We consider a newsvendor who dynamically updates her forecast of the market demand over a finite planning horizon. The forecast evolves according to the martingale model of forecast evolution (MMFE). The newsvendor can place multiple orders with increasing ordering cost over time to satisfy...

This paper analyzes sorting pattern of risk-sharing partnerships where agents are heterogenous in their income riskiness. When preference belongs to the class of HARA, household production in terms of monetary equivalence is perfectly transferable between spouses. Hence the characterization of...

Along with the development of cloud computing technology, website owners begin to consider migrating their website from private in-house server to public cloud servers. In this paper, we use a principal-agent model to analyze the underlying economic trade-offs of such migration and then extend...

Along with the development of cloud computing technology, website owners begin to consider migrating their website from private in-house server to public cloud servers. In this paper, we use a principal-agent model to analyze the underlying economic trade-offs of such migration and then extend...

A Cobb-Douglas stochastic frontier function is estimated for the cow-calf enterprises in the Texas Rolling Plains using Standardized Performance Analysis (SPA) data. We find that factors promoting higher herd productivity include machinery investment, pasture-quality improvement, and protein...

The Urban Household Income and Expenditure Surveys, conducted by the National Bureau of Statistics, are extensively explored in income distribution studies. However, we find that a survey coverage expansion that includes migrant residents in the urban sample may induce serious data inconsistency...