We study the gap between the state pension provided by the Italian pension system pre-Dini reform and post-Dini reform. The goal is to fill the gap between the old and the new pension by joining a defined contribution pension scheme and adopting an optimal investment strategy that is...

In this paper, we study an irreversible investment problem under Knightian uncertainty. In a general framework, in which Knightian uncertainty is modeled through a set of multiple priors, we prove existence and uniqueness of the optimal investment plan, and derive necessary and sufficient...

In this study, the integrated forward/reverse logistics network was investigated, and a capacitated multi-stage logistics network design was proposed by formulating a generalized logistics network problem into a mixed-integer nonlinear programming model (MINLP) for minimizing the total cost of...

The paper is concerned with the reduction of a class of stochastic optimal control problems to simpler problems by using decomposition and aggregation. Decomposition is shown to provide a good approximation when the system dynamics involve nearly decomposable matrices or variables with strong...

This paper presents an extension of earlier research on heirarchical control of stochastic manufacturing systems with linear production costs. A new method is introduced to construct asymptotically optimal open-loop and feedback controls for manufacturing systems in which the rates of machine...

This paper is concerned with an asymptotic analysis of hierarchical production and setup scheduling in a stochastic manufacturing system consisting of a single failure-prone machine and facing constant demands for a number of products. At any given time the system can only produce one type of...

We consider an N-machine flowshop with unreliable machines and bounds on work-in-process. Machine capacities and demand processes are finite-state Markov chains. The problem is to choose the rates of production on the machines over time to minimize the expected discounted costs of production and...

We present some insights obtained from the considerable research that has accumulated in proving that a hierarchical decomposition based on the frequencies of occurence of different types of events in the system results in near-optimal decisions as the rates of some events become large compared...

This paper deals with an asymptotic analysis of hierarchical production planning in stochastic manufacturing systems consisting of a single or parallel failure-prone machines producing a number of different products without attrition. The objective is to choose production rates over time in...