We consider the optimal investment-consumption problem with an unknown distribution for the investment returns. After taking the Bayesian approach, the problem is formulated as a Markov decision process in a nonparametric context. We discuss the existence of the optimal strategy and derive the closed form solution of the optimal portfolio. When the prior distribution is a Dirichlet process, the...

We study investment cycles and information flows in a model of social learning in which investment returns fluctuate according to a Markov process. In our Waiting Game, agents observe the investment history and a private signal correlated with the current period’s investment return. Agents then decide whether to invest in round 1 or to delay their decision to round 2 of the current period. Casc...

The present study models the risk of investment in the petrochemical industry considering the impacts of exchange rate (US dollar to Iran's Rial) movements using the time series data from November 2008 to March 2019 and ARFIMA-FIGARCH framework. The empirical results prove the existence of the Fractal Market Hypothesis, FMH, and the Long Memory property in both the risk and return of the petroc...

in the second half of the last century, tremendous efforts were devoted to identifying sources of economic success by a few countries and causes of failure by most. in this process a voluminous literature ranging from the neo-classical to marxist, neo-marxist, and dependency theories has been developed to answer the question of disparity among different countries of the north vis-à-vis those of...

INTRODUCTION Disparities in the quality of health care and treatment among racial or ethnic groups can result from unequal access to medical care, disparate treatments for similar severities of symptoms, and wide divergence in general health status among individuals. Such disparities may be eliminated through better use of health information technology (IT). Investment in health IT could foster...

Nowadays, a significant number of distribution systems are facing problems to accommodate more photovoltaic (PV) capacity, namely due to the overvoltages during the daylight periods. This has an impact on the private investments in distributed energy resources (DER), since it occurs exactly when the PV prices are becoming attractive, and the opportunity to an energy transition based on solar te...

This study deals with the experimental measurements and numerical predictions of alloy shrinkage factors (SFs) related to the investment casting process. The dimensions of the A356 aluminum alloy casting were determined from the numerical simulation results of solidification, heat transfer, fluid dynamics, and deformation phenomena. The investment casting process was carried out using wax patte...

We consider that the surplus of an insurer follows compound Poisson process and the insurer would invest its surplus in risky assets, whose prices satisfy the Black-Scholes model. In the risk process, we decompose the ruin probability into the sum of two ruin probabilities which are caused by the claim and the oscillation, respectively. We derive the integro-differential equations for these rui...

Components for engineering systems, such as gas turbines and jet engines operating at high temperature are usually produced in superalloys. The investment casting process is most widely used for manufacturing these components due to the ability of the process to produce parts with complex geometries to close dimensional tolerances. Other processing routes are less advantageous due to high mecha...

Organizations have relied on training to increase the performance of their workforce. Also, software process improvement models suggest that training is an effective tool for institutionalizing a development process. Training evaluation becomes important for understanding the improvements resulting from the investments in training. Like other production process, the software development process...