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...

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...

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...

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...

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...

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...

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...

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,...