Die Abhandlung zeigt für wiederholbare Prozesse eine universell anwendbare Ableitung eines Rechenalgorhithmus auf, mit dem unter Annahme einer Wahrscheinlichkeitsverteilung mögliche Plan-Istabweichungen und Aufallkosten zu einem Gleichgewicht und damit zu einem Ergebnisoptimunm führen....

Decision making in today's world certainly incorporates the consideration of assessment in view of a number of criteria, instead of a favored single criteria. Solving a multi-criteria decision issue offers decision makers suggestions, regarding the best decision choices (Alternatives). At the...

Using lattice programming and order theoretic fixpoint theory, we develop a powerful class of monotone iterative methods that provide a qualitative theory of Markovian equilibrium for a large class of infinite horizon economies with capital. The class of economies is large and includes...

Discrete-time stochastic models of management of groundwater resources have been extensively used for understanding a variety of issues in groundwater management for agriculture. Most models used suffer from two drawbacks: relatively simplistic treatment of the cost of water extraction (remarked...

Discrete-time stochastic models of groundwater management have been extensively used for understanding a variety of issues in groundwater management for agriculture. Most models used suffer from two drawbacks: relatively simplistic treatment of extraction cost (remarked in many papers in the...

We study a continuous-time problem of optimal public good contribution under uncertainty for an economy with a finite number of agents. Each agent can allocate his wealth between private consumption and repeated but irreversible contributions to increase the stock of some public good. We study...

We present a model of firm investment under uncertainty and partial irreversibility in which uncertainty is represented by a jump diffusion. This allows to represent both the continuous Gaussian volatility and the discontinuous uncertainty related to information arrival, sudden changes and large...

To analyze the economic significance of pricing errors of stock index options, a system of linear inequalities is developed which completely characterizes all risk arbitrage opportunities which arise if a well-behaved pricing kernel does not exist. The Stochastic Arbitrage system can account for...

In this paper, I study the existence and uniqueness of recursive equilibria in economies with aggregate and idiosyncratic risk. Rather than relying on compactness to establish existence, I exploit the monotonicity property of the equilibrium model and rely on arguments from convex analysis. This...

We study the effect of ambiguity on timing decisions. An agent faces a stopping problem with an uncertain stopping payoff and a stochastic time limit. The agent is unsure about the correct model quantifying the uncertainty and seeks to maximize her payoff guarantee over a set of plausible...