We examine production economic implications of a specialized input to which a biological system (e.g., an animal) becomes desensitized over time, but its marginal productivity can be restored by increasing the dosage level. Optimal dosage levels and their timing become choice variables and may...

Using multicointegration methodology, we develop criteria for testing sustainability of fiscal budgeting processes across all states of nature. Criteria are derived from the optimal control literature where levels and rates of change of a system of variables are determinants of policy response....

We developed a dynamic integrated modeling approach to identify the effect of global warming on the global timber market. The Timber Supply Model 2000, BIOME 3, and Hamburg were used as a suitable economic and ecological model. The TSM 2000 was adopted to model dynamic economic behavior in the...

We examine the relationship between a tree price and a tree age (height) using a Hotelling-Faustmann model of optimal plantation management, which accounts for the possibility of replanting and biological growth. The model's predictions are tested using the data on Christmas tree prices in North...

We provide benchmarks to evaluate what is an optimal foreign debt and a maximal foreign debt (debt-max), when risk is explicitly considered. When the actual debt exceeds debt-max, then the economy will default when a bad shock occurs. This paper is an application of the stochastic optimal...

In linear-quadratic control (LQC) problems with singular control cost matrix and/or singular transition matrix, we derive a reduction of the dimension of the Riccati matrix, simplifying iteration and solution. Employing a novel transformation, we show that, under a certain rank condition, the...

Purpose – Nonprofit performance measurement is receiving increasing academic and practitioner attention, but the design of nonprofit measurement systems has received limited consideration. This is in contrast to the well‐established body of knowledge that focuses on performance measurement...

Purpose – The purpose of this paper is to describe a novel error‐ranking methodology and two compensation strategies for hybrid parallel kinematic machines (HPKMs). Design/methodology/approach – The paper outlines an error analysis methodology developed for HPKMs and applies the technique...

Purpose – The purpose of this paper is to present a distributed multiple mobile robot system that provides a collaborative control and simulation environment. Design/methodology/approach – A CORBA‐based cooperative system is designed to implement a robotic layered cooperative mechanism....