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A Conic Algorithm for the Group Minimization Problem
Simeone, Bruno - 1976
A new algorithm for the group minimization problem (GP) is proposed. The algorithm can be broadly described as follows …-known algorithm of Glover, and checked for non-negativity. The first non-negative point is an optimal solution of (GP). Advantages and … disadvantages of the algorithm are discussed; in particular, the implementation of the algorithm (which can be easily extended so as …
Persistent link: https://www.econbiz.de/10012478970
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Offshoring and the Role of Trade Agreements
Antràs, Pol - 2008
The rise of offshoring of intermediate inputs raises important questions for commercial policy. Do the distinguishing features of offshoring introduce novel reasons for trade policy intervention? Does offshoring create new problems of global policy cooperation whose solutions require...
Persistent link: https://www.econbiz.de/10012464361
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Optimal Choice of Product Scope for Multiproduct Firms under Monopolistic Competition
Feenstra, Robert - 2007
In this paper we develop a monopolistic competition model where firms exercise their market power across multiple products. Even with CES preferences, markups are endogenous. Firms choose their optimal product scope by balancing the net profits from a new variety against the costs of...
Persistent link: https://www.econbiz.de/10012464943
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Trading Tasks : A Simple Theory of Offshoring
Grossman, Gene M. - 2006
For centuries, most international trade involved an exchange of complete goods. But, with recent improvements in transportation and communications technology, it increasingly entails different countries adding value to global supply chains, or what might be called "trade in tasks." We propose a...
Persistent link: https://www.econbiz.de/10012465939
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An Economic Approach to Regulating Algorithms
Rambachan, Ashesh - 2020
objective function for the algorithm designer and a model of their information sets and interaction. We build such a model that … allows the training data to exhibit a wide range of "biases." Prevailing wisdom is that biased data change how the algorithm … is trained and whether an algorithm should be used at all. In contrast, we find two striking irrelevance results. First …
Persistent link: https://www.econbiz.de/10012481694
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Competitive Model Selection in Algorithmic Targeting
Iyer, Ganesh; Ke, T. Tony - National Bureau of Economic Research - 2023
algorithm in terms of model complexity or the number of predictors to accommodate. Each firm then appoints a data analyst that … uses the chosen algorithm to estimate demand for multiple consumer segments, based on which, it devises a targeting policy …
Persistent link: https://www.econbiz.de/10014247922
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Spooky Boundaries at a Distance : Inductive Bias, Dynamic Models, and Behavioral Macro
Kahou, Mahdi E. - 2024
In the long run, we are all dead. Nonetheless, when studying the short-run dynamics of economic models, it is crucial to consider boundary conditions that govern long-run, forward-looking behavior, such as transversality conditions. We demonstrate that machine learning (ML) can automatically...
Persistent link: https://www.econbiz.de/10015056176
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Optimal Dynamic R&D Programs
Grossman, Gene M. - 1985
We study the optimal pattern of outlays for a single firm pursuing an R&D program over time. In the deterministic case, (a) the amount of progress required to complete the project is known, and (b) the relationship between outlays and progress is known. In this case, it is optimal to increase...
Persistent link: https://www.econbiz.de/10012477422
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Bliss Points in Mean-Variance Portfolio Models
Jones, David S. - 1981
When all financial assets have risky returns, the mean-variance portfolio model is potentially subject to two types of bliss points. One bliss point arises when a von Neumann-Morgenstern utility function displays negative marginal utility for sufficiently large end-of-period wealth, such as in...
Persistent link: https://www.econbiz.de/10012478302
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Optimal Adaptive Control Methods for Structurally Varying Systems
Sarris, Alexander H. - 1973
The problem of simultaneously identifying and controlling a time-varying, perfectly-observed linear system is posed. The parameters are assumed to obey a Markov structure and are estimated with a Kalman filter. The problem can be solved conceptually by dynamic programming, but even with a...
Persistent link: https://www.econbiz.de/10012479101