The value of information in container transport
Transportation Science , Volume 49 - Issue 3 p. 675- 685
Planning the transport of maritime containers from the seaport to final inland destinations is challenged by uncertainties regarding the time the container is released for further transport and the transit time from the port to its final destination. This paper assesses the value of information in container transport in terms of efficiency and reliability. The analysis uses a stylized single period model where a decision maker allocates released containers to two transport modes (slow, low price, no flexible departure times versus fast, high price, flexible departure times) and plans the departure time of the inflexible mode. We construct Pareto frontiers and the corresponding Pareto optimal decisions under various information scenarios and show that the Pareto frontiers move in a favorable direction when the level of information increases. The mathematical results are explained and illustrated by means of a numerical example involving barge transport. We also perform a sensitivity analysis and study the impact of erroneous information on efficiency and reliability based on a numerical analysis.
|Intermodal transport, Pareto optimality, Single period model, Value of information|
|ERIM Top-Core Articles|
|Organisation||Rotterdam School of Management (RSM), Erasmus University|
Zuidwijk, R.A, & Veenstra, A.W. (2015). The value of information in container transport. Transportation Science, 49(3), 675–685. doi:10.1287/trsc.2014.0518