In an incomplete market economy, all claims cannot be priced uniquely based on arbitrage. The prices of attainable claims (those that are spanned by traded claims) can be determined uniquely, whereas the prices of those that are unattainable can only be bounded. We first show that tighter price...

This paper studies the impact of financial innovations on real investment decisions. We model an incomplete market economy comprised of firms, investors and an intermediary. The firms face unique investment opportunities that are not spanned by the traded securities in the financial market, and...

This paper studies the impact of financial innovations on real investment decisions. Wemodel an incomplete market economy comprised of firms, investors and an intermediary. Thefirms face unique investment opportunities that are not spanned by the securities traded in the financial market, and...

Optimal arrangements of cartridges and file partitioning schemes are examined in carousel type massstorage systems using Markov decision theory. It is shown that the Organ-Pipe Arrangement is optimalunder different storage configurations for both the anticipatory as well as the non-anticipatory...

In his paper quot;Should the two-headed disk be greedy? - Yes, it shouldquot; Hofri defined a quot;greedy policyquot; asfollows. Assuming that the range of disk addresses is [0,1], a request at location x is served by the closest arm whilethe other arm jockeys to a new position, z, where z =...

We discuss the use of robust analysis of variance (ANOVA) techniques as applied to quality engineering. ANOVA is the cornerstone for uncovering the effects of design factors on performance. Our goal is to utilize methodologies that yield similar results to standard methods when the underlying...

In an incomplete market economy, all claims cannot be priced uniquely based on arbitrage. The prices of attainable claims (those that are spanned by traded claims) can be determined uniquely, whereas the prices of those that are unattainable can only be bounded. We first show that tighter price...

We use sample path arguments to derive convexity properties of an M/M/S queue withimpatient customers that balk and renege. First, assuming that the balking probability andreneging rate are increasing and concave in the total number of customers in the system(head-count), we prove that the...

We study an average-cost stochastic inventory control problem in which the firm can replenish inventory and adjust price at anytime. We establish the optimality to change the price from low to high in each replenishment cycle as inventory is depleted. With costly price adjustment, scale...

This paper studies whether imposing carbon costs changes the supply chain structure and social welfare. We explore the problem from a central policymaker's perspective who wants to maximize social welfare. We consider two stakeholders, retailers and consumers, who optimize their own objectives...