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We propose an epistemic theory of micro-economic interactions, termed Economic Harmony. In the theory, we modify the standard utility, by changing its argument from the player's actual payoff, to the ratio between the player's actual payoff and his or her aspired payoff. We show that the...
Persistent link: https://www.econbiz.de/10011709916
Persistent link: https://www.econbiz.de/10011997968
We propose an epistemic theory of micro-economic interactions, termed Economic Harmony. In the theory, we modify the standard utility, by changing its argument from the player’s actual payoff, to the ratio between the player’s actual payoff and his or her aspired payoff. We show that the...
Persistent link: https://www.econbiz.de/10011621329
Persistent link: https://www.econbiz.de/10012264126
Experimental studies show that the Nash equilibrium and its refinements are poor predictors of behavior in non-cooperative strategic games. Cooperation models, such as ERC and inequality aversion, yield superior predictions compared to the standard game theory predictions. However, those models...
Persistent link: https://www.econbiz.de/10013252726
We define a high volume factory to be a connected network of workstations, at which assigned workers process work-in-progress that flows at high rates through the workstations. A high rate usually implies that each worker processes many pieces per hour, enough so that work can be described as a...
Persistent link: https://www.econbiz.de/10009198225
Technology creates changes in agriculture that all segments of the agricultural community need to consider to anticipate the resulting impacts. Objectives of the research were to project the size and number of farming operations in eastern Washington and to examine the implications for farm size...
Persistent link: https://www.econbiz.de/10010919785
This paper represents an empirical research of the growth process in the Russian banking sector during 2004-2010 years. The growth process is modelled by Markov chains. Nine states were used to describe the growth process. Markov chain stationarity check revealed three homogeneous periods. The...
Persistent link: https://www.econbiz.de/10010760036
This paper analyzes the effects of using product costs derived from an LP-model for managing the salesmen's efforts at a sawmill company. The salesmen are not controlled by sales quota, as is usual, but assessed by the accounting profit they generate. The analysis is realized by a computer...
Persistent link: https://www.econbiz.de/10011168085
A matrix growth model suitable for analysis of uneven-aged forest management is developed based on recursive equations represented on matrix form. The equations consist of transition probabilities forming part of application of Markov chain theory, which describe growth between diameter classes,...
Persistent link: https://www.econbiz.de/10011168089