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International Journal of Revenue Management (4 papers in press)
Price Optimization of Perishable Goods Using a Genetic Algorithm by Michael Scholz, Benedikt Elser Abstract: Multi-product profit optimisation problems have been studied under nested logit models of consumer behaviour. Although attractive through to the relaxation of strong assumptions of multinomial logit models, nested logit models as well as multinomial logit models require costly discrete choice experiments in order to collect data for estimating model parameters. We propose a novel formulation of multi-product profit optimisation that is especially useful for perishable goods that are of the same type and different only in their quality level. Our model relies on willingness to pay data that can be elicited directly, derived from market data or measured indirectly in auctions or through transactions. We furthermore present a genetic algorithm for solving the formulated multi-product profit optimisation and show that our proposed genetic algorithm finds nearby optimal solutions within a very short time span. Keywords: price optimisation; genetic algorithm; willingness-to-pay; revenue management. DOI: 10.1504/IJRM.2022.10044440
Benefits Realization Management: from Problem Solving to Value Delivery by Leandro Ferreira Pereira, Eduarda May, Rui Gonçalves, Álvaro Dias, Renato Lopes Da Costa Abstract: There is a growing pressure to assertively invest on the project initiatives that will deliver the most valuable results for the business strategy. Although this is a clear concern for the organisations, many of them are still not able to identify the benefits that a project could deliver. This research aims to address the gap between the benefits realisation management academic research and the real project management routine in the organisations, focusing on the project benefits identification. The main objective of this study was to explore the steps proposed on the Pereira problem solving framework to identify the gaps that prevent the project managers from clearly identifying the expected benefits from a project initiative. After interviewing 32 professionals, the results suggest that the main barrier to the benefits identification is the superficial understanding of the project scope and the low level of maturity that organisations can have on how to manage projects benefits. Keywords: project benefits; management; problem-solving; business case; investment. DOI: 10.1504/IJRM.2022.10044520
Is Corporate Voluntary Disclosure a Burden to shareholders? by Imen Khanchel, Dorsaf Ben Taleb Sfar Abstract: This study examines the effect of board characteristics on the extent of voluntary disclosure in Tunisian listed firms first separately and then moderated by some corporate ownership variables. The studied board characteristics are: the proportion of independent directors on the board and the presence of a dual management structure. The moderating corporate ownership variables are family, institutional and state ownership. Our measure of disclosure assesses the amount of voluntary disclosure provided in the 2019 annual reports of a sample of 48 Tunisian listed firms. We use an additive and unweighted approach to construct a disclosure index. The results indicate significant negative relationships between voluntary disclosure and board characteristics. Our results indicate that the proportion of independent directors and a dual management structure enhances the extent of voluntary disclosure. Furthermore, while institutional ownership positively moderated this relationship, this latter is negatively related to family and state ownership. Keywords: corporate governance; voluntary disclosure; emerging market; Tunisia. DOI: 10.1504/IJRM.2022.10049622
THE INVESTMENT RATE OF RETURN AT THE END OF THE PERIOD: A FUTURE WORTH APPROACH TO CAPITAL BUDGETING by Antonio Focacci Abstract: The net present value (NPV) within the discounted cash-flow (DCF) framework is the preferred theoretical method at the academic level for dealing with capital budgeting problems. However, despite an elegant form and an undeniable technical allure in its capital asset pricing model (CAPM) version, a large number of situations raise serious concerns about the assumptions that must be made in order to successfully address practical cases. With the aim of obtaining a solution to this issue, the paper develops and proposes a new methodology based on a future worth (FW) approach labelled as investment rate of return at the end of the period (IRREP). With a couple of real-world cases, we present its effectiveness to contexts where traditional approaches are lacking due to serious theoretical inconsistencies. Keywords: revenue management; capital budgeting; investment analysis; decision-making; IRREP. DOI: 10.1504/IJRM.2022.10049684