicle capacities are respected. Moreover, whenever a commodity is delivered by a vehicle to a customer, the entire amount requested by this customer must be provided. Different commodities demanded by one customer, however, can be delivered by different vehicles. Thus, the C-SDVRP is a relaxation of the capacitated vehicle routing problem and a restriction of the split delivery vehicle routing problem. For its exact solution, we propose a branc…
New exact methods for the time-invariant berth allocation and quay crane assignment problem
2019
Abstract Efficient management of operations in seaport container terminals has become a critical issue, due to the increase in maritime traffic and the strong competition between ports. In this paper we focus on two seaside operational problems: the Berth Allocation Problem and the Quay Crane Assignment Problem, which are considered in an integrated way. For the continuous BACAP problem with time-invariant crane assignment we propose a new mixed integer linear model in which the vessels can be moored at any position on the quay, not requiring any quay discretization. The model is enhanced by adding several families of valid inequalities. The resulting model is able to solve instances with u…