We propose a simulation-based procedure for evaluating approximation accuracy of numerical solutions of general equilibrium models with heterogeneous agents. We measure the approximation accuracy by the magnitude of the loss suered by the agents as a result of following suboptimal policies. Our...

The model of turbine mass flow characteristics is vital to simulate equipment and systems having a turbine, such as renewable energy power systems, air cycle refrigeration systems, power plants, and turbine engines. Existing empirical and partly empirical models of turbine mass flow...

This paper involves the multi-mode project payment scheduling problem with bonus-penalty structure where activities can be performed with several modes and a bonus-penalty structure exists at the deadline of the project. In the problem the decisions on when to schedule events and payments, the...

This paper involves the multi-mode project payment scheduling problem where the activities can be performed with one of several discrete modes and the objective is to assign activities' modes and progress payments so as to maximize the net present value of the contractor under the constraint of...

We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of credit spreads. Our model allows for time variation and lumpiness in the maturity structure. Relative to short-term debt,...

Nitrogen (N) loss to the environment through water transport has been a serious challenge to agricultural practices for decades. Although much progress has been made in developed countries, suitable strategies for mitigating agricultural N loss in developing countries, such as China, are still...

The empirical model of turbine efficiency is necessary for the control- and/or diagnosis-oriented simulation and useful for the simulation and analysis of dynamic performances of the turbine equipment and systems, such as air cycle refrigeration systems, power plants, turbine engines, and...

We build a dynamic capital structure model to study the link between firms' systematic risk exposures and their time-varying debt maturity choices, as well as its implications for the term structure of credit spreads. Compared to short-term debt, long-term debt helps reduce rollover risks, but...