Economics at your fingertips  

A resource allocation model to choose the best portfolio of economic resilience plans: a possibilistic stochastic programming model

Shima Pashapour, Ali Azadeh, Ali Bozorgi-Amiri, Abbas Keramati and Seyed Farid Ghaderi

European Journal of Industrial Engineering, 2020, vol. 14, issue 3, 301-334

Abstract: Economic resilience is defined as a tool capable of reducing the losses caused by disasters. It can be defined in two major concepts. Static economic resilience is the effective allocation of available resources and dynamic economic resilience refers to accelerating the recovery process through the repair and rebuilding of the capital stock. In this research, the performance of a petrochemical plant in the face of crisis is investigated. For this, a bi-objective mathematical model that considers cost and resilience capability as objective functions is developed to choose the best portfolio of static and dynamic plans. To solve the mathematical model, a weighted augmented ε-constraint method and a multi-stage possibilistic stochastic programming (MSPSP) approach are employed. The numerical results showed that the proposed approach is effective in optimising the performance of a petrochemical plant in facing crisis situations and in choosing the best portfolio of economic resilience plans. [Received: 11 January 2019; Revised: 9 July 2019; Revised: 13 August 2019; Accepted: 13 August 2019]

Keywords: economic resilience; resilience capability; multi-stage possibilistic stochastic programming; MSPSP; petrochemical plant; resource allocation. (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (text/html)
Access to full text is restricted to subscribers.

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:

Access Statistics for this article

More articles in European Journal of Industrial Engineering from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().

Page updated 2021-03-06
Handle: RePEc:ids:eujine:v:14:y:2020:i:3:p:301-334