IDEAS home Printed from https://ideas.repec.org/a/eur/ejesjr/302.html
   My bibliography  Save this article

Taxonomy of an Liot Device Based upon Production Functions

Author

Listed:
  • Lennart Hammerström

    (Department of Director Operations Engineering Electronics, Head of Corporate Competence Center Industry 4.0, University Kaposvár, Hungary)

  • Zwerenz Dirk
  • Carsten Giebe

Abstract

In this essay, we develop a decision model for the economic impact of Industry 4.0 technologies/IIoT devices on established business processes by testing two hypotheses concerning a decision model based on production functions. New methods to aid in the design and modelling of production systems that are able to rapidly reconfigure and that are self-adaptive in response to disruption (both by humans and for automated systems) are required (Sanderson, Chaplin, - Ratchev, 2019).Mass customization, shorter product lifecycles, smaller production batches and higher production variability lead to the requirement for manufacturing systems to be rapidly reconfigurable and self-adaptive in response to disruption, We propose to recover and apply available and established techniques to evaluate and assess the rationale of technologies before they are implemented to improve the decision process. We consider the investment into IIoT devices from a microeconomic perspective as a long-run problem for companies and therefore consider those problems to be reviewed with adequate methodologies to build a consistent decision model. Investing into a factor (such as an IIoT device) is only economically reasonable as long as this factor produces a benefit, otherwise the investment infringes upon economic feasibility (Fandel 2005).

Suggested Citation

  • Lennart Hammerström & Zwerenz Dirk & Carsten Giebe, 2021. "Taxonomy of an Liot Device Based upon Production Functions," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 8, July - De.
    • Handle: RePEc:eur:ejesjr:302
    DOI: 10.26417/ejes.v5i2.p6-22
    as

