Mathematically oriented microeconomic research has contributed enormously to the understanding of economic behavior and the functioning of markets and institutions. However, theoretical as well as applied microeconomic studies may be driven too much by mathematical feasibility. An illustrative...

On last yearÌs conference in Barcelona the authors presented an innovative expectation formation hypothesis. The assumption of fully rational agents is rejected and replaced by a bounded rationality approach that is modelled by means of a fuzzy rule-base. These rules as well as their components...

A popular argument states that most of the diversification in a portfolio can be obtained with a rather small number of securities. In this paper we present three algorithms to approach the underlying NP-hard problem of portfolio optimization with a cardinality constraint. All three of these...

Nonlinear infinite horizon continuous time optimization problems are widely used in economics. However numerical solutions necessarily require reformulating the problem into a discrete finite approximation. The method proposed by Mercenier and Michel (1994) minimizes approximation error at...

This paper explores the question whether boundedly rational agents learn to behave optimally when asked to voluntarily contribute to a public good. The decision process of individuals is described by an Evolutionary Algorithm. We find that the contribution level converges towards the Nash...

This paper investigates the optimization of the performance of a solar powered Stirling engine based on finite-time thermodynamics. Heat transference in the heat exchangers between a concentrating solar collector and the Stirling engine is studied. The irreversibility of a Stirling engine is...

Transportation electrification has become an important issue in recent decades and the large scale deployment of electric vehicles (EVs) has yet to be achieved. The smart coordination of EV demand addresses an improvement in the flexibility of power systems and reduces the costs of power system...

Reconfiguration, by exchanging the functional links between the elements of the system, represents one of the most important measures which can improve the operational performance of a distribution system. The authors propose an original method, aiming at achieving such optimization through the...

For achieving the European renewable electricity targets, a significant contribution is foreseen to come from offshore wind energy. Considering the large scale of the future planned offshore wind farms and the increasing distances to shore, grid integration through a transnational DC network is...