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Working Papers | 2020

A Mathematical Programming Approach with Revenue Management in Home Loan Pricing (Revised as on 20-12-2021)

Goutam Dutta, Sumeetha R. Natesan, Deepika Thakur, and Manoj K. Tiwari

This paper enumerates the benefits of revenue management to the banks and the points to be considered while creating a revenue management and dynamic pricing model. Further it explains the differences in the application of these concepts to the financial sector as opposed to other sectors. We then delve into the method of giving home loans after identifying the major parameters that play a role in it. We formulate a dynamic pricing model for home loans for a bank. The model optimizes the net present value of money available subject to pricing limits, cash flows. It also considers the default probability as a function of interest rate. We then assume different versions of demand function. We consider when demand function is given by a straight line, an exponential function and by rectangular hyperbola. In all the three cases we have demonstrated that the dynamic pricing of home loans does yield better results than the currently used static pricing.

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Journal Articles | 2019

Modeling a decision-maker's choice behavior through perceived values

Manish Aggarwal

IEEE Transactions on Systems, Man, and Cybernetics: Systems

In the real world, an attribute value is perceived differently by different individuals. Emphasizing on this aspect, we extend the discrete choice models with perceived values that are subjective and specific to a decision-maker (DM). The proposed choice models are augmented with the parameters of an entropy function, besides the utility coefficients, to model a DM's complex choice behavior. A variety of higher order choice models are also proposed. The proposed models are further extended with a DM's reference-value for each attribute. A real and illustrative application is included.

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Journal Articles | 2019

A new model for the asymmetric vehicle routing problem with simultaneous pickup and deliveries

Yogesh Kumar Agarwal and Prahalad Venkateshan

Operations Research Letters

The asymmetric vehicle routing problem with simultaneous pickup and deliveries is considered. This paper develops four new classes of valid inequalities for the problem. We generalize the idea of a no-good cut. Together, these help us solve 45-node randomly generated problem instances more efficiently. We report results on a set of benchmark instances in literature. In this set, we are able to show an order of magnitude improvement in computational times over currently published results in literature.

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Journal Articles | 2019

Modelling human decision behaviour with preference learning

Manish Aggarwal and Ali Fallah Tehrani

INFORMS Journal on Computing

In the real world, an attribute value is perceived differently by different individuals. Emphasizing on this aspect, we extend the discrete choice models with perceived values that are subjective and specific to a decision-maker (DM). The proposed choice models are augmented with the parameters of an entropy function, besides the utility coefficients, to model a DM's complex choice behavior. A variety of higher order choice models are also proposed. The proposed models are further extended with a DM's reference-value for each attribute. A real and illustrative application is included.

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Journal Articles | 2019

A new family of fuzzy discrete choice models

Manish Aggarwal

IEEE Transactions on Fuzzy Systems

Often in real-world decision making, it is difficult to crisply evaluate the utility values as required in the case of conventional choice models. Besides, a decision maker (DM) has his/her own relative importance for each of the attributes. The attributes may also be interacting positively (synergy) or negatively, the degree of which is specific to the DM. A new family of discrete choice models is introduced with a motivation that takes into account the human factors in real-world multiattribute decision making. More specifically, the proposed choice models are based on fuzzy subjective utilities that are easier to elicit. The proposed models are further extended to take into account the unique attitudinal character of the DM, the relative weight vector, and the degree of interaction among the different attributes. A real case study illustrates the usefulness of the study.

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Journal Articles | 2019

Confidence soft sets and applications in supplier selection

Manish Aggarwal

Computers & Industrial Engineering

The evaluation of the alternatives against multiple criteria is of the utmost importance in a multi-criteria decision making (MCDM) problem. It is often the case that the experts have a varying degree of confidence in their evaluations. That is, an evaluation has an associated degree of credibility. To take into account this crucial piece of information in determining the best choice, we present a new data structure. More specifically, we present a confidence-based soft set. We also extend the same to the fuzzy and intuitionistic fuzzy domains. The proposed concepts are elucidated through a number of illustrative examples. We establish their usefulness in a real case-study.

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Journal Articles | 2019

Antecedents to innovation in emerging markets: Evidence from India

Mohammad Fuad and Arun Kumar Jain

International Journal of Innovation Management

Firms utilise both internal and external knowledge reservoirs in order to innovate. This study explores the drivers of innovation specifically, role of business groups, alliances, degree of internationalisation and financial slack on innovation. Hypotheses are tested using patent data on a sample of Indian firms. Group affiliation, financial slack and degree of internationalisation are found to positively impact innovation output. This study contributes towards the nascent literature on innovation in the Indian context.

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Journal Articles | 2019

Adoption and the impact of system of rice intensification on rice yields and household income: an analysis for India

Poornima Varma

Applied Economics

This paper examines the determinants and impacts of the adoption of five mutually exclusive practices System of Rice Intensification (SRI) on yields and household incomes using a multinomial endogenous treatment effects model. Farm household survey data is collected from selected districts of three States of India. Results suggest that the decision to adopt SRI is a function of experience in terms of age, farm assets, irrigation facility and information about SRI. The analysis showed that small and marginal farmers are more likely to adopt SRI as compared to large farmers. The National Food Security Mission (NFSM) came out to be significant and positive only in the case of few practices in some States. The welfare outcome results showed that the adoption increased the yield and income of three out of four practices-plant plus water, plant plus soil and plant plus water plus soil management. Briefly, the results show that the adoption of SRI especially full adoption of SRI has greater impact on the yield and income.

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Journal Articles | 2019

Trust in humanitarian operations: a content analytic approach for an Indian NGO

Prakash Awasthy, K.V. Gopakumar, Sirish Kumar Gouda, and Tanushree Haldar

INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH

Trust between partners, a key element enabling coordination across supply chains, has recently started gaining attention in humanitarian operations literature. Yet, empirical examination of this concept is scant. Borrowing from extant literature on trust within organisational behaviour stream, this paper aims to empirically verify trust formation types: companion, competence and commitment, in a disaster relief supply chain using primary and secondary data from an Indian Humanitarian relief organisation (HRO). Further, we identify variations in trust formation during disaster relief activities and developmental programmes, and between upstream and downstream partners of a humanitarian relief organisation. Based on the results of our content analysis, we contend that while companion based trust is significantly more prevalent during developmental programmes, competence based trust is important during both disaster periods and otherwise. We also find that there are significant differences in the trust formation between upstream and downstream partners and the HRO. This study has significant theoretical and practical implications on identifying the role of trust in humanitarian operations.

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Journal Articles | 2019

A cutting plane approach for the multi-machine precedence-constrained scheduling problem

Prahalad Venkateshan, Joseph Szmerekovsky, and George Vairaktarakis

Annals of Operations Research

A cutting-plane approach is developed for the problem of optimally scheduling jobs with arbitrary precedence constraints on unrelated parallel machines to minimize weighted completion time. While the single machine version of this problem has attracted much research efforts, enabling solving problems with up to 100 jobs, not much has been done on the multiple machines case. A novel mixed-integer programming model is presented for the problem with multiple machines. For this model, many classes of valid inequalities that cut off fractional linear programming solutions are developed. This leads to an increase of the linear programming lower bound from 89.3 to 94.6% of the corresponding optimal solution, and a substantial reduction in the computational time of an optimal branch-and-bound algorithm for this problem. This enables us to report optimal solutions for problem instances with up to 25 jobs and 5 machines, which is more than twice the size of problems for which optimal solutions have been reported in the literature thus far. For a special case of the problem—that of minimizing makespan—application of our model helps solve 18 of 27 previously unsolved problem instances to optimality.

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