This paper evaluates the discrete bid first-price sealed-bid (FPSB) auction in a model with a general value distribution. We show that a symmetric Bayesian Nash equilibrium exists for the discrete bid FPSB auction. We further prove that the discrete bid FPSB equilibrium conditionally converges...

Cluster analysis classifies a set of observations into two or more mutually exclusive unknown groups based on combination of interval variables and it has proven to be very useful. The classification aim is grouping the objects between their similarities or dissimilarities and so providing a...

This study provides a basic introduction to agent-based modeling (ABM) as a powerful blend of classical and constructive mathematics, with a primary focus on its applicability for social science research.  The typical goals of ABM social science researchers are discussed along with the...

Short-term congestion forecasting is highly important for market participants in wholesale power markets that use Locational Marginal Prices (LMPs) to manage congestion. Accurate congestion forecasting facilitates market traders in bidding and trading activities and assists market operators in...

In this paper we study solution methods for solving the dual problem corresponding to the Lagrangean Decomposition of two stage stochastic mixed 0-1 models. We represent the two stage stochastic mixed 0-1 problem by a splitting variable representation of the deterministic equivalent model, where...

The paper presents some applications of Kuhn-Tucker conditions to inventory stock management of Wilson type which admits the lack of stock. Also, an illustrative example is presented.

In this paper we analyze the problem faced by a firm who is exposed to long-term exchange rate risk, having no access to long-term forward contracts that would allow hedging the exchange risk perfectly. We analyze how much of the long-term exchange rate risk faced by the firm can be eliminated...

We study 30 vintages of FRB/US, the principal macro model used by the Federal Reserve Board staff for forecasting and policy analysis. To do this, we exploit archives of the model code, coefficients, baseline databases and stochastic shock sets stored after each FOMC meeting from the model’s...

This paper considers a class of migration dynamics with forward-looking agents in a multi-country solvable variant of the core-periphery model of Krugman (Journal of Political Economy 99 (1991)). We find that, under a symmetric externality assumption, our static model admits a potential...

In this study we suggest a Bayesian approach to fuzzy clustering analysis – the Bayesian fuzzy regression. Bayesian Posterior Odds analysis is employed to select the correct number of clusters for the fuzzy regression analysis. In this study, we use a natural conjugate prior for the...