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We develop a theory that shows signaling a firm’s fundamental quality (e.g., its operational capabilities) to lenders through inventory transactions to be more efficient—it leads to less costly operational distortions—than signaling through loan requests, and we characterize how the efficiency gains depend on firm operational characteristics, such as operating costs, market size, and inventory salvage value. Signaling through inventory being only tenable when inventory transactions are verifiable at low enough cost, we then turn our attention to how this verifiability can be achieved in practice and argue that blockchain technology could enable it more efficiently than traditional monitoring mechanisms. To demonstrate, we develop b_verify, an open-source blockchain protocol that leverages Bitcoin to provide supply chain transparency at scale and in a cost-effective way. The paper identifies an important benefit of blockchain adoption—by opening a window of transparency into a firm’s supply chain, blockchain technology furnishes the ability to secure favorable financing terms at lower signaling costs. Furthermore, the analysis of the preferred signaling mode sheds light on what types of firms or supply chains would stand to benefit the most from this use of blockchain technology. This paper was accepted by Victor Martínez-de-Albéniz, operations management .

Polymer electrolyte fuel cells (PEFCs), at the early stage of their commercialization, possess potential for different applications. Analogous to any other new technologies, PEFC technology is also facing several challenges and uncertainties during precommercialization phase. Platinum, used as the catalyst in PEFCs, is considered as one of the key obstacles towards the commercialization as it contributes significantly to the overall cost. In the present work, a life-cycle cost analysis is carried out based on the annual growth in the platinum price and the discount rate based on the local market for different economic zones. It is observed that the high investment in platinum could be beneficial instead of acting as the hurdle if the salvage value of platinum is considered. Based on the platinum cost per kW of the fuel cell, two different scenarios (32 and 3 US$ kW −1 ) are considered. It is observed that in spite of very high cost of platinum, the net present value of the fuel cell is comparable with the scenario with low investment cost in platinum when the salvage value of platinum is considered. In some situations, the high investment cost in the platinum offers high salvage value leading to a profitable case. Hence, the high cost of platinum might promote the commercialization of the fuel cells if appropriate business model is in place.

The classical newsvendor problem decides the optimal order quantity for a single period, with the assumptions that both the selling price and the end of period salvage value are fixed. However, the salvage value or clearance price in many instances depends on the leftover inventory. A fixed salvage value assumption could lead to suboptimal decisions in many situations. In this paper we determine the optimal pricing and ordering decision for a limited clearance sale inventory model using newsvendor framework with variable salvage value. We consider additive demand model, provide necessary and sufficient conditions for unique pricing and ordering policies, and calculate optimal contract parameters for wholesale price contract in decentralized supply chain setting. We compare our results against classical newsvendor model with fixed salvage value. We analytically prove that the price-setting limited clearance sale inventory model improves the ordering decision and profit level.

Freshwater is one of the most essential needs of society. Due to the limited amount of potable water on Earth, guaranteeing the supply of clean water to society is a major challenge. By utilizing abundant sunshine, solar still could be utilized to provide the necessary amount of drinking water in remote locations. The issue of restricted daily production inspires researchers to investigate novel ways for enhancing the thermal performance of desalination techniques while lowering expenses. In this work, the scholars improved a unique distillation method related to solar stills. The authors presented a novel improvement to the vertical distiller design to enhance the exposure area while decreasing the thickness of the water layer as much as possible. Thus, two rotational discs (flat type) covered with wick were integrated into the vertical distiller basin at 1.5 rpm and 5 cm water depth. Furthermore, providing vacuum via a fan with an external condenser. Besides, various rotating speeds (from 400 to 2000 rpm) were tested to determine the perfect fan speed that provides the maximum yield. The experimental findings revealed that the modified vertical distiller produced more pure water than the conventional distiller. Moreover, the rotation of wick discs and vacuum fan enhanced the yield of distillers enormously. Besides, the highest distiller performance was obtained at 1.5 rpm (wick disc speed) and 1600 rpm (fan speed, 10 min ON, and 10 min OFF). Moreover, the daily freshwater output was 19.1 L/m 2  day for MDSVD without the fan and 23.65 L/m 2  day for MDSVD with the fan. So, the yield of MSSVD without/with vacuum fan was improved by 548.65% and 660.45%, respectively, over that of CTD. The best thermal efficacy for MDSVD without/with vacuum fan was 77.47% and 84.05%, respectively. Lastly, the average cost of freshwater was 0.021, 0.0177, and 0.0164 $/L for CTD, MDSVD without/with vacuum fan, respectively.

