This paper presents a genetic algorithm to solve the orienteering problem, which is concerned with finding a path between a given set of control points, among which a start and an end point are specified, so as to maximize the total score collected subject to a prescribed distance constraint. Employing several sets of test problems from the literature, the performance of the genetic algorithm i...

Based on a unique firm-level data set from the German manufacturing sector, this paper disentangles environmental and non-environmental product and process innovations. The multivariate probit analysis shows that the various innovation types are determined by different factors. The estimation results suggest a policy mix which comprises the encouragement of R&D activities, certified management ...

A popular solution to the looming entitlements crisis in the United States is to increase the eligibility age for Medicare. Using an empirical model of insurance choice with endogenous prices, I find that this would have a modest welfare cost. The losses are concentrated among those who lose Medicare coverage. For the non-elderly, the benefit of lower taxes is mitigated by a higher price for me...

This paper introduces assets for which the intrinsic value is endogenous to the amount of funding attracted. A Rational Expectations Equilibrium is developed. Additionally, simulations of the model based on bounded rationality explore the different market behavior under fundamental and momentum based investing strategies. Both strategies produce herding characteristics. The herding under the fu...

This paper studies effects of price floors in a simple model of vertical product differentiation. We find that even non-binding price floors can increase quality on the market, if the cost of quality is sufficiently low. Where a binding price floor does not change the equilibrium quality, it makes consumers worse off. There is also a possibility of overinvestment into quality as a result of the...

Recently Yang and Qi (2013) stated an interesting theorem on the existence of complete lattice of equilibria in a particular class of large nonatomic supermodular games for general action and players spaces. Unfortunately, their result is incorrect. In this note, we detail the nature of the problem with the stated theorem, provide a counterexample, and then correct the result under additional a...

We show that measurement error in the constructed price of child care can explain why previous Australian studies have found partnered women’s labour supply to be unresponsive to child care prices. Through improved data and improved construction of the child care price variable, we find child care price elasticities that are statistically significant, negative and in line with elasticities foun...

Many separable dynamic incentive problems have primal recursive formulations in which utility promises serve as state variables. We associate families of dual recursive problems with these by selectively dualizing constraints. We make transparent the connections between recursive primal and dual approaches, relate value iteration under each and give conditions for such value iteration to be con...

This note explores the link between anticipated information and a preference for liquidity in investment choices. Given a subjective ordering of investment portfolios by their liquidity, we identify a sufficient condition under which the prospect of finer resolution of uncertainty creates a preference for more liquid positions. We then show how this condition might arise naturally in some stand...

The objective of this paper is to present a unifying framework for studying the impact of new collaborative technologies (or consumer technologies) on markets, society and economic science. It aims to influence researchers in social sciences, entrepreneurs and policy-makers to accelerate the adoption of the learning, tools and opportunities which the new collaborative technologies bring into th...