This paper investigates the conditions under which a dynamic, stochastic macroeconomic model with many interacting agents will exhibit the ‘small shocks, large shocks’ property that is often said to characterize observed time series: small shocks have a transient impact on the system,...

This paper presents a new stochastic multidimensional scaling procedure for the analysis of three-mode, three-way pick any/ J data. The method provides either a vector or ideal-point model to represent the structure in such data, as well as “floating” model specifications (e.g., different...

In this paper we review some applications of the path integral methodology of quantum mechanics to financial modeling and options pricing. A path integral is defined as a limit of the sequence of finite-dimensional integrals, in a much the same way as the Riemannian integral is defined as a...

Water is a key input in the production of many goods and services and under certain conditions can become a critical limiting factor with significant impacts on regional development. This is the case of many agricultural European Mediterranean basins, where water deficit during drought events is...

The objective of this study is to evaluate the costs and benefits of different demand risk sharing rules for road infrastructure concessions, from the point of view of the economic attractiveness of the projects for the concessionaire and the price reduction for users. The traffic trajectory of...

Research in the area of stochastic models for actuarial use in South Africa is limited torelatively few publications. Until recently, there has been little focus on actuarialstochastic models that describe the empirical stochastic behaviour of South Africanfinancial and economic variables. A...

In this paper, we consider the gradual covering problem when the coverage radius, is determined by a random variable with distinct distribution functions. In this model, it is assumed that the certain amount of coverage radius is not available and the potential coverage radius is used. Model...

Human mobility and, in particular, commuting patterns have a fundamental role in understanding socio-economic systems. Analysing and modelling the networks formed by commuters, for example, has become a crucial requirement in studying rural areas dynamics and to help decision-making. This paper...

This book, Applications of Operational Research and Mathematical Models in Management, includes all the papers published in the Mathematics Special Issue with the same title. All the published papers are of high quality and were subjected to rigorous peer review. Mathematics is included in the...

In this paper, we explore a dynamical version of by Aoki and Yoshikawa model (AYM) for an economy driven by demand. We show that when an appropriate Markovian dynamics is taken into account, AYM has different equilibrium distributions depending on the form of transition probabilities. In the...