Post-fire harvest (PFH) is a forest management practice designed to salvage value from burned timber, mitigate safety hazards from dead trees, reduce long-term fuels, and prepare sites for replanting. Despite public controversy and extensive ecological research, little is known about how much PFH occurs on private and public lands in the U.S. Pacific West, or how practices changed with shifting forest policy and increasing area burned over the last three decades. We mapped PFH across 2.2 M burned hectares in California, Oregon, and Washington between 1986–2017 and used time series intervention analysis to compare trends in area, rate (% of burned area harvested), and mean patch size between private (0.5 M ha) and federal (1.6 M ha) forest land and across a gradient of burn severity. Harvest rates varied by ownership (4.9% federal, 18.6% private, 8.0% overall), and practices evolved and diverged over the study period. PFH area and rate declined across all ownerships in the mid-1990s during a period of reduced fire activity. As area burned increased between the early 2000s and late 2010s, PFH area rebounded and surpassed late-1980s levels, while rates remained relatively low. On federal lands, PFH practices shifted in the early-to-mid 1990s towards lower rates (10.3%–3.8%) and smaller patches (6.0–3.3 ha), following policy changes and increased litigation. PFH rates on federal lands decreased at all levels of burn severity, with the largest decreases (6.2%–1.2%) in forests with low tree mortality (i.e. fire refugia). Conversely, private PFH rates and mean patch sizes more than doubled in forests burned at very low-to-moderate severity. Our results highlight how PFH practices have shifted with policy, socio-economic pressure, and increasing area burned over 31 years in the Pacific West. A similar area of PFH is now dispersed over larger fires, with practices diverging substantially between ownerships.

Purpose This paper aims to explore the emerging relationship between Industry 4.0 (I4.0) digital technologies (e.g. blockchain, Internet of Things (IoT) and artificial intelligence (AI)) and the construction industry’s gradual transition into a circular economy (CE) system to foster the adoption of circular economy in the construction industry. Design/methodology/approach A critical and thematic analysis conducted on 115 scientific papers reveals a noticeable growth in adopting digital technologies to leverage a CE system. Moreover, a conceptual framework is developed to show the interrelationship between different I4.0 technologies to foster the implantation of CE in the construction industry. Findings Most of the existing bodies of research provide conceptual solutions rather than developing workable applications and the future of smart cities. Moreover, the coalescence of different technologies is highly recommended to enable tracking of building assets’ and components’ (e.g. fixtures and fittings and structural components) performance, which enables users to optimize the salvage value of components reusing or recycling them just in time and extending assets’ operating lifetime. Finally, circular supply chain management must be adopted for both new and existing buildings to realise the industry's CE ambitions. Hence, further applied research is required to foster CE adoption for existing cities and infrastructure that connects them. Originality/value This paper investigates the interrelationships between most emerging digital technologies and circular economy and concludes with the development of a conceptual digital ecosystem to integrate IoT, blockchain and AI into the operation of assets to direct future practical research applications

The emergence of the sharing economy has affected consumers and traditional manufacturers. We focus on product sharing and analyze its impacts on the manufacturer that offers sequential innovation products. We develop a two-period model in which a monopoly manufacturer sells an old product and introduces a new product in each period; in the same period, an owner who bought a product for self-use from the manufacturer in the previous period may rent the product out because of the low self-use value in this period. Our analysis reveals that the sharing market increases or decreases the manufacturer’s profit, and this is mainly determined by the moral hazard cost and the salvage value of sharing products. Furthermore, the sharing market has an insignificant effect on the upgrading of products, but there is a bumping-down effect on old products’ sales. Finally, the effect of the sharing market on the revenue of the owner and the sharing platform mostly depends on the risk of moral hazard, and it also affects the manufacturer’s product rollover strategy.

