The timely and continuing adaptation of companies to the rapid changes in the market is a prerequisite to survival and growth. Simultaneously, the smooth adaptation of employees to changes contributes not only to the improved running of organizations but also to their personal improvement and...

Traditional economic theory, up to the middle of the twentieth century, builds up the production functions regardless of the inputs’ scarcity. In the last few decades it has become clear that in many cases inputs are depletable quantities and at the same time a lot of constraints are imposed...

This paper is concerned with the classic topic of intertemporal resource economics: the optimal harvesting of renewable natural resources over time by one and several resource owners with conflicting interests. The traditional management model, dating back to Plourde (1970), is extended towards...

It is reasonable to consider the stock of any renewable resource as a capital stock and treat the exploitation of that resource in much the same way as one would treat accumulation of a capital stock. This has been done to some extent in earlier papers containing a discussion of this point of...

Traditional economic theory, up to the middle of the twentieth century, builds up the production functions regardless the inputs’ scarcity. In the last few decades has been clear that both the inputs are depletable quantities and a lot of constraints are imposed in their usage in order to...

Dynamic modeling is general and recently the most interesting perspective to solve a dynamic economic problem based on Pontryagin’s maximum principle. Moreover traditional economic theory, up to the middle of twentieth century, builds up the production functions regardless the inputs’...

In this paper we consider the classical newsvendor model with profit maximization. When demand is fully observed in each period and follows either the Rayleigh or the exponential distribution, appropriate estimators for the optimal order quantity and the maximum expected profit are established...

This paper considers the classical Newsvendor model, also known as the Newsboy problem, with the demand to be fully observed and to follow in successive inventory cycles one of the Exponential, Rayleigh, and Log-Normal distributions. For each distribution, appropriate estimators for the optimal...

This paper considers the classical newsvendor model when, (a) demand is autocorrelated, (b) the parameters of the marginal distribution of demand are unknown, and (c) historical data for demand are available for a sample of successive periods. An estimator for the optimal order quantity is...

In this paper we investigate the convexity of the annual total cost function for the Hadley & Whitin (1963) continuous review (Q,R) inventory model with backorders and fixed lead-time, when the reorder point is non-negative and the cost per unit backordered is used to calculate the expected...