Recently Kifer (2000) introduced the concept of an Israeli (or Game) option. That is a general American-type option with the added possibility that the writer may terminate the contract early inducing a payment exceeding the holder’s claim had they exercised at that moment. Kifer shows that...

To avoid the extremely high profit levels found in recent experiences with price cap regulation, some regulators have proposed a profit-sharing mechanism that revises prices to the benefit of consumers. This paper investigates the conditions under which a regulator can implement such a...

This paper develops and analyzes a queueing model to examine the role of patient choice on the high rate of organ refusals in the kidney transplant waiting system. The model is an M/M/1 queue with homogeneous patients and exponential reneging. Patients join the waiting system and organ...

Consider an n-person stochastic game with Borel state space S, compact metric action sets A <Subscript>1</Subscript>,A <Subscript>2</Subscript>,…,A <Subscript> n </Subscript>, and law of motion q such that the integral under q of every bounded Borel measurable function depends measurably on the initial state x and continuously on the actions (a <Subscript>1</Subscript>,a <Subscript>2</Subscript>,…,a <Subscript> n </Subscript>)...</subscript></subscript></subscript></subscript></subscript></subscript>

An absorbing game is a repeated game where some action combinations are absorbing, in the sense that whenever they are played, there is a positive probability that the game terminates, and the players receive some terminal payoff at every future stage. We prove that every multi-player absorbing...

We present a complete picture of the relationship between the existence of 0-optimal strategies and ε-optimal strategies, ε>0, in the classes of stationary, Markov and history dependent strategies. Copyright Springer-Verlag Berlin Heidelberg 2002