The goal programming (GP) is a well-known approach applied to multi-criteria decision making (M-DM). It has been used in many domains and the literature offers diverse extensions of this procedure. On the other hand, so far, some evident analogies between M-DM under certainty and scenario-based...

In today's digitalizing world, internet, mobile technologies, nanotechnologies and learning algorithms continue to develop and gain essential places in our lives. The use of artificial intelligence in wholesale and retail trade enable better analysis of customer requests and the development of...

Risks militating against small and medium enterprises (SMEs) have been on the increase due to how risks mitigations are conducted by the owners/operators. Although thorough understanding of businesses undertaken by the owners of SMEs enables them to have a clear picture of risks affecting their...

This paper introduces a mechanism design approach that allows dealing with the multiple equilibrium problem, using mechanisms that are robust to bounded rationality. This approach is a tool for constructing supermodular mechanisms, i.e. mechanisms that induce games with strategic...

This note studies the risk-management decisions of a risk-averse farmer. The farmer faces multiple sources of price uncertainty. He sells commodities to two markets at two prices, but only one of these markets has a futures market. We show that the farmer’s optimal commodity futures market...

In this paper, we investigate optimal delegation mechanisms in the presence of countervailing conflicts of interest in the context of principal-agent problems. We introduce two dimensions of conflict of interest-pandering incentives related to the outside option and project biases. We compare...

We study the gap between the state pension provided by the Italian pension system pre-Dini reform and post-Dini reform. The goal is to fill the gap between the old and the new pension by joining a defined contribution pension scheme and adopting an optimal investment strategy that is...

Creditors, banks and bank regulators should evaluate whether a borrower is likely to default. I apply several techniques in the extensive mathematical literature of stochastic optimal control/dynamic programming to derive an optimal debt in an environment where there are risks on both the asset...

We study how changes to the informativeness of signals in Bayesian games and single‐agent decision problems affect the distribution of equilibrium actions. Focusing on supermodular environments, we provide conditions under which a more precise private signal for one agent leads to an...

Due to the economic trends around the world and the strong support and guidance of relevant governments, the number of entrepreneurial projects has soared in China. It is necessary to construct a standard assessment system for entrepreneurial projects that is comprehensive and effective. This...