This paper treats the infinite horizon discounted cost control problem for partially observable Markov decision processes. Sondik studied the class of finitely transient policies and showed that their value functions over an infinite time horizon are piecewise linear (p.w.l) and can be computed...

La agricultura es un sector clave en la economía rural y constituye un motor de crecimiento en regiones del sur de España capaces de desarrollar un regadío competitivo de alto rendimiento. Este es el caso de determinadas comarcas de la Cuenca del Guadalquivir y del Segura, que no obstante...

Physics and economics are two disciplines that share the common challenge of linking microscopic and macroscopic behaviors. However, while physics is based on collective dynamics, economics is based on individual choices. This conceptual difference is one of the main obstacles one has to...

We compare the performance of a currency board, inflation targeting, and dollarization in a small, open developing economy with a liberalized capital account. We focus on the transmission of shocks to currency and country risk premia and on the role of fluctuations in premia in the propagation...

This paper introduces a new multi-objective optimization model for integrated urban water management. The model, based on compromise programming, is applied for the case of Tabriz city in Iran. The water demand of this city is rapidly growing and because of the limited resources, water supply is...

In this paper, we investigate the stochastic spread of epidemics and rumours on networks. We focus on the general stochastic (SIR) epidemic model and a recently proposed rumour model on networks in Nekovee et al. (2007) [3], and on networks with different random structures, taking into account...

This paper proposes a pricing model for inflation-linked bonds. Our proposal is developed starting from a Vasicek model of the instantaneous inflation rate process and the Cox, Ingersoll and Ross model for the nominal instantaneous risk-free interest rate process. Instead of adopting the...

When designing a sourcing strategy in practice, a key task is to determine the average order rates placed to each source because that affects cost and supplier management. We consider a firm that has access to a responsive nearshore source (e.g., Mexico) and a low-cost offshore source (e.g.,...