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Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism
Joint Authors
Zhao, Yuzhe
Zhou, Jingmiao
Fan, Yujun
Kuang, Haibo
Source
Journal of Advanced Transportation
Issue
Vol. 2020, Issue 2020 (31 Dec. 2020), pp.1-11, 11 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2020-01-30
Country of Publication
Egypt
No. of Pages
11
Main Subjects
Abstract EN
This paper analyses loss aversion mechanism (LAM) of the shipping company’s decision-makers about the risk-based decision (RBD) for slow steaming and generalizes a novel optimization model for the sailing speed through the trade-off between fuel consumption, SOx emissions and delivery delay.
The value functions against the benchmark speed were constructed based on physiological expected utility (PEU) to reveal the features of loss aversion, and the objective function was derived from these value functions with the aim to optimize the sailing speed.
After that, a Genetic Algorithm (GA) solution with fitness function and special operators was built to solve the proposed model.
Finally, the model was applied to pinpoint the PEU for the optimal sailing speed against the benchmark speed, and the sensitivity of the model was discussed with different benchmark speeds, value function weights and input parameters.
The analysis shows that the proposed model can assist the slow steaming RBD based on the inner feelings of the shipping company’s decision-makers, offering a novel tool for sailing speed optimization.
American Psychological Association (APA)
Zhao, Yuzhe& Zhou, Jingmiao& Fan, Yujun& Kuang, Haibo. 2020. Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism. Journal of Advanced Transportation،Vol. 2020, no. 2020, pp.1-11.
https://search.emarefa.net/detail/BIM-1175406
Modern Language Association (MLA)
Zhao, Yuzhe…[et al.]. Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism. Journal of Advanced Transportation No. 2020 (2020), pp.1-11.
https://search.emarefa.net/detail/BIM-1175406
American Medical Association (AMA)
Zhao, Yuzhe& Zhou, Jingmiao& Fan, Yujun& Kuang, Haibo. Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism. Journal of Advanced Transportation. 2020. Vol. 2020, no. 2020, pp.1-11.
https://search.emarefa.net/detail/BIM-1175406
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1175406