We propose a tractable dynamic framework for the joint determination of optimal consumption, portfolio choice, and healthcare irreversible investment. Our model is based on a Merton's portfolio and consumption problem, where, in addition, the agent can choose the time at which undertaking a...

A carbon nanotube based gas diffusion layer (CNT-GDL) for direct methanol fuel cells (DMFCs) was prepared by sintering the wet carbon paper made of CNT, polyacrylonitrile-based carbon fibre (PCF) and PTFE, completely replacing the commercial carbon paper based GDL (Toray-GDL). The results of...

In this paper, we propose the concept of a second-order composed contingent derivative for set-valued maps, discuss its relationship to the second-order contingent derivative and investigate some of its special properties. By virtue of the second-order composed contingent derivative, we extend...

In this paper we investigate a class of cardinality-constrained portfolio selection problems. We construct convex relaxations for this class of optimization problems via a new Lagrangian decomposition scheme. We show that the dual problem can be reduced to a second-order cone program problem...