Research on Risk-Averse Procurement Optimization of Emergency Supplies for Mine Thermodynamic Disasters

Weimei Li and Leifu Gao ()
Additional contact information
Weimei Li: School of Business Administration, Liaoning Technical University, Huludao 125105, China
Leifu Gao: Institute for Optimization and Decision Analytics, Liaoning Technical University, Fuxin 123000, China

Mathematics, 2024, vol. 12, issue 14, 1-17

Abstract: Reducing procurement risks to ensure the supply of emergency supplies is crucial for mitigating the losses caused by mine thermodynamic disasters. The risk preference of decision-makers and supply chain collaboration are the important aspects for this reductiom. In this study, a novel P-CVaR (Piecewise conditional risk value) distributionally robust optimization model is proposed to accurately assist the decision-makers’ decision of risk preference for reducing procurement risks. Meanwhile, the role of cooperation between procurement and reserves are considered for the weakening procurement risks. A risk-averse bi-level optimization model is proposed to obtain the optimal procurement strategy. Furthermore, by applying the Lagrange duality theorem, the complexity of the bi-level optimization model is simplified then solved using a PSO algorithm. Using empirical analysis, it has been verified that the model presented in this paper serves as a valuable guideline for mine thermodynamic pre-disaster emergency material procurement strategies for the prevention of thermodynamic disasters.

Keywords: mine thermodynamic disasters; emergency material procurement; risk preferences; CVaR distributionally robust optimization; bi-level optimization (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2227-7390/12/14/2222/pdf (application/pdf)
https://www.mdpi.com/2227-7390/12/14/2222/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jmathe:v:12:y:2024:i:14:p:2222-:d:1436344

Access Statistics for this article

Mathematics is currently edited by Ms. Emma He

More articles in Mathematics from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().