This paper considers an infinite horizon stochastic production planning problem with the constraint that production rate must be nonnegative. It is shown that an optimal feedback solution exists for the problem. Moreover, this solution is characterized and is then compared with the solution of...

We consider a market consisting of two populations, termed rich and poor for convenience. If a product is priced such that it is very expensive for the poor, but affordable to the rich, then it becomes a status symbol for the poor and this makes it more desirable for the poor. At a lower price,...

We consider a market consisting of two populations, termed rich and poor for convenience. If a product is priced such that it is very expensive for the poor, but affordable to the rich, it becomes a status symbol for the poor and this makes it more desirable for the poor. At a lower price the...

In this paper we present a budget-constrained optimal control model aimed at finding the optimal enforcement profile for a street-level, illicit drug crackdown operation. The objective is defined as minimizing the number of dealers dealing at the end of the crackdown operation, using this as a...

In this paper, the effect of environmental policy on the composition of capital is investigated. By allowing for non-linearities, it generalizes Xepapadeas and De Zeeuw (Journal of Environmental Economics and Management, 1999) and determines scenarios in which their results do not carry over. In...