As return insurance has become a prevalent strategy, understanding the influences of the return insurance remains a critical question. This study considers a supply chain comprising an e-platform and two competing e-sellers with different product qualities under a commission contract. Eight duopoly game models were constructed to uncover optimal return insurance policies and their influences for e-sellers and the e-platform, considering the customer heterogeneity. Several key findings emerge:1) When the e-platform does not offer return insurance, retailers determine the size of the premium and choose the optimal return strategy based on a combination of the premium, the commission rates, the return compensation, and the return rate; 2) When the e-platform does not offer return insurance, retailers can lower their prices to encourage consumers to decide whether or not to purchase return insurance by themselves; 3) The e-platform that offers return insurance can change retailers’ return strategy to the detriment of both the high quality e-sellers’ profits and their own revenue.

Solar stills are used in distant and arid areas to convert brackish or salty water into potable water fit for human use in a simple, affordable, and effective manner. Even when PCM materials are used, typical solar systems still have minimal production per day. In this study, experimental tests were carried out in order to increase the performance of a single-slope solar still combined with PCM material (paraffin wax) and a solar-powered electric heater. Two identical single-slope solar stills were designed, fabricated, and tested under the same climatic conditions during the summer and spring seasons of 2021 in Al-Arish, Egypt. The first is a conventional solar still (CVSS), and the other is also a conventional still but with PCM and an electric heater (CVSSWPCM). Several parameters were measured during the experiments, including sun intensity, meteorological aspects, cumulative freshwater production, average glass, and water temperatures and PCM temperature. The improved solar still was evaluated at different operating temperatures and was compared to the conventional traditional one. There were four cases studied: one case without a heater (paraffin wax only) and three other cases with a heater operating at 58 °C, 60 °C, and 65 °C, respectively. The experimental results revealed that activating the heater inside the paraffin wax increased daily production (i) in the spring by 2.38, 2.66, and 3.1 times and (ii) and in the summer by 2.2, 2.39, and 2.67 times at the three above-mentioned temperatures respectively (when compared to the traditional still). In addition, the maximum rate of daily freshwater production was achieved at paraffin wax temperature of 65 °C in both spring and summer (Case 5). Finally, the economic evaluation of the modified solar still was carried out according to cost per litre. The modified solar still with a heater operating at 65 °C has a higher exergoeconomic value than the traditional one. The maximum CO 2 mitigation in cases 1 and 5 was approximately 28 tons and 160 tons, respectively.

As a major industry sector, construction is gradually transitioning from the linear economy to the circular economy. Due to various barriers or challenges, the circular economy within construction progresses at a slow pace. Digital technologies can help construction address these barriers or challenges. As a new generation of digital technologies, the digital twin is still seldom used in construction for the circular economy at the current stage. The purpose of this study is to empirically investigate the implementation of the circular economy, as well as the integration of a digital twin and the circular economy, in construction. Based on a review of the relevant literature, this study adopts a combination of expert interviews as a qualitative research method and questionnaire surveys as a quantitative research method. The findings of this study suggest that design and demolition, which are closely linked to each other with regard to circular economy strategies, are more important than other project phases. The digital twin has great potential to improve circular economy practice. It can play some important roles in different project phases throughout the life cycle of a construction project, to achieve the circular economy. Digital twin–circular economy integration makes it effective for construction to overcome circular economy barriers or challenges, reduce waste, and increase salvage value.