Salas Molina, Francisco
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- PublicationSelecting cash management models from a multiobjective perspective(Springer-Verlag, 2018-02) Salas Molina, Francisco; RodrÃguez-Aguilar, Juan A.; DÃaz GarcÃa, Pablo; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de IngenierÃa Textil y Papelera; Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; Grupo de Investigación Gestión Integral en la Industria Textil; European Regional Development Fund; Ministerio de EconomÃa y Competitividad; Generalitat de Catalunya[EN] This paper addresses the problem of selecting cash management models under different operating conditions from a multiobjective perspective considering not only cost but also risk. A number of models have been proposed to optimize corporate cash management policies. The impact on model performance of different operating conditions becomes an important issue. Here, we provide a range of visual and quantitative tools imported from Receiver Operating Characteristic (ROC) analysis. More precisely, we show the utility of ROC analysis from a triple perspective as a tool for: (1) showing model performance; (2) choosingmodels; and (3) assessing the impact of operating conditions on model performance. We illustrate the selection of cash management models by means of a numerical example.
- PublicationA multidimensional review of the cash management problem(Springer, 2023-03-15) Salas Molina, Francisco; Rodriguez-Aguilar, Juan A; Guillen, Montserrat; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; European Commission; Generalitat de Catalunya; Agencia Estatal de Investigación; Ministerio de Ciencia e Innovación[EN] In this paper, we summarize and analyze the relevant research on the cash management problem appearing in the literature. First, we identify the main dimensions of the cash management problem. Next, we review the most relevant contributions in this field and present a multidimensional analysis of these contributions, according to the dimensions of the problem. From this analysis, several open research questions are highlighted.
- PublicationRisk-sensitive control of cash management systems(Springer-Verlag, 2020-06) Salas Molina, Francisco; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy[EN] Firms manage cash for operational, precautionary and speculative purposes. Stat-of-the-art cash management models usually focus on cost minimization by means of a set of controlling bounds. In this paper, we propose a multiobjective model to control cash management systems with multiple accounts characterized by generalized cash flow processes. In addition, we replace the customary use of bounds with cash balance reference trajectories. The model considers two objectives such as cost minimization, measured by the sum of transaction and holding costs, and risk control, measured by the sum of deviations from a given cash balance reference. We also present theoretical results on the stability of the model for deterministic, predictable and purely random cash flow processes. By means of numerical examples, we analyze the robustness of different risk-sensitive models to mean-variance misspecifications. The results show that tuning a parameter of our model can be of help to find more robust cash management policies. Finally, we present a case study showing how our risk-sensitive model can be used to adjust policies according to risk preferences.
- PublicationUna revisión de experiencias y recursos educativos para aprender economÃa y finanzas con Python(Editorial Universitat Politècnica de València, 2023-10-06) Salas Molina, Francisco; Pla SantamarÃa, David; GarcÃa Bernabeu, Ana MarÃa; Utrero González, Natalia MarÃa; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; Grupo de Investigación de EconomÃa Internacional y Desarrollo[EN] In this paper, we review different educational experiences in which programming language Python is used to teach/learn economics and finance. The emphasis is placed on the resources used and the challenges faced by teachers. A critical analysis on the advantages and disadvantages is provided to facilitate the choice of the best teaching methods in the context of quantitative economics and finance. As a result, the paper summarizes how economics and finance can be taught using Python. Furthermore, the paper contributes to enhance the knowledge about computer driven economic learning and to close the gap between computer science and economics.
