The Ramsey model of economic growth is revisited from the perspective of viability theory. The Ramsey model, augmented with minimal consumption and sustainability criteria, becomes a viability problem. The framework allows for a clear picture of optimal viable, optimal nonviable, and viable...

In this paper a type of Heath, Jarrow and Morton (1992) (HJM) based affine model is derived theoretically. This type of affine model is obtained by applying Linear Realization Theory to construct Finite Dimensional Realizations (FDRs) of the Gaussian HJM model. The algorithms of constructing...

We derive a general equilibrium linear relationship between the market prices of risks and market risk aversion under a continuous time stochastic volatility model completed by liquidly traded options. The relation is robust as it is valid for both endowment and production economies, and for...

Why do some men father children outside of marriage but not provide support? Why are some single women willing to have children outside of marriage when they receive little or no support from unmarried fathers? Why is this behavior especially common among blacks? To shed light on these...

The Cumulative Prospect Theory (CPT) is one of the most popular theories for evaluating the behavior of decision makers in the context of risk and uncertainty. This theory emerged as a generalization of the Expected Utility Theory (EUT) and being a relatively recent theory, its application has...

We propose a dynamic graph-theoretic model for ecosystem management as a control over networked system composed of target nodes and unmarked nodes. The network is represented by a complete graph, in which all vertices are connected by a unique edge. Target nodes are attracted by the objective...

Transfer-satışlar rassal müşteri taleplerini karşılamak için bayiler arasından sıklıkla başvurulan, uygulaması kolay ve acil üretici sevkiyatlarına nazaran az maliyetli bir yöntemdir. Doğru transfer-satış politikalarını bulmak amacıyla önemli sayıda akademik çalışmalar...

Valuation of used machinery and equipment items and optimization of the overhaul policy are considered as interrelated problems. Non-traditional version of the discounted cash flow method is applied to their decision. The model uses available market and technical information and takes into...

This study develops a simple forecasting model using Japanese prefectural data. The Markov chain, known as a stochastic model, corresponds to a first-order vector auto-regressive (VAR) model. If the transition probability matrix can be appropriately estimated, a forecasting model using the...

Cost or revenue efficiency measurement based on the approach initiated by Farrell has received great attention from academics and practitioners since the fifties. Farrell’s approach decomposes cost efficiency into two different sources, viz. technical efficiency and allocative efficiency....