Advances in Production Economics

Production Economics has a focus on scientific topics treating the interface between engineering and economics/management. The ultimate objective is to create and develop knowledge for improving industrial practice and to strengthen the methodological and theoretical base necessary for supporting sound decision making. Resulting from this aim, Production Economics treats a wide range of topics, with fundamentals of this field, inventory management and the design, planning and control of production systems as essential pillars. Management of (especially inter-firm) supply chains adds another layer of complexity due to the consideration of inter-firm relationships resulting from the autonomy of the decision making units. Nowadays, industry is facing the challenges of sustainable development, energy conservation, emerging markets and digital transformation of manufacturing, which are also in the central focus of investigation in the field of Production Economics. We also observe a broadening of the spectrum of research methods. Mathematical modeling/programming, including game-theoretical models especially in the supply chain context, and statistical analysis of quantitative data are still essential instruments, while experimental research, text mining, case study and action research are of increasing importance. These trends could be observed in the about 140 papers presented at the Twenty-first International Working Seminar on Production Economics 2020 in Innsbruck/ Austria. This virtual special issue includes 37 of these papers which were subsequently extended, double-blind reviewed and revised according to the regular IJPE process. A brief summary of the papers is presented below, assigning the papers to categories that reflect their main characteristics. We hope that this gives a good impression of recent research streams in Production Economics and can motivate future studies. We express our sincere gratitude to Robert Grubbstrom and Hans Hinterhuber for their great work regarding the International Working Seminar on Production Economics. They founded the Working Seminar in 1978 and organized it for 40 years, making it one of the most prestigious conferences in this field. Their efforts enabled us to enjoy this conference and to edit the Special Issue.

Automated summary

Production Economics focuses on the interface between engineering and economics/management, aiming to improve industrial practice and decision making. It covers a wide range of topics including field fundamentals, inventory management, and production systems design, planning, and control. Managing supply chains, especially inter-firm relationships, adds complexity to the field. Current challenges in industry, such as sustainable development, energy conservation, emerging markets, and digital transformation, are also central to Production Economics research. The field has seen a broadening of research methods, with mathematical modeling, statistical analysis, and experimental and case study research gaining importance. The virtual special issue presents a summary of recent research and hopes to inspire future studies. The founders of the International Working Seminar on Production Economics, Robert Grubbstrom and Hans Hinterhuber, are greatly acknowledged for their contributions to the field.