We develop an alternative approach to the general equilibrium analysis of a stochastic production economy when firms’ choices of investment influence the probability distributions of their output. Using a normative approach we derive the criterion that a firm should maximize to obtain a Pareto optimal equilibrium: the criterion expresses the firm’s contribution to the expected social utility of...

The aim of this paper is to define and quantify environmental indicators for farmland habitat in Italy. Based on OECD works and recent developments by the Joint Working Party in the area of agrienvironmental indicators, we classify agricultural habitat in three main categories: intensive, semi-natural and uncultivated (natural or man-made) habitats located within, at the border and adjacent of ...

A new failure criterion was presented to predict the ultimate strength of shale under the triaxial and polyaxial state of stress. A database containing 93 datasets was obtained from the results of the uniaxial, triaxial, polyaxial compressive tests, an indirect tensile test was collected from reliable references, and this test was carried out on the shale samples taken from the southwestern oil...

This chapter of the Handbook of Computational Economics is mostly about research on active learning and is confined to discussion of learning in dynamic models in which the systems equations are linear, the criterion function is quadratic and the additive noise terms are Gaussian. Though there is much work on learning in more general systems, it is useful here to focus on models with these spec...

Bayesian model averaging (BMA) has become widely accepted as a way of accounting for model uncertainty, notably in regression models for identifying the determinants of economic growth. To implement BMA the user must specify a prior distribution in two parts: a prior for the regression parameters and a prior over the model space. Here we address the issue of which default prior to use for BMA i...

After the Chinese reform and opening up, the construction of economic zones, such as Special Economic Zones, Hi-tech Zones and Bonded Zones, has played an irreplaceable role in China's economic development. Currently, against the background of Chinese economic transition, research on development evaluation of economic zones has become popular and necessary. Similar research usually focuses on o...

Investment appraisal in advanced manufacturing technologies (AMTs) has been receiving considerable attention over the past three decades. As stated in numerous studies, traditional engineering economic methods cannot adequately justify investments in AMTs. Thus, beside these methods, some other solutions have been proposed in this field. The methods applied in the evaluation of AMTs can be clas...