It has long been known that in economies with satiation, the set of competitive equilibria does not coincide with the limiting core of an economy. Competitive equilibria may fail to exist because satiated agents may choose their optimal consumption bundles in the interiors of their budget sets, creating a total budget excess. On the other hand, the core of the economy grows very large. Satiated...

in this paper, an integration of improve particle swarm optimization (ipso) incombination with successive quadratic programming (sqp) so called ipso-sqpalgorithm is proposed to solve time optimal bang-bang control problems. theprocedure is found not sensitive to the initial guess of the solution. due to randomselection in the first stage of the search process, the chance of converging to theglo...

abstract t he return of capital is fundamental to the intertemporal allocation of resources by changing the consumption behavior and capital accumulation over time. taxation on return of capital increases the marginal product of capital, meaning that capital stock is lower than when capital is not taxed, which results decreased growth and welfare in steady state. this paper studies the impact o...

We investigate a dividend maximization problem under stochastic interest rates with Ornstein-Uhlenbeck dynamics. This setup also takes negative into account. First deterministic time is considered, where an explicit separating curve α(t) can be found to determine the optimal strategy at t. In second setting, we introduce strategy-independent stopping time. The properties and behavior of these c...

this article conducts a research about the relationship between cash dividend policy and enterprise value based on the data coming from the A-share listed companies over period 2005-2009. In conclusion, the enterprise value has a negative correlation with the incremental and the degressive cash dividend per share, and has a positive correlation with the stable cash dividend per share. Keywords—...

dividend policy is one of the most important financial decisions that managers encounter. this study contributes to the literature of dividend and empirical research investigating the effects of dynamic factors in tehran stock exchange. based on some criteria, the study contains 133 listed firms over a 10-year period from 2001 to 2010. to test the research hypotheses, this study uses fixed effe...

We study the problem of optimal dividend payout from a surplus process governed by Brownian motion with drift under additional constraint ratcheting, i.e., rate can never decrease. solve resulting two-dimensional control problem, identifying value function to be unique viscosity solution corresponding Hamilton--Jacobi--Bellman equation. For finitely many admissible rates we prove that threshold...