    Download full text from publisher

    File URL: https://revistia.com/index.php/ejes/article/view/2849
    Download Restriction: no
    File URL: https://revistia.com/files/articles/ejes_v8_i2s_22/Hammerstrom.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.26417/ejes.v5i2.p6-22?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Tarun Kushwaha & Satnam Ubeja & Anindita S. Chatterjee, 2017. "Factors Influencing Selection of Shopping Malls: An Exploratory Study of Consumer Perception," Vision, , vol. 21(3), pages 274-283, September.
    2. Tony Yuo & Neil Crosby & Colin Lizieri & Philip McCann, 2003. "The Management of Positive Inter-Store Externalities in Shopping Centres: Some Empirical Evidence," Real Estate & Planning Working Papers rep-wp2003-10, Henley Business School, University of Reading.
    3. Joseph T.L. Ooi & Loo‐Lee Sim, 2007. "The magnetism of suburban shopping centers: do size and Cineplex matter?," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 25(2), pages 111-135, March.
    4. Finn, Adam & Louviere, Jordan J., 1996. "Shopping center image, consideration, and choice: Anchor store contribution," Journal of Business Research, Elsevier, vol. 35(3), pages 241-251, March.
    5. Dorah Dubihlela, 2014. "Attributes of Shopping Mall Image, Customer Satisfaction and Mall Patronage for Selected Shopping Malls in Southern Gauteng, South Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 6(8), pages 682-689.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nicholas W. Bodouva, 2015. "The Influence Of Reference Group Values And Retail Image On Shopping Patronage At Airports," International Journal of Management and Marketing Research, The Institute for Business and Finance Research, vol. 8(1), pages 65-77.
    2. Muhammad Soban Badar & Muhammad Irfan, 2018. "Shopping Mall Services and Customer Purchase Intention along with Demographics," Post-Print halshs-01839613, HAL.
    3. Khare, Arpita, 2011. "Mall shopping behaviour of Indian small town consumers," Journal of Retailing and Consumer Services, Elsevier, vol. 18(1), pages 110-118.
    4. Yun-Myong Yi & Tae-Hyoung Tommy Gim, 2018. "What Makes an Old Market Sustainable? An Empirical Analysis on the Economic and Leisure Performances of Traditional Retail Markets in Seoul," Sustainability, MDPI, vol. 10(6), pages 1-22, May.
    5. Tarun Kushwaha & Satnam Ubeja & Anindita S. Chatterjee, 2017. "Factors Influencing Selection of Shopping Malls: An Exploratory Study of Consumer Perception," Vision, , vol. 21(3), pages 274-283, September.
    6. Imroz Mahmud & Shamsad Ahmed & Farid Ahammad Sobhani & Md Aminul Islam & Samira Sahel, 2023. "The Influence of Mall Management Dimensions on Perceived Experience and Patronage Intentions in an Emerging Economy," Sustainability, MDPI, vol. 15(4), pages 1-16, February.
    7. Teller, Christoph & Kotzab, Herbert & Grant, David B., 2012. "The relevance of shopper logistics for consumers of store-based retail formats," Journal of Retailing and Consumer Services, Elsevier, vol. 19(1), pages 59-66.
    8. Hermanus Geyer Jr, 2011. "The Retail City in Greater Birmingham – The changing face of urban retail districts as a result of retail-led regeneration and containment policy," ERSA conference papers ersa11p1358, European Regional Science Association.
    9. Prarawan Senachai & Puthipong Julagasigorn, 2024. "Retail mix instruments influencing customer perceived value and customer engagement: a conceptual framework and research agenda," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    10. Lo, Ada & Qu, Hailin, 2015. "A theoretical model of the impact of a bundle of determinants on tourists’ visiting and shopping intentions: A case of mainland Chinese tourists," Journal of Retailing and Consumer Services, Elsevier, vol. 22(C), pages 231-243.
    11. Petra Šánová & Jitka Svobodová & Adriana Laputková, 2017. "Using Multiple Correspondence Analysis to Evaluate Selected Aspects of Behaviour of Consumers Purchasing Local Food Products," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 65(6), pages 2083-2093.
    12. Arpita Khare, 0. "Location and agglomeration factors predicting retailers’ preference for Indian malls," Journal of Marketing Analytics, Palgrave Macmillan, vol. 0, pages 1-22.
    13. Alexander, Andrew & Teller, Christoph & Wood, Steve, 2020. "Augmenting the urban place brand – On the relationship between markets and town and city centres," Journal of Business Research, Elsevier, vol. 116(C), pages 642-654.
    14. El Hedhli, Kamel & Zourrig, Haithem & Park, Jeongsoo, 2017. "Image transfer from malls to stores and its influence on shopping values and mall patronage: The role of self-congruity," Journal of Retailing and Consumer Services, Elsevier, vol. 39(C), pages 208-218.
    15. Rokonuzzaman, Md & Iyer, Pramod & Harun, Ahasan, 2021. "Return policy, No joke: An investigation into the impact of a retailer's return policy on consumers' decision making," Journal of Retailing and Consumer Services, Elsevier, vol. 59(C).
    16. Borgers, Aloys & Vosters, Cindy, 2011. "Assessing preferences for mega shopping centres: A conjoint measurement approach," Journal of Retailing and Consumer Services, Elsevier, vol. 18(4), pages 322-332.
    17. Boix-Cots, David & Ishizaka, Alessio & Moheimani, Arash & Pujadas, Pablo, 2024. "A new multi-method decision framework for anchor selection and tenant mix allocation optimisation in shopping malls," Omega, Elsevier, vol. 129(C).
    18. Hu, Haiyan & Jasper, Cynthia R., 2007. "A cross-cultural examination of the effects of social perception styles on store image formation," Journal of Business Research, Elsevier, vol. 60(3), pages 222-230, March.
    19. Haj-Salem, Narjes & Chebat, Jean Charles & Michon, Richard & Oliveira, Sandra, 2016. "Why male and female shoppers do not see mall loyalty through the same lens? The mediating role of self-congruity," Journal of Business Research, Elsevier, vol. 69(3), pages 1219-1227.
    20. Jackson, Vanessa & Stoel, Leslie & Brantley, Aquia, 2011. "Mall attributes and shopping value: Differences by gender and generational cohort," Journal of Retailing and Consumer Services, Elsevier, vol. 18(1), pages 1-9.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eur:ejesjr:302. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Revistia Research and Publishing (email available below). General contact details of provider: https://revistia.com/index.php/ejes .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.