Using monthly balance-sheet data of all major German credit banks, we analyze deposit withdrawals and bank failures in the German banking and currency crisis of 1931. We Þnd that deposit withdrawals were driven by the run on the currency, but were also related to banks’ liquidity positions; that branch banks were no more stable than unit banks; and that large banks were privileged, being bailed...

Abstract—Concurrent planning of project scheduling and material ordering has been increasingly addressed within last decades as an approach to improve the project execution costs. Therefore, we have taken the problem into consideration in this paper, aiming to maximize schedules quality robustness, in addition to minimize the relevant costs. In this regard, a bi-objective mathematical model is ...

We present two inference control heuristics for equational deduction that are based on the evaluation of previous successful proof attempts in domains of interest. The rst evaluation function works by symbolic retrieval of generalized patterns from a knowledge base, the second function compiles the knowledge into abstract term evaluation trees. Both heuristics have been implemented into the dis...

In today’s era of supply chain, growing competence among suppliers together with well organized transportation networks making it more versatile and ensures better communication between buyers and suppliers with more cost effective movement of goods in shortest possible times. Suppliers frequently offers discount schedules based on all units model, which divides the range of possible order quan...

Alternative policy options available to northern Benguela fisheries managers were explored using Ecopath with Ecosim. Scenarios were tested for optimizing the discounted profit from the fisheries in the ecosystem, maximizing the jobs that can be provided by the fisheries, maximizing a measure of ecosystem status, and analyzing tradeoffs between these management options. Additionally, two differ...

Discount rates are often used in cost-benefit analysis. Whenever costs and benefits for a household or individual are spread over time, it is essential that one calculate present-value equivalents in order to undertake meaningful comparisons. In most cases welfare analysts use market rates as the basis for these present-value calculations. Sensitivity analysis often consists of varying the scal...

In Markov Decision Processes, the discount function determines how much the reward for each point in time adds to the value of the process, and thus deeply a ects the optimal policy. Two cases of discount functions are well known and analyzed. The rst is no discounting at all, which correspond to the totaland average-reward criteria. The second case is a constant discount rate, which leads to a...

In this paper the quantum hyperbolic equation formulated in [1] is applied to the study of the propagation of the initial thermal state of the Universe. It is shown that the propagation depends on the barrier height. The Planck wall potential is introduced, VP = h̄/8tP = 1.25 10 GeV where tP is a Planck time. For the barrier height V < VP the master thermal equation is the modified Klein-Gordon ...

In recessions, the stock market falls more than in proportion to corporate profit. The discount rate implicit in the stock market rises. All types of investment fall, including employers’ investment in job creation. According to the leading view of unemployment—the Diamond-Mortensen-Pissarides model—when the incentive for job creation rises, the labor market tightens and unemployment falls. Emp...