We study an average-cost stochastic inventory control problem in which the firm can replenish inventory and adjust price at anytime. We establish the optimality to change the price from low to high in each replenishment cycle as inventory is depleted. With costly price adjustment, scale...

There is much speculation regarding a “race for dominance” among financial centers in Asia, arising from the anticipated financial opening up of China. This frame of reference is, to an extent, a predilection that results from a traditional understanding of financial centers as possessing...

The panorama of leaders, among other things gives a resounding message that we can win and do so using ethical means and more importantly share our wins and make everyone a winner in the global family. This indeed is a true culmination of the Vedic dictum. ‘Vasudhaiva Kutumbakam' (for those...

This paper uses repeated cross-sectional data from the Surveys of Consumer Finances (SCF) to characterize cohort patterns of net worth and debt of American households. Cohort patterns provide a useful benchmark for identifying potentially vulnerable households based on relative financial...

We develop a rich model to study the complex interrelationship between health insurance and retirement decisions. The decision to retire depends on a number of factors including availability of health insurance, health shocks, pensions, Social Security, and how consumption and health interact in...