We consider the production/inventory control for a recoverable system with stochastic demand and returns where stock is replenished by manufacturing new items or remanufacturing returned items. The optimal control policy found by solving a Markov decision process (MDP) for a given problem...

This paper reports on an expanded and revised version of the spatial equilibrium model of the Australian dairy industry developed by MacAulay (1997). In the expanded version there is demand for five manufactured products. The transformation from bulk milk to final product is modelled by...

We examine the impact of dairy disaggregation and joint production on trade liberalisation outcomes in an economy-wide model. Depending on parameterisation, our model includes either (i) a single dairy commodity, (ii) several dairy commodities without joint production or (iii) several dairy...

We generalize the concept of industry, which stems from the analysis of single-product economies, to that of sector. The sector concept can be applied to economies with or without joint-product processes and pure capital goods. A ‘sectoral economy’ is an economy characterized by the...

In den letzten drei Jahrhunderten ist die Wirtschaft in vielen Ländern - langfristig gesehen - dauernd gewachsen. Materieller Mangel ist in den entwickelten Ländern weitgehend verschwunden. Für die Erkenntnis der Leistungsfähigkeit der Marktwirtschaft wie der Defizite der sozialistischen...

Housing developments (condos and suburban developments) are not necessarily homogeneous. Developers provide different types of units with various sizes and other characteristics catering to different types of customers. In this paper, we allow local consumption externalities within each...

Purpose – The purpose of this paper is to examine the potential for emissions control policy using the example of the power generation sector in China. Design/methodology/approach – The analytical model is developed using a joint production function, where carbon emissions and electricity...

This paper extends the empirical investigation of the shape of wage-profit curves to the case of joint production using data from the Supply and Use Tables of the Finnish economy (for the years 1995 through 2004). It is found that (i) the considered systems do not have the usual properties of...

Production systems with scrapped and rework items have recently become an interesting subject of research. While most attempts have been focused on finding the optimal production quantity in a simple production system, little work appears on a joint production environment. In this research, two...

We examine the impact of dairy disaggregation and joint production on trade liberalisation outcomes in an economy-wide model. Depending on parameterisation, our model includes either (a) a single dairy commodity, (b) several dairy commodities without joint production, or (c) several dairy...