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We derive sufficient and necessary optimality conditions in terms of a stochastic maximum principle (SMP) for controls associated with cost functionals of mean-field type, under dynamics driven by a class of Markov chains of mean-field type which are pure jump processes obtained as solutions of...
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We derive sufficient and necessary optimality conditions in terms of a stochastic maximum principle (SMP) for controls associated with cost functionals of mean-field type, under dynamics driven by a class of Markov chains of mean-field type which are pure jump processes obtained as solutions of...
Persistent link: https://www.econbiz.de/10011993336
This report provides a spatial representation of hospital geography in Iowa and of the decisions of patients to patronize hospitals. It begins with a brief analysis of hospital proximity and hospital proximity’s relationship to population distributions and existing hospital capacity. This is...
Persistent link: https://www.econbiz.de/10009360854
By simplifying the computational tasks and by providing step-by-step explana-tions of the procedures required to study a linear dynamic rational expectations(LDRE) model, this paper and the accompanying \LDRE Toolbox" of Matalb func-tions guide a researcher with almost no experience in...
Persistent link: https://www.econbiz.de/10009360898
Recent empirical studies claim to have identified roots of Africa’s poverty in its colonial past, particularly in the ‘extractive’ or ‘illegitimate’ institutions that the colonial powers bequeathed. While taking a similar quantitative approach this paper accepts the view of many...
Persistent link: https://www.econbiz.de/10005870402
This paper revises the traditional view of Spain as a predatorycolonial state that extracted revenue from natural resources andpopulations in the Americas while offering little in return. Using 18thcentury Spanish American treasury accounts we show that localelites not only exerted important...
Persistent link: https://www.econbiz.de/10005870500