Dynamic pricing models for used products in remanufacturing with lost-sales and uncertain quality

In this paper, we investigate the remanufacturing problem of pricing single-class used products (cores) in the face of random price-dependent returns and random demand. Specifically, we propose a dynamic pricing policy for the cores and then model the problem as a continuous-time Markov decision process. Our models are designed to address three objectives: finite horizon total cost minimization, infinite horizon discounted cost, and average cost minimization. Besides proving optimal policy uniqueness and establishing monotonicity results for the infinite horizon problem, we also characterize the structures of the optimal policies, which can greatly simplify the computational procedure. Finally, we use computational examples to assess the impacts of specific parameters on optimal price and reveal the benefits of a dynamic pricing policy. © 2013 Elsevier B.V. All rights reserved.

Energy storage in electrochemical capacitors: designing functional materials to improve device performance

Electrochemical capacitors, also known as supercapacitors, are becoming increasingly important components in energy storage, although their widespread use has not been attained due to a high cost/ performance ratio. Fundamental research is contributing to lowered costs through the engineering of new materials. Currently the most viable materials used in electrochemical capacitors are biomassderived and polymer-derived activated carbons, although other carbon materials are useful research tools. Metal oxides could result in a step change for electrochemical capacitor technology and is an exciting area of research. The selection of an appropriate electrolyte and electrode structure is fundamental in determining device performance. Although there are still many uncertainties in understanding the underlying mechanisms involved in electrochemical capacitors, genuine progress continues to be made. It is argued that a large, collaborative international research programme is necessary to fully develop the potential of electrochemical capacitors.