- PublicationDATA-DRIVEN DECISION-MAKING AND ITS APPLICATION TO THE CORPORATE CASH MANAGEMENT PROBLEM(Universitat Politècnica de València, 2018-01-24) Salas Molina, Francisco; DÃaz GarcÃa, Pablo; MartÃn, Francisco J.; Rodriguez Aguilar, Juan Antonio; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de IngenierÃa Textil y Papelera; Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; Grupo de Investigación Gestión Integral en la Industria TextilEsta tesis investiga el problema de gestión de tesorerÃa desde un punto de vista multidimensional. La gestión de tesorerÃa trata de equilibrar la cantidad que se mantiene en efectivo y la que se dedica a inversiones a corto plazo. Normalmente, los tesoreros toman decisiones basándose en el nivel óptimo de tesorerÃa por motivos operativos y de precaución. En esta tesis exploramos las oportunidades para mejorar la toma decisiones derivadas de modelar la incertidumbre presente en los flujos de caja con la ayuda de procedimientos basados en datos en un entorno multiobjetivo. Por un lado, los tesoreros pueden conseguir ahorros a través de la previsión de tesorerÃa. Para ello, realizamos un estudio empÃrico con el objetivo de aprovechar las más recientes técnicas de aprendizaje automático como paso clave para conectar el análisis de los datos disponibles con los procesos de optimización en la gestión de tesorerÃa. Por otro lado, los tesoreros pueden estar interesados no solo en el coste sino también en al riesgo asociado a sus decisiones. Por esta razón, tratamos el problema de gestión de tesorerÃa desde una perspectiva multiobjetivo, considerando tanto el coste como el riesgo. Además, debido a la cambiante situación financiera actual, exploramos la selección de modelos de gestión de tesorerÃa en función de diferentes condiciones operativas y de su robustez. También demostramos la utilidad de las previsiones a través de un nuevo modelo de gestión de tesorerÃa que mejora el estado del arte al garantizar soluciones óptimas. Como la mayorÃa de las empresas trabaja con sistemas de tesorerÃa con múltiples cuentas bancarias, desarrollamos un marco para la formulación y solución del problema de gestión de tesorerÃa con múltiples cuentas bancarias. Finalmente, en un intento de acercar teorÃa y práctica, también ofrecemos una librerÃa de software en Python para usuarios interesados en la construcción de sistemas de ayuda a la toma de decisiones en gestión de tesorerÃa.
- PublicationNew decision rules under strict uncertainty and a general distance-based approach(American Institute of Mathematical Sciences, 2023-04-04) Salas Molina, Francisco; Pla SantamarÃa, David; Vercher Ferrándiz, MarÃa Luisa; GarcÃa Bernabeu, Ana MarÃa; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; Grupo de Investigación de EconomÃa Internacional y Desarrollo; Universitat Politècnica de València[EN] Strict uncertainty implies a complete lack of knowledge about the probabilities of possible future states of the world. However, there is complete information about the set of alternatives under consideration, the set of future states, and the scalar evaluation of choosing every alternative if a given state occurs. The principle of insufficient reason by Laplace, the maximin rule by Wald, the Hurwicz criterion, or the minimax regret criterion by Savage are examples of decision rules under strict uncertainty. Within the context of strict uncertainty, moderate pessimism implies the existence of a decision-maker who cautiously assumes that the most favorable state will not occur when the action has been taken with no conjecture being made about the other states. The criterion of moderate pessimism proposed by Ballestero implies the use of the inverse of the range of evaluation for each state as a weight system. In this paper, we extend the notion of moderate pessimism under strict uncertainty to solve some of its limitations. First, we propose a new domination analysis that avoids removing dominated alternatives that are still relevant in the final ranking of alternatives. Second, we propose additional score functions using the inverse of the standard deviation and the mean absolute deviation instead of the range of evaluations for each future state to reduce the impact of the possible existence of outliers in the decision table. This partial result is later generalized through the concept of average deviation of a given order. Finally, we show that all the mentioned decision rules are special cases of a general ranking method based on the Minkowski distance function. We illustrate the use of distance-based decision rules through an application in the context of portfolio selection.
