The classic Arrow–Debreu framework requires a very large number of specific securities to reach Pareto optimality. present paper shows that financial intermediation can play an important role in maintaining more parsimonious market while still obtaining In the developed, aggregate risk components individual risks are exchanged through highly reduced set nonspecific securities, idiosyncratic ins...

In this paper, we extend the problem of decentralization of Pareto optima in an economy with production externalities to the case where the production capacities upon which Pareto optimality is defined may differ from the aggregate of the firms expectations about their production possibilities. This issue is raised in order to deal with the seemingly diiferent exectations of firms and governmen...

This paper deals with the utilizing of the Bayesian optimization algorithm (BOA) for multiobjective optimization of hypergraph partitioning. The main attention is focused on the incorporation of the Pareto optimality concept. We have modified the standard algorithm BOA for one criterion optimization according to well known niching techniques to find the Pareto optimal set. This approach was com...

In this paper, we present the development and application of a Technical Feasibility Model (TFM) used in preliminary design to determine: whether or not a set of desired product specifications is technically feasible, and the optimality of those specifications with respect to the Pareto frontier. The TFM is developed by integrating the capabilities of a multidisciplinary design framework, a mul...

MPTCP has been proposed as a mechanism to support transparently multiple connections to the application layer and is under discussion at the IETF [1]. It can effectively use the available bandwidth and it improves throughput and fairness, compared to independent TCP flows in many scenarios [2–4]. However we show, by measurements over our testbed and analytically, that MPTCP still suffers from t...

We build a three-stage game model of international negotiations on regulation of global emissions of greenhouse gases, and examine the Pareto optimality of an equilibirium allocation. First, we derive the condition for Pareto optimal allocations, which is an extension of the celebrated Samuelson condition. Next, we show that although production efficiency of a final allocation is always met at ...