This paper extends the literature on optimal tree harvesting assuming stochastic prices. With volatile prices, the value of a stand of trees is increased when harvesting dates are flexible, depending on wood volume and product prices of the day. Flexibility adds value because a forest owner can...

Direct marketing firms want to transfer their message as efficiently as possible in order to obtain a profitable long-term relationship with individual customers. Much attention has been paid to address selection of existing customers and on identifying new profitable prospects. Less attention...

Direct marketing firms want to transfer their message as efficiently as possible in order to obtain a profitable long-term relationship with individual customers. Much attention has been paid to address selection of existing customers and on identifying new profitable prospects. Less attention...

Direct marketing firms want to transfer their message as efficiently as possible in order to obtain a profitable long-term relationship with individual customers. Much attention has been paid to address selection of existing customers and on identifying new profitable prospects. Less attention...

This paper is devoted to studying continuous-time Markov decision processes with general state and action spaces, under the long-run expected average reward criterion. The transition rates of the underlying continuous-time Markov processes are allowed to be unbounded, and the reward rates may...

This paper is devoted to studying continuous-time Markov decision processes with general state and action spaces, under the long-run expected average reward criterion. The transition rates of the underlying continuous-time Markov processes are allowed to be unbounded, and the reward rates may...