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Prices, schedules, and passenger welfare in multi-service transportation systems
Billette de Villemeur, Étienne; Vinella, Annalisa - 2019
We consider a multi-service transportation system in which passengers are heterogeneous along two dimensions, namely ideal departure time and value of time, leading to both horizontal and vertical differentiation. We investigate the behavior of passengers, and assess how service pricing and...
Persistent link: https://www.econbiz.de/10012103986
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Value function iteration as a solution method for the Ramsey model
Heer, Burkhard (contributor); Maußner, Alfred (contributor) - 2008
Persistent link: https://www.econbiz.de/10003688879
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Characterizing the sustainability problem in an exhaustible resource model
Mitra, Tapan; Asheim, Geir B.; Buchholz, Wolfgang; … - 2012
The Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion poses the following sustainability problem: is it feasible to sustain indefinitely a level of consumption that is bounded away from zero? We provide a complete technological characterization of the...
Persistent link: https://www.econbiz.de/10009511761
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Regime shifts and uncertainty in pollution control
Zeeuw, Aart de; Zemel, Amos - 2012
We develop a simple model of managing a system subject to pollution damage under risk of an abrupt and random jump in the damage coefficient. The model allows the full dynamic characterization of the optimal emission policies under uncertainty. The results, that imply prudent behavior due to...
Persistent link: https://www.econbiz.de/10009489041
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On the applicability of global approximation methods for models with jump discontinuities in policy functions
Görtz, Christoph; Mirza, Afrasiab - 2014
We show that the standard Value Function Iteration (VFI) algorithm has difficulties approximating models with jump discontinuities in policy functions. We find that VFI fails to accurately identify the location and size of jump discontinuities while other methods - such as the Endogenous Grid...
Persistent link: https://www.econbiz.de/10010366210
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Relative performance evaluation in a multi-plant firm
Luporini, Annalisa (contributor) - 2005
We analyze optimal compensation schedules for the directors of two plants belonging to the same owner and producing the same good but serving geographically differentiated markets. Since the outcome of each director depends on his own effort and on a random variable representing market...
Persistent link: https://www.econbiz.de/10002738411
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Exploiting symmetry in high-dimensional dynamic programming
Kahou, Mahdi Ebrahimi; Fernández-Villaverde, Jesús; … - 2021
We propose a new method for solving high-dimensional dynamic programming problems and recursive competitive equilibria with a large (but finite) number of heterogeneous agents using deep learning. The "curse of dimensionality" is avoided due to four complementary techniques: (1) exploiting...
Persistent link: https://www.econbiz.de/10012581353
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Dynamic IC and dynamic programming
Kwon, Suehyun - 2019
This paper develops a dynamic programming method when the one-stage deviation principle in the sense of mechanism design literature doesn’t hold. The commonly used dynamic programming method is valid only if the one-stage deviation principle in the sense of mechanism design literature is...
Persistent link: https://www.econbiz.de/10011987941
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Supply chain reliability and international economic growth : impacts of disruptions like COVID-19
Goel, Rajeev K.; Saunoris, James W.; Goel, Srishti S. - 2020
importance, formal research on the contribution of supply chain logistics, including the relative impacts across different … logistics dimensions, is less. The importance of supply chains has been recently been brought to the forefront in the wake of … examine the relative effects of the different aspects of supply chain logistics on economic growth. Placing the empirical …
Persistent link: https://www.econbiz.de/10012219347
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Conditional quantile estimators : a small sample theory
Franguridi, Grigory; Gafarov, Bulat; Wüthrich, Kaspar - 2021
We study the small sample properties of conditional quantile estimators such as classical and IV quantile regression. First, we propose a higher-order analytical framework for comparing competing estimators in small samples and assessing the accuracy of common inference procedures. Our framework...
Persistent link: https://www.econbiz.de/10012509400