Market price systems constitute a well-understood class of mechanisms that under certain conditions provide eeective decentralization of decision making with minimal communication overhead. In a market-oriented programming approach to distributed problem solving, we derive the activities and resource allocations for a set of computational agents by computing the competitive equilibrium of an ar...

The paper presents a yield optimizing scheduling system (YOSS) in a decentralized supply chain management (DSCM) environment. For this purpose we employ a DSCM scenario in which each supplier, provides system parts by order of one or more customers. The supplier tries to optimize its return by searching the optimal schedule for the single machine he uses to manufacture the requested products. T...

Any recession by definition is associated with an excessive liquidity preference. An ex ante excess supply of goods and services, i.e. the demand for goods and services falling short of the base output at the base prices corresponding to that output, which is what a recession is, must be associated with an ex ante excess demand for money at that output and prices. This is simply Walras’ Law. Th...

Market price systems constitute a well understood class of mechanisms that under certain conditions provide e ective decentralization of decision making with minimal com munication overhead In a market oriented programming approach to distributed problem solving we derive the activities and resource allocations for a set of computational agents by computing the competitive equilibrium of an art...

This article is a response to the recent “Worrying Trends in Econophysics” critique written by four respected theoretical economists [1]. Two of the four have written books and papers that provide very useful critical analyses of the shortcomings of the standard textbook economic model, neo-classical economic theory [2,3] and have even endorsed my book [4]. Largely, their new paper reflects cri...

Since the time of Leon Walras, general equilibrium theory and the hypothetical Walrasian auctioneer have dominated market economics. Prices of commodities are assumed to reach "true" equilibrium values based on the underlying supply and demand curves of an economy, which can be represented by equations. In contrast to classical methods, the model in this paper attempts to show the behavior of a...

We consider optimization and equilibrium models and algorithms for dynamic resource allocation. The most important accomplishment of the project would be the paper: “The Simplex and Policy-Iteration Methods are Strongly Polynomial for the Markov Decision Problem with a Fixed Discount Rate,” where I proved that the classic policy-iteration method (Howard 1960), including the Simplex method (Dant...

First of all, we sincerely thank Sergio Parrinello for his detailed comments and criticisms about our book essay. Parrinello's notes allowed us to critically explore several issues related the topics covered in possibly clarify point view. In this note, try offer some replies keep debate open push understanding a little further. Since many (although not all) concern Pasinetti's work, it seems c...

The framework for this study is provided by the monetary approach to the balance of payments (MABP) whose major precepts are discussed in Section 1. The Swiss case provides an excellent counterexample to the conclusions which may arise from the MABP and the closely related global monetarist view of world inflation. Therefore, the initial thrust of the paper is to distinguish between a strong ve...