KIER DISCUSSION PAPER SERIES Heterogeneous Impatience in a Continuous-Time Model

Heterogeneous Impatience in a Continuous-Time Model

In a continuous-time economy with complete markets, we show how the heterogeneity in the individual consumers’ risk attitudes and impatience would affect the representative consumer’s counterparts. Specifically, our formulas tell us how his risk tolerance and impatience will change over time, and how his impatience will be affected by the changes in aggregate consumption levels. Under the assum...

KIER DISCUSSION PAPER SERIES Discrete-Time Interest Rate Modelling

KIER DISCUSSION PAPER SERIES Pricing Fixed-Income Securities in an Information-Based Framework

A Chance Constrained Model for a Two Units Series Critical System Suffering From Continuous Deterioration

In this paper we focus on a continuously deteriorating two units series equipment which its failure can not be measured by cost criterion. For these types of systems avoiding failure during the actual operation of the system is extremely important. In this paper we determine inspection periods and maintenance policy in such a way that failure probability is limited to a pre-specified value and ...

A New Continuous Multi-State Reliability Model with Time Dependent Component Performance Rate

A CSS1†is a system with the continues-state components. When a component has the ability to obtain all the situations from completely working to completely failed, it named continues-state component. In the real world, performance rate of elements are continuous and decrease by time. Continuity of components causes infinite working states and grows up the system states. In this paper we propose...