In this paper we deal with the utility maximization problem with a general utility function. We derive a new approach in which we reduce the utility maximization problem with general utility to the study of a fully-coupled Forward-Backward Stochastic Differential Equation (FBSDE).

A necessary condition - the Principle of Fermat-Lagrange - is offered for mixed smooth-convexoptimization problems. This generalizes and unifies most of the known necessary conditions forconcrete finite and infinite dimensional optimization problems of interest. The new idea in comparisonwith...

In this paper we introduce several classes of generalized convexfunctions already discussed in the literature and show the relationbetween those function classes. Moreover, for some of those functionclasses a Farkas-type theorem is proved. As such this paper unifiesand extends results existing...

Sales force management decisions belong to the major issues considered in marketing research. Among others, the alignment of sales territories has been one of the main field of work for years. Recent results have reported a strong impact of the alignment of sales territories on profit, and,...

Recently, Branzei, Dimitrov, and Tijs (2003) introduced cooperative interval-valued games. Among other insights, the notion of an interval core has been coined and proposed as a solution concept for interval-valued games. In this paper we will present a general mathematical programming algorithm...

This paper addresses the selection of optimal shift numbers considering inventory information, customer requirements and machine reliability using fuzzy logic. Number of shift is one of the most important criteria for the production planners to minimize the production costs and is essential for...

Purpose: The aim of this study is applying a new method for Industrial robotic system selection. Design/methodology/approach: In this paper, the weights of each criterion are calculated using fuzzy Shannon's Entropy. After that, fuzzy TOPSIS is utilized to rank the alternatives. Then we select...

Purpose: The purpose of this paper is applying a new integrated method to equipment selection. Design/methodology/approach: In this paper, we proposed the new integrated approach. Proposed approach is based on fuzzy Analytic Hierarchy Process (FAHP) and GTMA (graph theory and matrix approach)...

Purpose: The intention of this paper is the presentation of a new integrated approach for solving a multi attribute decision making problem by the use of Entropy Fuzzy and F- PROMETHEE (fuzzy preference ranking method for enrichment evaluation) techniques. Design/methodology/approach: In these...

This article reports the process of building a fuzzy set scale in order to value workers participation and their learning through a technical improvement project in metallurgical plants. The process starts with a practical question which stems from workers: "How can we value our own...