Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary
A model of a multi-reservoir resource exchange intermediary also defined as a commercial engine is proposed according to analogies and similarities between thermodynamics and economics. The optimal configuration of a multi-reservoir commercial engine with a maximum profit output objective is determi...
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| Format: | Article |
| Language: | English |
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MDPI AG
2022-10-01
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| Series: | Entropy |
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| Online Access: | https://www.mdpi.com/1099-4300/24/10/1451 |
| _version_ | 1797473482366255104 |
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| author | Lingen Chen Shaojun Xia |
| author_facet | Lingen Chen Shaojun Xia |
| author_sort | Lingen Chen |
| collection | DOAJ |
| description | A model of a multi-reservoir resource exchange intermediary also defined as a commercial engine is proposed according to analogies and similarities between thermodynamics and economics. The optimal configuration of a multi-reservoir commercial engine with a maximum profit output objective is determined by applying optimal control theory. The optimal configuration consists of two instantaneous constant commodity flux processes and two constant price processes, and the configuration is independent of a number of economic subsystems and commodity transfer law qualitatively. The maximum profit output needs some economic subsystems to never contact with the commercial engine during commodity transfer processes. Numerical examples are provided for a three-economic-subsystem commercial engine with linear commodity transfer law. The effects of price changes of an intermediate economic subsystem on the optimal configuration of a three-economic-subsystem and the performance of optimal configuration are discussed. The research object is general, and the results can provide some theoretical guidelines for operations of actual economic processes and systems. |
| first_indexed | 2024-03-09T20:15:06Z |
| format | Article |
| id | doaj.art-fc06e1dc28ee47a5a2d312c509930f11 |
| institution | Directory Open Access Journal |
| issn | 1099-4300 |
| language | English |
| last_indexed | 2024-03-09T20:15:06Z |
| publishDate | 2022-10-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Entropy |
| spelling | doaj.art-fc06e1dc28ee47a5a2d312c509930f112023-11-24T00:04:01ZengMDPI AGEntropy1099-43002022-10-012410145110.3390/e24101451Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange IntermediaryLingen Chen0Shaojun Xia1Institute of Thermal Science and Power Engineering, Wuhan Institute of Technology, Wuhan 430205, ChinaSchool of Power Engineering, Naval University of Engineering, Wuhan 430033, ChinaA model of a multi-reservoir resource exchange intermediary also defined as a commercial engine is proposed according to analogies and similarities between thermodynamics and economics. The optimal configuration of a multi-reservoir commercial engine with a maximum profit output objective is determined by applying optimal control theory. The optimal configuration consists of two instantaneous constant commodity flux processes and two constant price processes, and the configuration is independent of a number of economic subsystems and commodity transfer law qualitatively. The maximum profit output needs some economic subsystems to never contact with the commercial engine during commodity transfer processes. Numerical examples are provided for a three-economic-subsystem commercial engine with linear commodity transfer law. The effects of price changes of an intermediate economic subsystem on the optimal configuration of a three-economic-subsystem and the performance of optimal configuration are discussed. The research object is general, and the results can provide some theoretical guidelines for operations of actual economic processes and systems.https://www.mdpi.com/1099-4300/24/10/1451multi-reservoir commercial enginemaximum profitoptimal controlfinite time thermodynamicsgeneralized thermodynamic optimization |
| spellingShingle | Lingen Chen Shaojun Xia Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary Entropy multi-reservoir commercial engine maximum profit optimal control finite time thermodynamics generalized thermodynamic optimization |
| title | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
| title_full | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
| title_fullStr | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
| title_full_unstemmed | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
| title_short | Maximum Profit Output Configuration of Multi-Reservoir Resource Exchange Intermediary |
| title_sort | maximum profit output configuration of multi reservoir resource exchange intermediary |
| topic | multi-reservoir commercial engine maximum profit optimal control finite time thermodynamics generalized thermodynamic optimization |
| url | https://www.mdpi.com/1099-4300/24/10/1451 |
| work_keys_str_mv | AT lingenchen maximumprofitoutputconfigurationofmultireservoirresourceexchangeintermediary AT shaojunxia maximumprofitoutputconfigurationofmultireservoirresourceexchangeintermediary |