We show that the value of a zero-sum Bayesian game is a Lipschitz continuous function of the players' common prior belief, with respect to the total variation metric (that induces the topology of setwise convergence on beliefs). This is unlike the case of general Bayesian games, where lower...

In this paper the dynamic programming approach is exploited in order to identify the closed loop policy function, and the consumption smoothing mechanisms in an endogenous growth model with time to build, linear technology and irreversibility constraint in investment. Moreover the link among the...

The aim of this work is to show how automated traders can operate a futures market. First, we established some hypothesises on the properties of the ’correct’ price pattern which translates accurately the underlying moves in the supply/demand balance and the nominal price, then mathematical...

We consider an M/M/1 queueing system in which the queue length may or may not be observable by a customer upon entering the system. The “observable” and “unobservable” models are compared with respect to system properties and performance measures under two different types of optimal...

We show that the value of a zero-sum Bayesian game is a Lipschitz continuous function of the players’ common prior belief with respect to the total variation metric on beliefs. This is unlike the case of general Bayesian games where lower semi-continuity of Bayesian equilibrium (BE) payoffs...

In this paper, the dynamic programming approach is exploited in order to identify the closed loop policy function, and the consumption smoothing mechanism in an endogenous growth model with time to build, linear technology and irreversibility constraint in investment. Moreover, the link among...

The theory of comparative advantage is widely misunderstood to demonstrate the universal superiority of free trade. In fact, the theory depends upon a number of key assumptions and fails if they are relaxed. Empirically, many of these assumptions are highly questionable, if not demonstrably...