Summary: Let demand for a product be a random variable, which is independently and identically distributed in successive periods. Consider a firm producing this commodity subject to the following costs: the direct cost of production is proportional to output; the cost of changing the rate of...

Efficient Allocation of labour among a set of machines (say) operating under initially increasing and then decreasing returns is studied first for identical machines and then for the case when machines can be ranked by their productivity. Essentially it is a question of the number of machines to...

A model of traveler behavior is proposed which is consistent with the possibility that travelers expend average daily amounts of time and money on travel with stable regularities both among urban areas and over time in the same area. The model is founded on economic utility theory. It is...

Ake E.Andersson has always been intellectually on the move. He has selected his own track through the academic system and has formed a school of thought which has brought him international recognition. The cornerstones of his scie¤ntific interest are welfare analysis, regional economic dynamics...