In this paper we consider the problem of a firm the that builds inventory of identical items that it acquires by participating in auctions in order to satisfy its own market demand. The objective of the firm is to have a procurement strategy that maximizes the expected present value of the profit, both for finite and infinite planning horizons. We present an MDP formulation of the problem. Unde...

Over the next 10 years a major controversy developed over whether the Federal Reserve recognized or placed enough emphasis on its responsibility for controlling the growth of the money stock. The related question of which operating strategy to follow in controlling the money stock was pushed to the background. Economists can argue at great lengths over the extent to which the Federal Reserve tr...

We consider the infinite-horizon optimal portfolio liquidation problem for a von Neumann-Morgenstern investor in the liquidity model of Almgren (2003). Using a stochastic control approach, we characterize the value function and the optimal strategy as classical solutions of nonlinear parabolic partial differential equations. We furthermore analyze the sensitivities of the value function and the...

In this article we study an optimal stopping/optimal control problem which models the decision facing a risk averse agent over when to sell an asset. The market is incomplete so that the asset exposure cannot be hedged. In addition to the decision over when to sell, the agent has to choose a control strategy which corresponds to a feasible wealth process. We formulate this problem as one involv...

Researchers have classified differing time-related behaviours as Monochronicity (M) and Polychronicity (P). The objective of this study was to evaluate control strategy and control performance differences between M and P persons in a process control domain. Forty-two people participated in an experimental study. Time-related behaviour was evaluated using the Modified Polychronic Attitude Index ...

To improve the reliability of the motion control system for an autonomous underwater vehicle (AUV), sensor fault tolerant control based on replace control was talked about. This paper analyzed the decoupling controller and the sensor system firstly, and proposed a fault tolerant control strategy based on the ideas of replacing the fault sensor outputs by the sliding-mode observer outputs (also ...

Because of their nondeterministic nature of behaviour, the supervisory control of manufacturing systems must be carried out in closed loop. This trait greatly increases the size and complexity of the Discrete-Event System (DES)-based supervisorycontrollers of manufacturing systems. In an attempt t o cope with this complexity, a Hybrid Supervisory Controller HSC) i s proposed. It splits pervisor...

In recent years, risk-based access control has been proposed as an alternative to traditional rigid access control models such as multi-level security and role-based access control. While these approaches make the risks associated with exceptional access accountable and encourage the users to take low-risk actions, they also create the disincentives for seeking necessary risky accesses. We intr...