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The Deterministic Impulse Control Maximum Principle in Operations Research : Necessary and Sufficient Optimality Conditions (replaces CentER DP 2011-052)
Kort, Peter; Chahim, M.; Hartl, R.F. - Tilburg University, Center for Economic Research - 2011
necessary optimality conditions of the Impulse Control Maximum Principle based on the current value formulation. By reviewing … is that the corresponding problem in principle has multiple solutions that satisfy the necessary optimality conditions …. Moreover, we argue that problems with fixed cost do not satisfy the conditions under which the necessary optimality conditions …
Persistent link: https://www.econbiz.de/10011090959
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Product Innovation with Lumpy Investment
Kort, Peter; Chahim, M.; Grass, D.; Hartl, R.F. - Tilburg University, Center for Economic Research - 2012
Abstract: This paper considers a firm that has the option to undertake product innovations. For each product innovation the firm has to install a new production plant. We find that investments are larger and occur in a later stadium when more of the old capital stock needs to be scrapped....
Persistent link: https://www.econbiz.de/10011091584
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Numerical Algorithms for Deterministic Impulse Control Models with Applications
Grass, D.; Chahim, M. - Tilburg University, Center for Economic Research - 2012
Abstract: In this paper we describe three different algorithms, from which two (as far as we know) are new in the literature. We take both the size of the jump as the jump times as decision variables. The first (new) algorithm considers an Impulse Control problem as a (multipoint) Boundary Value...
Persistent link: https://www.econbiz.de/10011092493
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Cognitive Procedures and Hyperbolic Discounting
Nir, A. - Tilburg University, Center for Economic Research - 2004
"Hyperbolic discount functions are characterized by a relatively high discount rate over short horizons and a relatively low discount rate over long horizons" (Laibson 1997).We suggest two cognitive procedures where individuals perceive future utility as decreasing at a decreasing rate as a...
Persistent link: https://www.econbiz.de/10011090635
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Subjective measures of household preferences and financial decisions
van soest, arthur; Donkers, A.C.D. - Tilburg University, Center for Economic Research - 1997
Persistent link: https://www.econbiz.de/10011091422
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Relationships as Commitment Devices : Strategic Silence
Nir, A. - Tilburg University, Center for Economic Research - 2004
People who understand self-control problems can devise mechanisms to overcome them.In this paper, we discuss how relationships can help individuals overcome their selfcontrol problems by creating a tradeoff between desired present procrastination and undesired future procrastination.Threatening...
Persistent link: https://www.econbiz.de/10011092398
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A Behavioral Model of Conumption Patterns : The Effects of Cognitive Dissonance and Conformity
Nir, A. - Tilburg University, Center for Economic Research - 2004
Cognitive dissonance causes people to rationalize actions that differ from their own preferences.Conformity, on the other hand, causes people to change their behavior as a result of pressure from others.This paper investigates the consequences of preference dynamic that occur when individuals...
Persistent link: https://www.econbiz.de/10011092514
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The Struggle for Rents in a Schumpterian Economy
de Groot, H.L.F. - Tilburg University, Center for Economic Research - 1996
This paper develops a two-sector endogenous growth model with a dual labour market. Trade unions strive for the extraction of as high a rent as possible from the growth generating imperfectly competitive primary sector. This union behaviour results in a non-competitive wage differential between...
Persistent link: https://www.econbiz.de/10011092828
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Relative convergence in a dual economy with tradeable and non-tradeable goods
Schaik, Ton van; de Groot, H.L.F. - Tilburg University, Center for Economic Research - 1995
This paper develops a two-country two-sector endogenous growth model with a dual labour market based on efficiency wages. Growth is driven by Research done in the (high-tech) tradeable sector. The follower country tends to grow faster the greater the productivity gap from the leader country, but...
Persistent link: https://www.econbiz.de/10011090640
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Social Security Reform and Population Ageing in a Two-Sector Growth Model
van Groezen, Bas; Meijdam, Lex; Verbon, H.A.A. - Tilburg University, Center for Economic Research - 2002
This paper analyses the effects of reducing unfunded social security and population ageing on economic growth and welfare, both for a small open economy and for a closed economy.The economy consists of a service sector and a commodity sector.Productivity growth only occurs in the latter sector...
Persistent link: https://www.econbiz.de/10011090756