IDEAS home Printed from https://ideas.repec.org/a/pal/palcom/v11y2024i1d10.1057_s41599-024-02928-3.html
   My bibliography  Save this article

Charting sustainable logistics on the 21st-Century Maritime Silk Road: a DEA-based approach enhanced by risk considerations through prospect theory

Author

Listed:
  • Chia-Nan Wang

    (National Kaohsiung University of Science and Technology)

  • Nhat-Luong Nhieu

    (National Kaohsiung University of Science and Technology)

  • Chun-Ming Chen

    (National Kaohsiung University of Science and Technology)

Abstract

This study investigates the sustainable logistics potential of countries along the Maritime Silk Road (MSR), an essential element of the Belt and Road Initiative (BRI), against a backdrop of increasing global emphasis on sustainability and efficient trade practices. Addressing the gap in existing literature, it explores how strategic positioning influences countries’ logistics capabilities, integrating risk considerations and behavioral decision-making aspects into the assessment. Through a specialized Data Envelopment Analysis (DEA) model that incorporates Prospect Theory, this research provides a nuanced evaluation of economic performance, energy efficiency, infrastructure robustness, governance quality, and innovation capabilities. The analysis reveals significant findings, such as Vietnam’s outstanding economic efficiency, Indonesia’s notable achievements in sustainability and governance, and Malaysia’s balanced efficiency, which collectively enhance the MSR’s logistics framework. Additionally, India, Greece, Djibouti, and Kenya emerge as vital partners due to their diverse strengths. The introduction of a risk-aware DEA model, enriched with behavioral factors, marks a significant advancement in logistics assessment methodologies, offering a more comprehensive understanding of sustainable logistics practices along the MSR. The implications of this study are profound, providing valuable insights for policymakers, investors, and business leaders. It guides strategic decision-making, promoting sustainability in MSR trade activities while aligning with global eco-conscious practices and economic growth within the context of environmental stewardship and sustainable development. However, the research acknowledges limitations related to the indirect measurement of decision-makers’ psychological behavioral coefficients and the focus on efficiency metrics without extensive exploration of cultural, political, or legal factors. This work sets a new precedent in sustainable logistics research, encouraging future studies to incorporate direct behavioral data and qualitative factors for a more enriched evaluation. Its innovative approach not only contributes to the academic discourse on sustainable logistics but also offers practical tools for enhancing the MSR’s trade efficiency and sustainability.