- PublicationTeaching operations management to lawyers(IATED, 2022-07-06) Salas Molina, Francisco; Vercher Ferrándiz, MarÃa Luisa; Pla SantamarÃa, David; GarcÃa Bernabeu, Ana MarÃa; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; Grupo de Investigación de EconomÃa Internacional y Desarrollo[EN] This paper deals with a problem present in most Master in Business Administration (MBA) classrooms. This problem is the heterogeneity of students and their backgrounds. Different backgrounds pose a challenge to teachers that require the use of quantitative techniques such as optimization within an Operations Management subject. Engineers and other students with mathematical training probably get bored if the level is too low. On the contrary, Lawyers and other students without technical background usually find contents cumbersome. This paper aims to find a compromise between the heterogeneity of backgrounds and the fulfilment of learning objectives for students of Operations Management in an MBA. To this end, we propose a methodology to support the selection of teaching methods from a multiobjective perspective. The results derived from this methodology enable professors to consider their particular preferences and to integrate important decision-making principles by selecting the appropriate distance function to an ideal point that acts as a reference.
- PublicationSelecting the best risk measure in multiobjective cash management(Blackwell Publishing, 2019-05) Salas Molina, Francisco; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy[EN] In this paper, we consider cash management from a multidimensional perspective in which cost and risk are desired goals to minimize. Cash managers interested in minimizing risk need to select the most appropriate risk measure according to their particular needs. In order to assess the quality of alternative risk measures, we empirically compare eight different risk measures in terms of the combined cost-risk performance of a cash management model. To this end, we rely on goal programming to derive optimal solutions for cash management models. Our results show that risk measures based on cost deviations better capture risk in comparison to those based on a reference cash balance. The methodology proposed in this paper allows cash managers to propose and evaluate new risk measures.
- PublicationA multidimensional approach to rank fuzzy numbers based on the concept of magnitude(University of Sistan and Baluchestan, 2023-12) Salas Molina, Francisco; Reig-Mullor, Javier; Pla SantamarÃa, David; GarcÃa Bernabeu, Ana MarÃa; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; Grupo de Investigación de EconomÃa Internacional y Desarrollo[EN] Ranking fuzzy numbers have become of growing importance in recent years, especially as decision-making is increasingly performed under greater uncertainty. In this paper, we extend the concept of magnitude to rank fuzzy numbers to a more general definition to increase flexibility and generality. More precisely, we propose a multidimensional approach to rank fuzzy numbers considering alternative magnitude definitions with three novel features: Multidimensionality, normalization, and a ranking based on a parametric distance function. A multidimensional magnitude definition allows us to consider multiple attributes to represent and rank fuzzy numbers. Normalization prevents meaningless comparisons among attributes due to scaling problems, and the use of the parametric Minkowski distance function becomes a more general and flexible ranking approach. The main contribution of our multidimensional approach is the representation of a fuzzy number as a point in a n-dimensional normalized space of attributes in which the distance to the origin is the magnitude value. We illustrate our methodology and provide further insights into different normalization approaches and parameters through several numerical examples. Finally, we describe an application of our ranking approach to a multicriteria decision-making problem within an economic context in which the main goal is to rank a set of credit applicants considering different financial ratios used as evaluation criteria.
- PublicationNon-linear Neutrosophic Numbers and Its Application to Multiple Criteria Performance Assessment(Springer-Verlag, 2022-09) Reig-Mullor, Javier; Salas Molina, Francisco; Centro de Investigación en Gestión de Empresas (CEGEA); Departamento de EconomÃa y Ciencias Sociales; Escuela Politécnica Superior de Alcoy; Universitat Politècnica de València[EN] The concept of fuzzy set has been extended by neutrosophic fuzzy sets to represent sets whose elements have different degrees of membership characterized by a truth-membership function, an indeterminacy-membership function and a falsity-membership function. It is usually assumed that these functions are linear, hence excluding the possibility of non-linearity in many decision-making situations. From an alternative definition of non-linear neutrosophic numbers, we develop the concepts of (alpha, beta, gamma)-cuts, possibility mean, variance, skewness and a new possibility score function. These concepts are useful to deal with multiple criteria decision making problems. We illustrate the practical use of these concepts by means of a real case study in supply chain risk management in the motor industry. Due to the fact that neutrosophic sets have been used in several areas of decision-making, finance and economics, we argue that our proposal contributes to enhance the application of neutrosophic numbers.