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We propose a new periodic autoregressive model for seasonally observed time series, where the number of seasons can potentially be very large. The main novelty is that we collect the periodic parameters in a second-level stochastic model. This leads to a random-coefficient periodic...
Persistent link: https://www.econbiz.de/10004991132
Cyclical components in economic time series are analysed in a Bayesian framework, thereby allowing prior notions about periodicity to be used. The method is based on a general class of unobserved component models that encompasses a range of dynamics in the stochastic cycle. This allows for...
Persistent link: https://www.econbiz.de/10004991133
In this paper we present a new distribution concept called ‘floating stocks’, which uses intermodal transport to deploy inventories in a supply chain in advance of retailer demand. Supplying part of the demand directly by road compensates the longer transit time of this transport....
Persistent link: https://www.econbiz.de/10004991134
We consider a class of stochastic mathematical programs with complementarity constraints, in which both the objective and the constraints involve limit functions or expectations that need to be estimated or approximated. Such programs can be used for modeling "average" or steady-state behavior...
Persistent link: https://www.econbiz.de/10004991135
In this paper we consider stochastic processes with an embedded Harris chain. The embedded Harris chain describes the dependence structure of the stochastic process. That is, all the relevant information of the past is contained in the state of the embedded Harris chain. For these processes we...
Persistent link: https://www.econbiz.de/10004991136
Economic policy decisions are often informed by empirical analysis based on accurate econometric modeling. However, a decision-maker is usually only interested in good estimates of outcomes, while an analyst must also be interested in estimating the model. Accurate inference on structural...
Persistent link: https://www.econbiz.de/10004991137
Inventory policies for joint remanufacturing and manufacturing have recently received much attention. Most efforts, though, were related to (optimal) policy structures and numerical optimization, rather than closed form expressions for calculating near optimal policy parameters. The focus of...
Persistent link: https://www.econbiz.de/10004991138
In this study we investigate the desired level of recovery under various inventory control policies when the success of recovery is probabilistic. Recovery process is modelled as a single stage operation and recovery effort is represented by the expected time spent for it. The effect of...
Persistent link: https://www.econbiz.de/10004991139
In applied economic research computable general equilibrium [CGE] models in which the behavior of economic agents are modeled, are widely used. In many CGE models, the Linear Expenditure System [LES] is used to model behavior of the household sector. The disadvantage of LES is that the Engel...
Persistent link: https://www.econbiz.de/10004991140
Response Surface Methodology (RSM) is a tool that was introduced in the early 50´s by Box and Wilson (1951). It is a collection of mathematical and statistical techniques useful for the approximation and optimization of stochastic models. Applications of RSM can be found in e.g. chemical,...
Persistent link: https://www.econbiz.de/10004991141