The experience of (un)loading ships and other vehicles in sea ports shows that the rate (i. e. amount cargo being (un)loaded (from)onto a vehicle per time unit) does not increase direct proportion to number gangs employed; accordance with law diminishing marginal productivity each additional gang adds less (un)loading. Despite its importance operations planning, this phenomenon has been given c...

We prove that for any incomplete market and any concave utility function the marginal propensities to consume and to save are always positive. Furthermore, we introduce a class of incomplete markets that includes almost all well known examples of market incompleteness in finance and macroeconomics. Two concrete examples are idiosyncratic income shocks and general, diffusion driven incompletenes...

A random life expectancy and a positive relationship between the probability of dying and the degree of addiction are incorporated into a model of rational addiction. The BeckerMurphy equality between the addictive commodity’s full price and marginal utility is modified by discounting the market price and marginal utility of the addictive commodity by the probability of survival. The individual...

Abstract: • We survey the current practice of analyzing spatial extreme data, which lies at the intersection of extreme value theory and geostatistics. Characterizations of multivariate max-stable distributions typically assume specific univariate marginal distributions, and their statistical applications generally require capturing the tail behavior of the margins and describing the tail depen...

he core of the broad field of economics considers how to allocate society’s scarce resources among unlimited desires. In systems where choices are impersonal, have an impact isolated to a point in time, and require little to no ethical dilemma, traditional economics and market prices are well suited to inform the best (or optimal) choices. Many choices made in well-defined goods and services ma...

People show empathic responses to others' pain, yet how they choose to apportion pain between themselves and others is not well understood. To address this question, we observed choices to reapportion social allocations of painful stimuli and, for comparison, also elicited equivalent choices with money. On average people sought to equalize allocations of both pain and money, in a manner which i...

Choice modelling (CM) is a stated preference technique that is increasingly being used to generate estimates of non-market values. In CM applications, respondents to a survey are presented with several sets of options, which contain common attributes but at varying levels, and are asked to select their preferred alternative from each set. The information provided by respondents’ choices is used...

This paper proposes dynamic copula and marginals functions to model the joint distribution of risk factor returns affecting portfolios profit and loss distribution over a specified holding period. By using copulas, we can separate the marginal distributions from the dependence structure and estimate portfolio Value-at-Risk, assuming for the risk factors a multivariate distribution that can be d...

Travel speed is an intrinsic feature of transport, and enlarging the considered as beneficial. The benefit a increase generally assessed value saved travel time. However, this approach conflicts with observation that time spent on travelling rather constant might not be affected by changes. paper aims to define benefits addresses two research questions. First, how will in person transport work ...