The Use of Prospect Theory for Energy Sustainable Industry 4.0

Industry 4.0 challenges facilities entrepreneurs to be competitive in the market in terms of energy by rational decision making. The goal of the paper is aimed at introducing Prospect Theory (PT) in Industry 4.0 for making decisions in order to select an optimal energy technology. To reach this goal...

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Autores principales:	Aldona Kluczek, Patrycja Żegleń, Daniela Matušíková
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	energy efficiency sustainability Industry 4.0 Prospect Theory Cumulative Prospect Theory (CPT) technology Technology T
Acceso en línea:	https://doaj.org/article/f2f470b7b6de4a9f88d5383491009aba
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spelling	oai:doaj.org-article:f2f470b7b6de4a9f88d5383491009aba2021-11-25T17:27:58ZThe Use of Prospect Theory for Energy Sustainable Industry 4.010.3390/en142276941996-1073https://doaj.org/article/f2f470b7b6de4a9f88d5383491009aba2021-11-01T00:00:00Zhttps://www.mdpi.com/1996-1073/14/22/7694https://doaj.org/toc/1996-1073Industry 4.0 challenges facilities entrepreneurs to be competitive in the market in terms of energy by rational decision making. The goal of the paper is aimed at introducing Prospect Theory (PT) in Industry 4.0 for making decisions in order to select an optimal energy technology. To reach this goal, an approach for decision making on energy investment has been developed. In this paper, the authors have also provided a new opportunity to apply the new decision making method for strengthening Industry 4.0 by addressing energy concerns based on which rational decisions have been made. The study uses a fuzzy analytical hierarchy process for weighting the evaluation sub-criteria of energy technologies and a modified PT for making decisions related to the selection of one of the investigated technologies. The results show that it is possible to implement PT in Industry 4.0 via a decision making model for energy sustainability. Decision probability was achieved using a behavioral approach akin to Cumulative Prospect Theory (CPT) for the considered technology options. More specifically, the probability has created the same threshold-based decision possibilities. The authors used the case study method based on a company located in North America which produces hardwood lumber. The company uses a heating system containing natural gas-fired boilers. This study has also contributed to the literature on energy sustainable Industry 4.0 by demonstrating a new phenomenon/paradigm for energy sustainability-based Industry 4.0 through using PT. In this context, the main motivation of writing the article has been to promote energy sustainability via complex mechanisms and systems that involve interrelated functions.Aldona KluczekPatrycja ŻegleńDaniela MatušíkováMDPI AGarticleenergy efficiencysustainabilityIndustry 4.0Prospect TheoryCumulative Prospect Theory (CPT)technologyTechnologyTENEnergies, Vol 14, Iss 7694, p 7694 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	energy efficiency sustainability Industry 4.0 Prospect Theory Cumulative Prospect Theory (CPT) technology Technology T
spellingShingle	energy efficiency sustainability Industry 4.0 Prospect Theory Cumulative Prospect Theory (CPT) technology Technology T Aldona Kluczek Patrycja Żegleń Daniela Matušíková The Use of Prospect Theory for Energy Sustainable Industry 4.0
description	Industry 4.0 challenges facilities entrepreneurs to be competitive in the market in terms of energy by rational decision making. The goal of the paper is aimed at introducing Prospect Theory (PT) in Industry 4.0 for making decisions in order to select an optimal energy technology. To reach this goal, an approach for decision making on energy investment has been developed. In this paper, the authors have also provided a new opportunity to apply the new decision making method for strengthening Industry 4.0 by addressing energy concerns based on which rational decisions have been made. The study uses a fuzzy analytical hierarchy process for weighting the evaluation sub-criteria of energy technologies and a modified PT for making decisions related to the selection of one of the investigated technologies. The results show that it is possible to implement PT in Industry 4.0 via a decision making model for energy sustainability. Decision probability was achieved using a behavioral approach akin to Cumulative Prospect Theory (CPT) for the considered technology options. More specifically, the probability has created the same threshold-based decision possibilities. The authors used the case study method based on a company located in North America which produces hardwood lumber. The company uses a heating system containing natural gas-fired boilers. This study has also contributed to the literature on energy sustainable Industry 4.0 by demonstrating a new phenomenon/paradigm for energy sustainability-based Industry 4.0 through using PT. In this context, the main motivation of writing the article has been to promote energy sustainability via complex mechanisms and systems that involve interrelated functions.
format	article
author	Aldona Kluczek Patrycja Żegleń Daniela Matušíková
author_facet	Aldona Kluczek Patrycja Żegleń Daniela Matušíková
author_sort	Aldona Kluczek
title	The Use of Prospect Theory for Energy Sustainable Industry 4.0
title_short	The Use of Prospect Theory for Energy Sustainable Industry 4.0
title_full	The Use of Prospect Theory for Energy Sustainable Industry 4.0
title_fullStr	The Use of Prospect Theory for Energy Sustainable Industry 4.0
title_full_unstemmed	The Use of Prospect Theory for Energy Sustainable Industry 4.0
title_sort	use of prospect theory for energy sustainable industry 4.0
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/f2f470b7b6de4a9f88d5383491009aba
work_keys_str_mv	AT aldonakluczek theuseofprospecttheoryforenergysustainableindustry40 AT patrycjazeglen theuseofprospecttheoryforenergysustainableindustry40 AT danielamatusikova theuseofprospecttheoryforenergysustainableindustry40 AT aldonakluczek useofprospecttheoryforenergysustainableindustry40 AT patrycjazeglen useofprospecttheoryforenergysustainableindustry40 AT danielamatusikova useofprospecttheoryforenergysustainableindustry40
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The Use of Prospect Theory for Energy Sustainable Industry 4.0

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