In this paper, we discuss the portfolio optimization problem with real-world constraints under the assumption that the returns of risky assets are fuzzy numbers. A new possibilistic mean-semiabsolute deviation model is proposed, in which transaction costs, cardinality and quantity constraints are considered. Due to such constraints the proposed model becomes a mixed integer nonlinear programming problem and traditional optimization methods fail to find the optimal solution efficiently. Thus, a modified artificial bee colony (MABC) algorithm is developed to solve the corresponding optimization problem. Finally, a numerical example is given to illustrate the effectiveness of the proposed model and the corresponding algorithm.

Artificial bee colony algorithm for constrained possibilistic portfolio optimization problem

In this paper, a portfolio optimization model on the basis of the risk measure of lower partial moment of the first order is discussed. Two meta‐heuristic methods of particle swarm optimization and genetic algorithm performances are applied and compared from different aspects to derive the stocks portfolios efficient frontier. The data belongs to the monthly returns of 20 randomly selected and approved stocks in the New York Stock Exchange for the financial period of 2005–2011. The results prove that both algorithms are quite efficient in solving the mean‐lower partial moment of the first order model with the particle swarm optimization being superior.

A comparison on particle swarm optimization and genetic algorithm performances in deriving the efficient frontier of stocks portfolios based on a mean‐lower partial moment model

A new approach to portfolio management in the Brazilian equity market: Does assets efficiency level improve performance?

Development of an efficient method to approximate the risk measure of Lower Partial Moment of the first order

In this paper after a quick review on the concept of Efficient Frontier (EF), it is discussed how to derive EF on the basis of Lower Partial Moment of the first order. Then shape of the new family of EFs is investigated. This is a contribution to the literature as no such method is known to exist.

/pdf/efficient-frontier-and-lower-partial-moment-of-the-first-14hlupufar.pdf

Efficient Frontier and Lower Partial Moment of the First Order

Using a portfolio built from bonds (investment without volatility) and shares (investment with volatility) corresponding to the CAPM we calculate the possible loss of this portfolio. The loss is measured by a so-called lower partial moment of the rate of return of the portfolio. Using this loss, we optimize the composition of the portfolio with respect to this loss. Also we investigate the optimization of the portfolio when the loss can be underwritten by an insurance. Concerning the premium of this insurance contract, we show that when the premium is defined inadequate, e.g. proportional to the investment or proportional to the amount of investment in shares, the optimal portfolio consists only of investment in shares. When the premium is defined more suitable, e.g. proportional to the loss, the optimal portfolio is built by an investment in bonds and shares.

On the optimization of a CAPM portfolio using lower partial moments as measure of risk and using the possibility of safeguarding its loss

Multimodal transportations plays a huge role in global economy. A lot of manufactures require different components, located in different remote sectors. In order not to discontinue production processes, multimodal transportation is used. Especially, the war influenced on the whole multimodal transportation system in Ukraine. Ports, harbors and sea ports stopped it’s further operation. The main role was fallen on road transportation. A plenty of airports were totally destroyed, the most of main harbor became in occupation, it’s further operation is impossible until the full victory of Ukraine. The road transportation became as the save link for supply chains and further economy operating. The one of the main problems in this situation is choosing of the optimal way and best-suited carrier for sequel carriage. The truck corporations continue cooperating with the airline agents, but the basic hubs of them were moved to the neighbor countries, it can appear new questions for optimization the delivery. Such factor as price, quality of the services, distance and time always plays a huge role in supply chains. The main aim of the transport company and its staff during multimodal transportation is to provide the delivery of goods, that were ordered by the manufacture just in time providing it’s safe and integrity. For optimization of all this factors according to the consignee’s preferences the expert evaluation methods are used in given research. There are lot of additional services attracted in such cases, such as: loading, unloading, repacking, changing the kind of packing (boxes, pallets, container repacking and other), in which sub-contractors take part. The union of all this processes mentioned above gives the opportunity to create the whole system of supplying the good from its seller to buyer. Every process is unique depending on the current situation and terms of delivery.

Transformation of the organization of multimodal transportation under martial law

J. Berger, M. Zelditch and D.G. Wagner carried out a long-term reception of the ideas of postpositivism in sociology. In the 1970s, these researchers began to apply the concepts of scientific paradigm and research program to studies of the structure and dynamics of theoretical knowledge. They identified conceptual convergences and possibilities of combining various alternative post-positivist approaches in sociological studies. From the mid-1980s, they analyzed the metatheoretical implications of postpositivist ideas in sociology, defined the metatheoretical functionality of paradigms and research programs. In the early 1990s, the basic principles of postpositivism in sociology were systematized (the presence of non-empirical elements in empirical sociological knowledge, all facts are theory-laden, all theories are metatheory-laden). In the 2010s, the functional analogy of paradigms and research programs in sociology was discovered. Theoretical research programs at their local subject level function as universally accepted scientific paradigms and contribute to the theoretical growth of sociology.

Ideas of postpositivism in sociology: the reception by j. berger, m. zelditch jr. and d.g. wagner

The article presents an explication of the post-positivist typology of theoretical activity in sociology. J. Berger, M. Zelditch and D. Wagner argued for this typology in a set of their publications. They distinguished such types: unit theories of social phenomena, theoretical / orienting strategies, working substantive / methodological strategies for theories construction, theoretical research programs, empirical models. The functions of each of these types were determined within the framework of the theoretical research program. Orienting strategies are broad fundamental directives that provide value-ideological assumptions for the justification of working research strategies. Working strategies define what the core ideas of the research program should be, what questions should be raised by researchers and how they should be investigated within the program framework. In particular, substantive working strategies specify how social phenomena should be defined and conceptualized, what theoretical problems should be solved, and what conceptual tools should be used in doing so. Methodological working strategies specify how unit theories should be developed and what methodological tools should be used to test them. Unit theories are the form in which generated conceptual solutions to researched questions are constituted. Empirical models specify various cases of the studied social phenomena, identify methods of observation and procedures for measuring their manifestations. Within a scientific research program, different types of theorizing interact and complement each other. The growth of sociological knowledge is considered a consequence of this interaction and mutual complementation. As a result, Berger, Zelditch and Wagner significantly expanded the meaning of the concept of a scientific research program in the theoretical context of sociological science. The post-positivist typology of sociological theorizing has become a conceptual tool for empirically identifying trends and patterns of theoretical growth in sociology.

/pdf/theorizing-in-sociology-postpositivist-typology-of-j-berger-3ia8dyta.pdf

Theorizing in sociology: postpositivist typology of J. Berger, M. Zelditch Jr. and D. Wagner

Intermodal transportation plays an important role in the global economy. Many manufacturing sectors require various components in remote locations. Intermodal transportation is used to ensure that production processes are not interrupted. The war particularly affected Ukraine's entire intermodal transportation system. Ports, shelters and piers stopped their activities. The main role shifted to road transportation. Many airports were completely destroyed and most of the major ports were occupied, making further operations impossible until Ukraine was completely victorious. Road transportation became the saving link for supply chains and further economic activity. One of the main problems in this situation is to choose the best mode of transportation and the most suitable carrier. Trucking companies continue to cooperate with air agencies, but the shift of their main hubs to neighboring countries may raise new questions about optimizing deliveries. Factors such as price, quality of service, distance and time will always play an important role in the supply chain. The main goal of transport companies and their staff in intermodal transportation is to deliver the goods ordered by manufacturers safely, completely and on time. In this article, all the risks, bottlenecks of the organization of multimodal transportation under martial law are researched. 

Factors influencing the efficiency of the organization of multimodal transportation under the conditions of the state of martial

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