Suggested Citation

  • Chia-Nan Wang & Nhat-Luong Nhieu & Chun-Ming Chen, 2024. "Charting sustainable logistics on the 21st-Century Maritime Silk Road: a DEA-based approach enhanced by risk considerations through prospect theory," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-02928-3
    DOI: 10.1057/s41599-024-02928-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41599-024-02928-3
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/s41599-024-02928-3?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
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jasmine Siu Lee Lam & Kevin Patrick Brendan Cullinane & Paul Tae-Woo Lee, 2018. "The 21st-century Maritime Silk Road: challenges and opportunities for transport management and practice," Transport Reviews, Taylor & Francis Journals, vol. 38(4), pages 413-415, July.
    2. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    3. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    4. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    5. Cook, Wade D. & Seiford, Larry M., 2009. "Data envelopment analysis (DEA) - Thirty years on," European Journal of Operational Research, Elsevier, vol. 192(1), pages 1-17, January.
    6. Wei Hu & Yuejing Ge & Zhiding Hu & Shuai Ye & Feng Yang & Haining Jiang & Kun Hou & Yun Deng, 2022. "Geo-Economic Linkages between China and the Countries along the 21st-Century Maritime Silk Road and Their Types," IJERPH, MDPI, vol. 19(19), pages 1-28, October.
    7. Jianfeng Zheng & Lingxiao Yang & Wei Li & Xiaowen Fu & Daqing Li, 2022. "Priority analysis of port investment along the 21st-Century Maritime Silk Road region: the case of Southeast Asia," Maritime Policy & Management, Taylor & Francis Journals, vol. 49(8), pages 1116-1134, November.
    8. R. D. Banker & A. Charnes & W. W. Cooper, 1984. "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis," Management Science, INFORMS, vol. 30(9), pages 1078-1092, September.
    9. Xinfang Zhang & Jing Lu & Yan Peng, 2023. "Spatio-temporal evolution of the container port system along the 21st-century Maritime Silk Road," Maritime Policy & Management, Taylor & Francis Journals, vol. 50(5), pages 668-691, July.
    10. Chuanxu Wang & Hercules Haralambides & Le Zhang, 2021. "Sustainable port development: the role of Chinese seaports in the 21st century Maritime Silk Road," Post-Print hal-04046220, HAL.
    11. Chuanxu Wang & Hercules Haralambides & Le Zhang, 2021. "Sustainable port development: the role of Chinese seaports in the 21st century Maritime Silk Road," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04046220, HAL.
    12. Tianci Huang & Zhuo Chen & Su Wang & Daokui Jiang, 2021. "Efficiency evaluation of key ports along the 21st-Century Maritime Silk Road based on the DEA–SCOR model," Maritime Policy & Management, Taylor & Francis Journals, vol. 48(3), pages 378-390, April.
    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. Chia-Nan Wang & Tien-Lin Chao, 2024. "Evaluating Taiwan’s Geothermal Sites: A Bounded Rationality Data Envelopment Analysis Approach," Mathematics, MDPI, vol. 12(16), pages 1-22, August.
    2. Ippoliti, Roberto & Falavigna, Greta, 2012. "Efficiency of the medical care industry: Evidence from the Italian regional system," European Journal of Operational Research, Elsevier, vol. 217(3), pages 643-652.
    3. Shi, Hai-Liu & Chen, Sheng-Qun & Chen, Lei & Wang, Ying-Ming, 2021. "A neutral cross-efficiency evaluation method based on interval reference points in consideration of bounded rational behavior," European Journal of Operational Research, Elsevier, vol. 290(3), pages 1098-1110.
    4. Dongwei Yang & Qiong Xia, 2018. "Behavioral DEA model in evaluating the regional carrying states in China," Annals of Operations Research, Springer, vol. 268(1), pages 315-331, September.
    5. Min Wang & Huayu Li & Yung-ho Chiu & Kexin Deng & Menghua Deng, 2023. "Research on the Carbon Emission Reduction Potential of the Ports in the Yangtze River Delta of China," SAGE Open, , vol. 13(4), pages 21582440231, November.
    6. Martin Eling, 2006. "Performance measurement of hedge funds using data envelopment analysis," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(4), pages 442-471, December.
    7. Peyrache, Antonio & Rose, Christiern & Sicilia, Gabriela, 2020. "Variable selection in Data Envelopment Analysis," European Journal of Operational Research, Elsevier, vol. 282(2), pages 644-659.
    8. Yang, Guo-liang & Fukuyama, Hirofumi & Chen, Kun, 2019. "Investigating the regional sustainable performance of the Chinese real estate industry: A slack-based DEA approach," Omega, Elsevier, vol. 84(C), pages 141-159.
    9. Imanirad, Raha & Cook, Wade D. & Aviles-Sacoto, Sonia Valeria & Zhu, Joe, 2015. "Partial input to output impacts in DEA: The case of DMU-specific impacts," European Journal of Operational Research, Elsevier, vol. 244(3), pages 837-844.
    10. Cheng, Gang & Qian, Zhenhua, 2011. "Dea数据标准化方法及其在方向距离函数模型中的应用 [Data normalization for data envelopment analysis and its application to directional distance function]," MPRA Paper 31995, University Library of Munich, Germany.
    11. Anna Ćwiąkała-Małys & Violetta Nowak, 2009. "Classification of Data Envelopment Analysis models," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 19(3), pages 5-18.
    12. Hatami-Marbini, Adel & Emrouznejad, Ali & Tavana, Madjid, 2011. "A taxonomy and review of the fuzzy data envelopment analysis literature: Two decades in the making," European Journal of Operational Research, Elsevier, vol. 214(3), pages 457-472, November.
    13. Vicente J. Bolós & Rafael Benítez & Vicente Coll-Serrano, 2023. "Continuous models combining slacks-based measures of efficiency and super-efficiency," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 31(2), pages 363-391, June.
    14. Qing Yang & Lingmei Fu & Xingxing Liu & Mengying Cheng, 2018. "Evaluating the Efficiency of Municipal Solid Waste Management in China," IJERPH, MDPI, vol. 15(11), pages 1-23, November.
    15. M. Foddi & S. Usai, 2012. "Regional innovation performance in Europe," Working Paper CRENoS 201221, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    16. Min Wang & Meng Ji & Xiaofen Wu & Kexin Deng & Xiaodong Jing, 2023. "Analysis on Evaluation and Spatial-Temporal Evolution of Port Cluster Eco-Efficiency: Case Study from the Yangtze River Delta in China," Sustainability, MDPI, vol. 15(10), pages 1-16, May.
    17. Wang, Ying-Ming & Lan, Yi-Xin, 2013. "Estimating most productive scale size with double frontiers data envelopment analysis," Economic Modelling, Elsevier, vol. 33(C), pages 182-186.
    18. Mark Andor & Frederik Hesse, 2014. "The StoNED age: the departure into a new era of efficiency analysis? A monte carlo comparison of StoNED and the “oldies” (SFA and DEA)," Journal of Productivity Analysis, Springer, vol. 41(1), pages 85-109, February.
    19. Petridis, Konstantinos & Malesios, Chrisovalantis & Arabatzis, Garyfallos & Thanassoulis, Emmanuel, 2013. "Efficiency analysis of forestry journals: Suggestions for improving journals’ quality," Journal of Informetrics, Elsevier, vol. 7(2), pages 505-521.
    20. Tran, Trung Hieu & Mao, Yong & Nathanail, Paul & Siebers, Peer-Olaf & Robinson, Darren, 2019. "Integrating slacks-based measure of efficiency and super-efficiency in data envelopment analysis," Omega, Elsevier, vol. 85(C), pages 156-165.

    More about this item

    Statistics

    Access and download statistics

    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:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-02928-3. 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: https://www.nature.com/ .

    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.