Major initiative for the renewal of Norwegian hydropower
This week marked the launch of the national research center, RenewHydro, which will receive NOK 370 million to usher hydropower into a new era. NHH is one of the key research partners.
Wallace Receives Rare Honor
Stein W. Wallace has been named an honorary member of the Norwegian Operations Research Society.
Stein W. Wallace is a professor in the Department of Business and Management Science and director of the Centre for Shipping and Logistics at NHH.
Last fall, he was awarded the title of honorary member, "Honorary Member for Life," in the Norwegian Operations Research Society (NORS).
This prestigious recognition highlights Wallace’s exceptional contributions to the field of Operations Research (OR) and his lasting influence on the Norwegian OR community.
A Star in the Academic Community
Wallace was one of the founders of NORS about ten years ago, alongside Geir Hasle from SINTEF Oslo. NORS comprises researchers working in Operations Research—advanced analytical methods that support better decision-making.
`Shouldn’t you have been an honorary member long ago? Other researchers say you are world-leading in the field´.
`Yes, that’s true to some extent. I probably should have received it earlier,´ he joked.
`But this was definitely nice,´ he added.
Invited to China
The NHH professor from Haugesund has an academic background in mathematics, informatics, and economics from the University of Bergen. He has served as a professor at NTNU, taught at the Department of Industrial Economics (INDØK), worked as a professor for almost three years at The Chinese University of Hong Kong, and spent four years as a professor at Lancaster University.
In 2012, Stein Wallace joined NHH and the Department of Business and Management Science.
Today, he is among NHH’s six most-cited researchers in the field of economics, according to ScholarsGPS.
Wallace’s standing in the Operations Research community was further underscored when the global umbrella organization IFORS invited him to be a keynote speaker in Hangzhou, China, earlier this winter.
– "The national associations in Europe have a common umbrella organization, as do countries in other continents. These all fall under IFORS. Every three years, IFORS holds large conferences. In the interim years, regional conferences are organized, and IFORS selects a keynote speaker for these. This time, they wanted me in Asia-Pacific. Of course, this is a recognition of my research," Wallace explained.
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Decision-Making Under Uncertainty
At the Hangzhou conference, Wallace spoke about what he knows best: decision-making under uncertainty.
`For example, imagine you are planning a large outdoor event, but you have no idea what the weather will be like. You still have to make a series of decisions. How do you model this?´
`Could Bane NOR and other railway companies benefit from experts in Operations Research?´
– "Not everyone understands how to incorporate uncertainty into concrete planning. Airlines are probably better at it than railway companies. Planes are more complex. Delays have significant ripple effects, and it happens all the time."
Hoping for a Larger Academic Community
Another example Wallace mentioned was the production of high-quality winter clothing. Production for next winter has long since started, primarily in Asia. But if snow comes and it’s a good winter, what will the demand be? And what will the fashion trends be next season? Will it be bright colors or grays and browns? Which styles will be popular? And how will customers think? A girl wanting pink might settle for white, but someone wanting white will probably not accept pink.
`Substitution among customers is not symmetrical. A great winter and top-notch equipment don’t help if the colors or styles are wrong. This is a classic portfolio problem. So, what should we produce? This might resemble real options theory, but methodologically, it’s very different. Optimization under uncertainty requires a lot of problem understanding, Wallace explained´.
Trump pressures Panama: Cut canal fees or return control to U.S.
`Shipping moves closer to 80 percent of the world’s cargo by volume, making transportation costs a critical economic factor´, says NHH researcher Gabriel M. Fuentes, himself from Panama.
The professor is not alone in this field at NHH. At the Department of Business and Management Science, he works closely with colleagues such as Professor Mario Guajardo, Associate Professor Julio Goez, and Postdoctoral Fellow Cosku Can Orhan. He also highlighted Professor Mette Bjørndal and the late Professor Endre Bjørndal as significant contributors to Operations Research.
`I would, of course, like to see an even larger academic community. The field of 'Operations,' which is broader than Operations Research, what we could call 'Drift' in Norwegian, is weakly represented at NHH,´ Wallace concluded.