This essay reviews new histories of the role of game theory and rational decision-making in shaping the social sciences, economics among them, in the post war period. The recent books "The World the Game Theorists Made" by Paul Erickson and "How Reason Almost Lost Its Mind" by Paul Erickson,...

In the present paper, we shall consider the following impulsive delay system for modeling the price fluctuations in single-commodity markets:˙p(t) = F (p(t), p(t − h))p(t), t ̸= τk,p(t) = ϕ0(t), t ∈ [t0 − h, t0],Δp(t) = Ik(p(t)), t = τk, k ∈ Z.Sufficient conditions are established...

This essay reviews new histories of the role of game theory and rational decision-making in shaping the social sciences, economics among them, in the post war period. The recent books The World the Game Theorists Made by Paul Erickson and How Reason Almost Lost Its Mind by Paul Erickson, Judy...

The marketing and sales polices of Iranian crude oil have been revised and changed after the Islamic Revolution of 1979. Production policy that drastically cut back production in order to maintain oil reserves for future generations. In terms of marketing Iranian crude oil, the new revolutionary...

Those using artificial intelligence (AI) in finance and other fields seek to meet or beat human intelligence by a chosen index of performance appropriate to each context. Efforts are focused on finding ways of increasing the intelligence of artificial agents through analysis, machine learning or...

On the basis of the First and second Law of Thermodynamics in the Economy and the Gibbs-Equation of Thermodynamics, Economic Equations are developed of the Inner Energy, the Entropy and the Free Energy (Value Added) of multiple economic systems to calculate the risks of investing in a merger and...

This short note analyzes the distributional properties of Pareto Type III random variables. We introduce a three parameters version of the orignal two parameters distribution proposed by Pareto and derive both the density and the characteristic function. The analytic expression of the inverse...

We provide explicit solutions to life-cycle utility maximization problems simultaneously involving dynamic decisions on investments in stocks and bonds, consumption of perishable goods, and the rental and the ownership of residential real estate. House prices, stock prices, interest rates, and...

Since the contribution of Kydland and Prescott (1977), it is well known that the optimal Ramsey policy is time inconsistent. In a series of recent contributions, Woodford (2003) proposes a new methodology to circumvent this problem, namely the timeless perspective solution. However, one main...