We develop the trivariate probit model in which the sample incidentally truncates twice —i.e. in the first and in the second equations—, which is not solved in the literature. The model is analogue to the so called Bivariate Probit with Sample Selection (also referred as Bivariate Probit...

We develop the trivariate probit model in which the sample incidentally truncates twice —i.e. in the first and in the second equations—, which is not solved in the literature. The model is analogue to the so called Bivariate Probit with Sample Selection (also referred as Bivariate Probit...

The current system of spatial planning in Poland does not provide an effective and efficient tool for controlling planning decisions at a level higher than local. The result is an unrealistic approach to adopting development policies. Nowadays there is strong competition among local governments...

We consider a newsvendor who dynamically updates her forecast of the market demand over a finite planning horizon. The forecast evolves according to the martingale model of forecast evolution (MMFE). The newsvendor can place multiple orders with increasing ordering cost over time to satisfy...

This paper analyzes sorting pattern of risk-sharing partnerships where agents are heterogenous in their income riskiness. When preference belongs to the class of HARA, household production in terms of monetary equivalence is perfectly transferable between spouses. Hence the characterization of...

Along with the development of cloud computing technology, website owners begin to consider migrating their website from private in-house server to public cloud servers. In this paper, we use a principal-agent model to analyze the underlying economic trade-offs of such migration and then extend...

Along with the development of cloud computing technology, website owners begin to consider migrating their website from private in-house server to public cloud servers. In this paper, we use a principal-agent model to analyze the underlying economic trade-offs of such migration and then extend...

A Cobb-Douglas stochastic frontier function is estimated for the cow-calf enterprises in the Texas Rolling Plains using Standardized Performance Analysis (SPA) data. We find that factors promoting higher herd productivity include machinery investment, pasture-quality improvement, and protein...