Despite popular belief, the marketing discipline was an offshoot of economics (Bartels 1951, Sheth et al. 1988). Early researchers, often educated in economics, felt economics was preoccupied with variables such as prices and costs. They focused on other variables. They also investigated marketing as a productive activity (i.e., adding value) by adopting different sets of assumptions other than...

We establish the conditions that must be satisfied for the mathematical operations of linear algebra and calculus to be applicable. The mathematical foundations of decision theory and related theories depend on these conditions which have not been correctly identified in the classical literature. Operations Research and Decision Analysis Societies should act to correct fundamental errors in the...

Because economics is the science of how resources are allocated by individuals and by collective institutions like firms and markets, the psychology of individual behavior should underlie and inform economics, much as physics informs chemistry; archaeology informs anthropology; or neuroscience informs cognitive psychology. However, economists routinely—and proudly—use models that are grossly in...

In this paper, a new five-parameter lifetime and reliability distribution named “the exponentiated Uniform-Pareto distribution (EU-PD),” has been suggested that it has a bathtub-shaped and inverse bathtub-shape for modeling lifetime data. This distribution has applications in economics, actuarial modelling, reliability modeling, lifetime and biological sciences. Firstly, the mathematical and st...

by Anna-Lena Sachs : Retail Analytics: Integrated Forecasting and Inventory Management for Perishable Products in Retailing (Lecture Notes in Economics and Mathematical Systems) ISBN : #3319133047 | Date : 2014-12-18 Description : PDF-668c6 | This book addresses the challenging task of demand forecasting and inventory management in retailing. It analyzes how information from point-of-sale scann...

The concept of convex-compactness, weaker than the classical notion of compactness, is introduced and discussed. It is shown that a large class of convex subsets of topological vector spaces shares this property and that is can be used in lieu of compactness in a variety of cases. In particular, we show that bounded-in-probability, convex and closed subsets of the space L+(Ω,F , P) of finite-va...

Nonnegative matrices have long been a sorce of interesting and challenging mathematical problems. They are real matrices with all their entries being nonnegative and arise in a num‐ ber of important application areas: communications systems, biological systems, economics, ecology, computer sciences, machine learning, and many other engineering systems. Inverse eigenvalue problems constitute an ...

The paper designs a quantum model of decision-making (QMDM) that utilizes neuroscientific evidence. The new model provides both normative and positive implications to economics. First, it enhances the study of decision-making which is an extension of the expected utility theory (EUT) in mathematical economics. Second, we demonstrate how the quantum model mitigates drawbacks of the expected util...