We extend the hiring and firing framework of Shepp and Shiryaev (J Econ Dyn Control 20:1523–1539, <CitationRef CitationID="CR5">1996</CitationRef>) to include infighting, and solve the profit-maximization problem using our numerical technique. With infighting, we find a smaller optimal firm size, and lowered firm value that stems from...</citationref>

A portfolio optimisation problem on an infinite time horizon is considered. Risky asset price obeys a logarithmic Brownian motion, and the interest rate varies according to a Markov diffusion process. This paper obtains an investment strategy considering one stock, one bond where the risk-free...

In this paper, Discounted Markov Decision Processes with finite state and countable action set (semi-infinite DMDP for short) are considered. A policy improvement finite algorithm which finds a nearly optimal deterministic strategy is presented. The steps of the algorithm are based on the...

We consider discrete time Markov Decision Process (MDP) with finite state and action spaces under average reward optimality criterion. The decomposition theory, in Ross and Varadarajan [11], leads to a natural partition of the state space into strongly communicating classes and a set of states...

In this paper, Discounted Markov Decision Processes with finite state and countable action set (semi-infinite DMDP for short) are considered. A policy improvement finite algorithm which finds a nearly optimal deterministic strategy is presented. The steps of the algorithm are based on the...