A multi-class M/M/1 system, with service rate μin for class-i customers, is considered with the risk-sensitive cost criterion n−1 logE exp ∑ i ciX n i (T ), where ci > 0, T > 0 are constants, andX i (t) denotes the class-i queue-length at time t, assuming the system starts empty. An asymptotic upper bound (as n→ ∞) on the performance under a fixed priority policy is attained, implying that the ...

Development of S&T indicators is expected to provide policy-makers and planners with a broad information base to assist national development planning. While much methodological work has been undertaken to develop S&T indicators, these indicators have often failed to create effective policies for scientific and technological development. The majority of the existing S&T indicators have little re...

T here is always uncertainty about the soundness of an economic model’s structure and parameters. Therefore, central banks normally face with uncertainty about the key economic explanatory relationships. So, policymaker should take into account the uncertainty in formulating monetary policies. The present study is aimed to examine robust optimal monetary policy under uncertainty, by ...

T his paper examined whether monetary policy is acyclical, procyclical or countercyclical and the implications of the interaction of such cyclicality with industrial output on real economic growth in Nigeria. After determining the time series properties of the variables and based on conventional cyclicality measures, the fully modified ordinary least square method was used to examine...

In this research, we study an optimal overhaul–replacement policy of a multi-degraded repairable system sold with a free replacement warranty. In the proposed replacement policy, a maintenance action and failure are dependent on a system degradation level and the system age, and hence the replacement model will provide more effective maintenance decisions. Failure of the system is modeled using...

We consider a single-echelon inventory installation under the (s,S,T) periodic review ordering policy. Demand is stationary random and, when unsatisfied, is backordered. Under a standard cost structure, we seek to minimize total average cost in all three policy variables; namely, the reorder level s, the order-up-to level S and the review interval T. Considering time to be continuous, we first ...

This paper deals with an inventory system with one central warehouse and a number of identical retailers. We consider perishable-on-theshelf items; that is, all items have a fixed shelf life and start to age on their arrival at the retailers. Each retailer faces Poisson demand and employs (1, T) inventory policy. Although demand not met at a retailer is lost, the unsatisfied demand at the centr...

This paper deals with an inventory system with one central warehouse and a number of identical retailers. We consider perishable-on-theshelf items; that is, all items have a fixed shelf life and start to age on their arrival at the retailers. Each retailer faces Poisson demand and employs (1, T) inventory policy. Although demand not met at a retailer is lost, the unsatisfied demand at the centr...