The reproductive value (see Fisher 1930) arises as part of the shadow price of the population in a large class of age-structured optimal control models. 1 Institute of Mathematical Methods in Economics (Research Unit on Operations Research and Control Systems), Vienna University of Technology, Argentinierst. 8, A-1040 Vienna, Austria. E-mail: [email protected]. ac.at and Vienna Institute of Dem...

The paper investigates socially optimal patterns of economic growth and environmental quality in a neoclassical growth model with endogenous technological progress. In the model, the environmental quality affects positively not only to utility but also to production. However, cleaner technologies can be used in the economy whether a part of the output is used in environmentally oriented R&D. In...

Academic research in the €eld of recommender systems mainly focuses on the problem of maximizing the users’ utility by trying to identify the most relevant items for each user. However, such items are not necessarily the ones that maximize the utility of the service provider (e.g., an online retailer) in terms of the business value, such as pro€t. One approach to increasing the providers’ utili...

Recent natural gas price increases have resulted in acutely higher fertilizer prices. Profit and environmental concerns have increased interest in identifying optimal nitrogen application rates. Previous estimates of the profit maximizing nitrogen rate (PMNR) have been estimated assuming that price is fixed and exogenous of yield. We construct a model in which price is correlated to yield shock...

Risk capital allocations (RCAs) are an important tool in quantitative risk management, where they utilized to, e.g., gauge the profitability of distinct business units, determine price a new product, and conduct marginal economic analysis. Nevertheless, notion RCA has been living shadow another, closely related notion, measure (RM) sense that latter often shapes fashion which former is implemen...

Abstract: This paper proposes a centralized data envelopment analysis (DEA) model for industrial optimization based on several different production technologies among several regions. We developed this model based on improved Kuosmanen environmental DEA technology, which avoids positive shadow price on undesirable outputs. We also designed a dual model for our centralized DEA model, and used it...

Manufacturers launch new product models at various time increments to meet changing market requirements over time. At each design period, product design and price may change. While price decisions can be made at product launching time, redesign decisions must be made in advance. Real options theory addresses such time gap decisions. This paper presents a real options approach with a binomial la...

OBJECTIVE To estimate the effects of changes in Medicare inpatient hospital prices on hospitals' overall revenues, operating expenses, profits, assets, and staffing. PRIMARY DATA SOURCE Medicare hospital cost reports (1996-2009). STUDY DESIGN For each hospital, we quantify the year-to-year price impacts from changes in the Medicare payment formula. We use cumulative simulated price impacts ...

We study the bidding behavior of spiteful agents who, contrary to the common assumption of selfinterest, maximize the weighted difference of their own profit and their competitors’ profit. This assumption is motivated by inherent spitefulness, or, for example, by competitive scenarios such as in closed markets where the loss of a competitor will likely result in future gains for oneself. We der...

The Fisher ideal total factor productivity (TFP) index requires complete quantity and price information. If input-output quantities are allocatively efficient, the Fisher index can be approximated by the Malmquist TFP index, which does not require price information. This paper elaborates on the conditions under which the Malmquist and Fisher indexes are equivalent. Drawing from these insights, ...