This paper shows how an operational method for solving dynamic programs can be used, in some cases, to solve the problem of maximizing a firm's market value. The problem is formulated as a Markov decision problem that can be solved via linear programming. The paper shows how to calculate (or...

This paper presents a dynamic programming algorithm for simultaneous determination of production batch sizes in an assembly network and distribution batch sizes in a conjoined distribution ("arborescent") network. The objective is to minimize average cost per period over an infinite horizon....

This paper presents a mathematical model of sequential investment behavior under conditions of uncertainty. The model addresses the problem of an investor with access to a limited pool of capital, who makes sequential decisions on long-lasting investments, under uncertainty as to the timing or...

A school may be viewed as an enterprise in which the professional staff provide the operating conditions for converting quantifiable resources or inputs into pupil learning (outputs). The resources are determined by budgets, teacher assignments, and student assignments while learning is...

This paper investigates the Borda-Kendall method for the determination of a consensus ranking. It is shown that in the case of ties the method does not perform as claimed. A "minimum variance" method for determining the consensus ranking is proposed and its properties examined. It is shown to be...

Existing theoretical models of research and development (R&D) treat R&D as a single economic activity. Once R&D terminates, the only way for the activity to resume is by assuming some exogenous changes in the basic parameters of the model, e.g., the distribution of technological advances. In...

Managers of research and development (R&D) programs are often confronted with questions of what determines R&D spending (i.e. R&D search intensity) and when R&D spending is unprofitable (i.e. Reservation Technology Level). Three determinants of R&D spending are identified: the current technology...

A location problem with a hierarchy of facilities and services is proposed and solved. The formulation defines a demand point to be covered for a given level of service if some member of the facility hierarchy eligible to provide that service is present within an appropriate distance....

Legal decisions in the mental health field, and the process of deinstitutionalization have brought about an increasingly complex system of service delivery for the mentally retarded. We present a linear programming model to assist in managing such delivery systems. The usefulness and...

The focus of this paper is multiperiod production and sales planning when there is a single dominant production operation for which tooling (dies, molds, etc.) can be shared among parts and is limited in availability. Our interest in such problems grew out of management issues confronting an...