Across nations, large proportions of younger birth cohorts obtain no professional qualications. Using a structural dynamic approach, we analyze policies targeted adolescents who leave grade nine with a GPA in the bottom 20%. We find that preparatory courses, offered to young people who are...

We present the Forest of Stochastic Trees (FOST) method for pricing multiple exercise options by simulation. The proposed method uses stochastic trees in place of binomial trees in the Forest of Trees algorithm originally proposed to value swing options, hence extending that method to allow for...

We introduce a novel simulated certainty equivalent approximation (SCEQ) method for solving dynamic stochastic problems. Our examples show that SCEQ can quickly solve high-dimensional finite- or infinite-horizon, stationary or non- stationary dynamic stochastic problems with hundreds of state...

A stochastic difference game is considered in which a player wants to minimize the time spent by a controlled one-dimensional symmetric random walk 𝑋𝑛,𝑛=0,1,…} in the continuation region 𝐶:={1,2,…}, and the second player seeks to maximize the survival time in C. The process...

Robust revenue management has received much interest from both academics and practitioners alike. But the airlines have not embraced it for its current inadequacy to address the practical needs for both fine control of conservatism and the adaptability to changing environments. The single-leg...