This paper reports a new theorem and proof for optimizing the advertising budget. The theorem is that the optimal rate of advertising is equal to gross profit multiplied by advertising elasticity. This does not involve a ratio of elasticities, and so is an advance on the Dorfman-Steiner theorem...

Phage display, SELEX and other methods of combinatorial chemistry have become very popular means of finding ligands with high affinities to given targets. Despite their success, they suffer from numerous sources of error and bias, such as very low initial concentrations of species, non-specific...

Technological change at the firm level has commonly been modeled as random sampling from a fixed distribution o f possibilities. Such models, however, typically ignore empirically important aspects of the firm's search process, notably the observation that the present state of the firm guides...

Army ant colonies display complex foraging raid patterns involving thousands of individuals communicating through chemical trails. In this paper we explore, by means of a simple search algorithm, the properties of these trails in order to test the hypothesis that their structure reflects an...

We consider a general class of nonlinear optimal policy problems involving forward-looking constraints (such as the Euler equations that are typically present as structural equations in DSGE models), and show that it is possible, under regularity conditions that are straightforward to check, to...

Purpose This paper aims to suggest alternative suspicious activity analyses to improve the focus of financial institution reporting to law enforcement and to identify some limitations in the current practice. Design/methodology/approach This paper employs the consideration of US and Financial...