In this paper we consider the classical newsvendor model with profit maximization. When demand is fully observed in each period and follows either the Rayleigh or the exponential distribution, appropriate estimators for the optimal order quantity and the maximum expected profit are established...

This paper considers the classical Newsvendor model, also known as the Newsboy problem, with the demand to be fully observed and to follow in successive inventory cycles one of the Exponential, Rayleigh, and Log-Normal distributions. For each distribution, appropriate estimators for the optimal...

Measurement error in an independent variable is one reason why OLS estimates may not be consistent. However, as shown by Dagenais (1994), in some circumstances the OLS bias may be ameliorated somewhat given the presence of serially correlated disturbances, and OLS may prove superior to standard...

We present the numerical study of the one-dimensional Potts model with power-law decaying ferromagnetic interactions. The largest cluster probability distribution is obtained by Monte Carlo simulations using the Swendsen–Wang cluster algorithm with cumulative probabilities. The finite-size...

This note discusses some problems possibly arising when approximating via Monte-Carlo simulations the distributions of goodness-of-fit test statistics based on the empirical distribution function. We argue that failing to reestimate unknown parameters on each simulated Monte-Carlo sample - and...

This paper studies an agent-based model that bridges Keynesian theories of demandgeneration and Schumpeterian theories of technology-fueled economic growth. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand and the...

We introduce a model for the evolution of sexually transmitted diseases, in which the social behavior is incorporated as a determinant factor for the further propagation of the infection. The system may be regarded as a society of agents where in principle, anyone can sexually interact with any...

This contribution revises Monte-Carlo based simulation techniques as used in BusinessTaxation and Accounting literature, most prominently proposed by fellows ofTherefore, we focus on a methodically orientated discussion. Our results suggestthe standard approach leads to biased estimates of...

In this paper we discuss how a regression model, with a non-continuous response variable, that allows for dependency between observations should be estimated when observations are clustered and there are repeated measurements on the subjects. The cluster sizes are assumed to be large. We …nd...

I present a simple method for the modeling and simulation of dependent positive jump processes through a series representation. Each constituent process is represented by a series whose terms are equal to a transformation of the jump times of a standard Poisson process. The transformations are...