We propose a tractable dynamic framework for the joint determination of optimal consumption, portfolio choice, and healthcare irreversible investment. Our model is based on a Merton's portfolio and consumption problem, where, in addition, the agent can choose the time at which undertaking a...

We consider a queueing system with multiple Poisson arrival queues and a single batch server that has infinite capacity and a fixed service time. The problem is to allocate the server at each moment to minimize the long-run average waiting cost. We propose a Cost-Arrival Weighted (CAW) policy...

This paper proposes a linear quadratic approximation approach to dynamic nonlinear rationally inattentive control problems with multiple states and multiple controls. An efficient toolbox to implement this approach is provided. Applying this toolbox to four economic examples demonstrates that...