In this paper, we deal with a subclass of two-person finite SeR-SIT (Separable Reward-State Independent Transition) semi-Markov games which can be solved by solving a single matrix/bimatrix game under discounted as well as limiting average (undiscounted) payoff criteria. A SeR-SIT semi-Markov...

In this paper, using Moore–Penrose inverse, we characterize the feasibility of primal and dual Stein linear programs over symmetric cones in a Euclidean Jordan algebra V. We give sufficient conditions for the solvability of the Stein linear programming problem. Further, we give a...

As most of the supply chains in practice are decentralized, a key issue in supply chain management is to study the coordination of supply chain. The interactions among players are typically of two types, viz. vertical competition and horizontal competition. We use a game theoretic framework to...

The class of fully semimonotone matrices is well known in the study of the linear complementarity problem. Stone [(1981) Ph.D. thesis, Dept. of Operations Research, Stanford University, Stanford, CA] introduced this class and conjectured that the principal minors of any fully semimonotone...

One of the important solution concepts in cooperative game theory is the Shapley value. The Shapley value is a probabilistic value in which each player subjectively assigns probabilities to the events which define their positions in a game. One of the most important concepts of subjective...

The task of economics is apparently changing. After confronting the limits to growth, the economic interests, methods and thoughts, even its use of words and concepts are slowly but persistently modified. The discussion of “equilibrium” is replaced by the concern for a “sustainable...

We consider a stochastic financial exchange economy with a finite date-event tree representing time and uncertainty and a financial structure with possibly long-term assets. We exhibit a sufficient condition under which the set of marketable payoffs depends continuously on the arbitrage free...

It is generally believed that a rise in foreign competition makes the industrial sector more efficient. By using a novel firm-level data set from a variety of industries in Pakistan, this paper revisits productivity-liberalization link, and investigates the effect of trade liberalization on...

The aim of the paper is to present a review of the fiscal imbalances and debt crisis in Greece and identify the possible links with the recent developments in the Greek property market. We follow a non-technical approach to discuss a number of factors that have contributed to the fiscal crisis...

The fundamentals of an exchange economy, the preferences of individuals, can be identified from the competitive equilibrium correspondence, which associates equilibrium prices of commodities to allocations of endowments; the argument extends to production economies. The essential step is the...