This paper presents a production-inventory model for deteriorating items with stock-dependent demand under inflation in a random planning horizon. The supplier offers the retailer fully permissible delay in payment. It is assumed that the time horizon of the business period is random in nature and follows exponential distribution with a known mean. Here learning effect is also introduced for th...

We consider optimal control problems for a class of hybrid systems with switches dependent on an external event process. In the case where all event times in this process are fully known, the solution to such problems was obtained in prior work. When event times are uncertain or unknown, we have proposed a Receding Horizon (RH) control scheme in which only some future event information is avail...

We characterise the subgame perfect equilibrium of a di¤erential market game with hyperbolic inverse demand where …rms are quantity-setters and accumulate capacity over time à la Ramsey. The related Hamilton-JacobiBellman are solved in closed form both on in…nite and on …nite horizon setups and the optimal strategies are determined. Then, we analyse the feasibility of horizontal mergers in both...

This paper analyzes the dynamic properties of portfolios that sustain Pareto optimal allocations. We consider an in…nite horizon stochastic endowment economy where the actual process of the states of nature consists in i.i.d draws from a common probability distribution. The economy is populated by many Bayesian agents with heterogeneous prior beliefs over the stochastic process of the states of...

This paper studies the interpretation of physics near a Schwarzschild black hole. A scenario for creation and growth is proposed that avoids the conundrum of information loss. In this picture the horizon recedes as it is approached and has no physical reality. Radiation is likely to occur, but it cannot be predicted.

We present a static solution for d = 2 critical string theory including the tachyon T but not its potential V (T ). This solution thus incorporates tachyon back reaction and, when T = 0, reduces to the black hole solution. When T 6= 0 one finds that (1) the Schwarzschild horizon of the above black hole splits into two, resembling Reissner-Nordstrom horizons and (2) the curvature scalar develops...