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Dynamic Preferences, Choice Mechanisms, and Welfare
For most economic aspects of human behaviour, static deci sion models provide an insufficient description. More specifically, they ignore the fact that preferences may change over time and that at each point of time current preferences depend on aspects which are associated with the past or the future. The neglect of these phenomena may lead to results which have little in com mon with real life. Dynamic decision models were developed in order to cope with these complications. Spurred by the availability of new mathematical tools such as optimal control theory and dynamic programming, dynamic utility models mushroomed over the last two decades. Various frameworks were developed featuring dif...
Computer-Aided Transit Scheduling
This volume consists of papers presented at the Fifth International Workshop on Computer Aided Scheduling of Public Transport, which was held in Montreal from August 19th to the 23rd, 1990. Since the first Workshop in Chicago in 1975 the field had matured considerably. In 1975, there were no presentations that described systems which had been implemented and used on a regular basis. By 1980, in Leeds, and certainly by 1983, in Montreal, several systems were in regular use. They were based on both heuristics and mathematical programming techniques. In 1990, there were more than one hundred transit companies using computer-aided scheduling tools in their regular operations. The scope of the Workshop was broadened in 1987, in Hamburg, so that topics related to scheduling may be introduced. We find, for example, in this book several papers on the technology related to the collection of data and/or the data bases required for scheduling and planning activities.
Facts, Conjectures, and Improvements for Simulated Annealing
An introduction to this topic for novices which provides an informative review of the area for the more expert reader.
The Social Viability of Money
In this book overlapping generations economies are analysed from a game theoretical point of view and the social acceptability of consumption allocations is studied in infinite horizon models of pure exchange economieswith agents with finite lifetimes who behave cooperatively. The core of such economies and its relation with competitive equilibria, both walrasian and monetary and the essential characteristics of the overlapping generations model are examined. The author defines the problem of trust in intertemporal consumption allocations as a question of belonging or not to the core of economy and provides a full characterization of the core allocations for n-goods pure exchange economies w...
New Directions for Operations Research in Manufacturing
Basically five problems areas are addressed by operations research specialists in the manufacturing domain: theore- tical and practical aspectsin production planning, facility layout, inventory control, tool management and scheduling. Some of these problems can be solved off-line, while others must be treated as real-time problems impacted by the changing state of the system. Additionally, all of these problems have to be dealt with in an integrated systems framework. Several new topics have recently appeared in the scientific literature which now attract the interest of operations researchers. These include distributed real-time scheduling, hierarchical and heterarchical control systems, in...
Learning to Become Rational
1. 1 Rational Expectations and Learning to Become Rational A characteristic feature of dynamic economic models is that, if future states of the economy are uncertain, the expectations of agents mat ter. Producers have to decide today which amount of a good they will produce not knowing what demand will be tomorrow. Consumers have to decide what they spend for consumption today not knowing what prices will prevail tomorrow. Adopting the neo-classical point of view that economic agents are 'rational' in the sense that they behave in their own best interest given their expectations about future states of the ecomomy it is usually assumed that agents are Bayesian deci sion makers. But, as LUCAS ...
Adjustment Processes for Exchange Economies and Noncooperative Games
This monograph is a treatise on adjustment processes. We consider price adjustment processes in exchange economies and strategy adjustment processes in noncooperative games. In the most simple version of an exchange economy, i.e. a pure exchange economy, there exist markets on which prices are determined by the demand and supply created by a finite number of consumers willing to exchange their initial endowments in order to maximize their utilities. An equilibrium situation is attained if, for some price vector, demand equals supply in all markets. Starting from a situation not being an equi librium an adjustment process reaches an equilibrium via adaptations of prices. The advantage of the ...
Bootstrapping and Related Techniques
This book contains 30 selected, refereed papers from an in- ternational conference on bootstrapping and related techni- ques held in Trier 1990. Thepurpose of the book is to in- form about recent research in the area of bootstrap, jack- knife and Monte Carlo Tests. Addressing the novice and the expert it covers as well theoretical as practical aspects of these statistical techniques. Potential users in different disciplines as biometry, epidemiology, computer science, economics and sociology but also theoretical researchers s- hould consult the book to be informed on the state of the art in this area.
Multicriteria Optimization
Life is about decisions. Decisions, no matter if made by a group or an indi vidual, involve several conflicting objectives. The observation that real world problems have to be solved optimally according to criteria, which prohibit an "ideal" solution - optimal for each decision-maker under each of the criteria considered - has led to the development of multicriteria optimization. From its first roots, which where laid by Pareto at the end of the 19th century the discipline has prospered and grown, especially during the last three decades. Today, many decision support systems incorporate methods to deal with conflicting objectives. The foundation for such systems is a mathematical theory of o...
Lotsizing and Scheduling for Production Planning
Billions of dollars are tied up in the inventories of manufacturing companies which cause large (interest) costs. A small decrease of the inventory and/or production costs without reduction of the service level can increase the profit substantially. Especially in the case of scarce capacity, efficient production schedules are fundamental for short delivery time and on-time delivery which are important competitive priorities. To support decision makers by improving their manufacturing resource planning system with appropriate methods is one of the most of production planning. interesting challenges The following chapters contain new models and new solution strategies which may be helpful for decision makers and for further research in the areas of production planning and operations research. The main subject is on lotsizing and scheduling. The objectives and further characteristics of such problems can be inferred from practical need. Thus, before an outline is given, we consider the general objectives of lotsizing and scheduling and classify the most important characteristics of such problems in the following sections.
