In this paper we analyze a dynamic agency problem where contracting parties do not know the agent's future productivity at the beginning of the relationship. We consider a two-period model where both the agent and the principal observe the agent's second-period productivity at the end of the...

Purpose: The question of resource scarcity and emerging pressure of environmental legislations has brought a new challenge for the manufacturing industry. On the one hand, there is a huge population that demands a large quantity of commodities; on the other hand, these demands have to be met by...

Due to the development of financial markets, products, financial and mathematical models, portfolio selection today represents a comprehensive set of activities. Investors take into consideration many different factors, such as the market factors, return distribution characteristics and...

This paper discusses how to introduce liquidity into the well known mean-variance framework of portfolio selection using a representative sample of Spanish equity portfolios. Either by estimating mean-variance liquidity constrained frontiers or directly estimating optimal portfolios for...

The theory of full implementation has been criticized for using integer/modulo games which admit no equilibrium (Jackson (1992)). To address the critique, we revisit the classical Nash implementation problem due to Maskin (1977, 1999) but allow for the use of lotteries and monetary transfers as...

Very few papers analyse PMS implementation in developing and transitional countries and the importance of PMS implementation for success in transition. Providing a Serbian perspective on PMS implementation, the study aims to identify and analyze important factors and variables that influence PMS...

In the business-to-business sector large quantities of the internationally traded goods are transported by hundreds in identical parcels inside shipping containers. These parcels are often unloaded manually, which is labor-intensive and physically demanding. In previous papers, we presented a...

In this paper I consider the impact of a noisy indicator regarding a manager's manipulative behavior on optimal effort incentives and the extent of earnings management. The analysis in this paper extends a twotask, single performance measure LEN model by including a binary random variable. I...

This paper treats the problem of setting the inventory level and optimizing the buffer allocation of closed-loop flow lines operating under the constant-work-in-process (CONWIP) protocol. We solve a very large but simple linear program that models an entire simulation run of a closed-loop flow...

Is it possible to control and optimize technology transfer process? Engineers and quality practitioners are often faced with the problem of determining the optimal choice of key factor in the tolerance process evaluation regarding the quality of the process to be monitored. To guarantee a...